European committee examining Paradise Papers – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password

European committee examining Paradise Papers

Information from the Paradise Papers is to be examined by a European Parliament committee.

The 45-member special committee has been created to focus on financial crimes, tax evasion and tax avoidance. Among areas it will examine is how European Union value added tax rules “were circumvented in the framework of the Paradise Papers and to evaluate in a more general way the impact of VAT fraud and administrative co-operation rules in the Union”.

Millions of documents stolen from offshore law firm Appleby became known as the Paradise Papers and were mined for stories of tax avoidance by global media last year.

Beyond the Paradise Papers, the European Parliament's special, temporary committee will also “analyse and assess the third-country dimension in tax avoidance practices, including the impact on developing countries; to monitor improvements and existing gaps in the exchange of information with third countries in this respect, with particular attention to be given to the Crown Dependencies and Overseas Territories”.

In a statement released by the European Parliament, the committee's mandate is said to include examining “national schemes providing tax privileges”, VAT fraud and the problems of ensuring tax compliance in the digital economy.

The special inquiry will hold its first gathering on March 22 when members are expected to select a chairperson and officers. The committee's 45 seats are distributed roughly in proportion to the political representation within the European Parliament. The committee has a 12-month mandate.

Under scrutiny: the European Parliament has approved the nomination of a temporary committee to investigate financial crimes

You must be Registered or to post comment or to vote.

Published March 15, 2018 at 9:00 am (Updated March 15, 2018 at 12:55 am)

European committee examining Paradise Papers

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon