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Reports that EU is targeting NZ as a tax haven "misleading"

EU listing process under the External Strategy for Effective Taxation


Source: Delegation of the European Union to New Zealand


Media reports that the EU is targeting New Zealand for investigation as a tax haven are incorrect and misleading. The EU is currently undertaking an assessment of all non-EU countries with regard to good governance standards on taxation policies. This assessment is not specific to New Zealand, nor has New Zealand been singled out in any way in this assessment.

Background

Since the beginning of its mandate in November 2014, the current European Commission under President Jean-Claude Juncker has pursued an ambitious agenda to ensure that tax policies are fair. The Commission's goal is to ensure that companies pay their fair share of taxes in the countries where they generate profits. Accordingly, the Commission made fighting tax avoidance a political priority.

In January 2016-3 months before the Panama Papers revelations-the Commission proposed, in its External Strategy for Effective Taxation, a new process for creating a list of third countries (non EU-28 member states) that do not respect tax good governance standards. This list, which is part of a package of new measures against corporate tax avoidance, is intended to replace a current incoherent mix of EU national lists with a single EU list, based on international standards.

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The Commission has set up a 3-step process to compile this list: A pre-analysis phase, a screening phase and a listing phase.

As the first step in this process, the Commission is currently working on a pre-assessment of all third countries, based on economic indicators. The Commission aims to conclude this in September and present the results to Member States in a Scoreboard, to identify the most relevant tax jurisdictions for screening.

Following this, and based on the scoreboard results, some third countries will be selected for further screening and an open dialogue with the EU. Based on the outcome of this process, the EU Member States will then decide which countries will be listed.

Only those countries that refuse to comply with international tax good governance standards, or to engage with the EU in addressing concerns raised, will be listed.

ENDS


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