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Cyprus

European Parliament special tax delegation due in Cyprus

A delegation of members of the European Parliament’s Special Committee on Corporate Taxation II – or TAXE 2 – will visit Cyprus on Friday to look into the Cypriot corporate tax practice.

MEPs will meet with Foreign Minister Ioannis Kasoulides, representatives of the ministry of finance, of banks, of trade unions, academics, NGO’s and other interest groups.

Following the meetings at the Foreign Ministry and the Ministry of Finance, the leader of the Delegation and Committee chairman, Alain Lamassoure, will hold a news conference.

Observers say the visit carries extra significance since the publication of the Panama Papers.

In December 2015 the European Parliament decided to set up the Special Committee on Tax Rulings II and other Measures Similar in Nature or Effect (TAXE 2) to build on and complete the work carried out by the first TAXE Committee. The new Committee, like the previous one, has 45 Members and the same number of substitute Members.

TAXE 2 focuses on harmful corporate tax regimes and practices at European and international level, with the aim of fighting tax evasion and aggressive tax planning, notably by increasing transparency and cooperation between governments and between national parliaments.

The resolution with findings and recommendations of the TAXE I Committee was adopted on 25 November 2015.

Building on the findings of TAXE I, in December 2015, Parliament has adopted a list of legal recommendations it deems necessary to improve corporate tax transparency, coordination and EU-wide policy convergence.


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