The first common reporting standard (CRS) will begin on September 30, but loopholes in the regime that allow bank accounts to remain hidden risk its effectiveness.
Businesses have just three months left to ensure they comply with new measures to tackle VAT fraud via the use of certified cash systems and software. Non-compliance could trigger large fines, or even a full tax audit.
Ten EU member states agreed that large digital multinational such as Google, Amazon, Apple and Facebook will have to pay their ‘fair share of tax’. However, a lack of consensus around the core proposal for an equalisation tax remains.
