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Time to act on tax evasion - EUbusiness Week newsletter 630


19-09-2013

EUbusiness Week 630 top stories: EU to clean up benchmark setting after rigging scandal; Cyprus aims to lift capital controls by 'early 2014'; EU decision on Google verdict 'in coming weeks'; EU to publish results of Gazprom pricing probe by spring; Majority of Latvians oppose joining eurozone; Euroscepticism on the rise in EU: poll

This Week's Top Stories

1. EU to clean up benchmark setting after rigging scandal
2. Cyprus aims to lift capital controls by 'early 2014'
3. EU decision on Google verdict 'in coming weeks'
4. EU to publish results of Gazprom pricing probe by spring
5. Majority of Latvians oppose joining eurozone
6. Euroscepticism on the rise in EU: poll

Publisher's Note

Nearly EUR 193 billion was lost in VAT revenues in 2011 as a result of non-compliance or non-collection, according to estimates in a new study on the VAT Gap in Member States.

This difference between expected VAT revenue and what is actually collected by national authorities amounts to 1.5% of GDP. For so much to be lost to public finances in the current economic climate should concern member governments.

The Commission says the report supports its efforts to reform the VAT system and EU measures to combat tax evasion, as well as its recommendations for national tax reform. It believes it has identified solutions to the problem. It is now time for Member States to act.
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Regards,

Nick Prag
Publisher, EUbusiness

1. EU to clean up benchmark setting after rigging scandal

The Commission unveiled plans Wednesday to closely regulate key financial benchmarks used globally to price loans after a rate-rigging scandal blew the lid off the clubby world of banking.
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2. Cyprus aims to lift capital controls by 'early 2014'

Eurozone member Cyprus says it expects to lift capital controls in early 2014 after they were imposed to avoid a run on the banks during bailout negotiations in March.
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3. EU decision on Google verdict 'in coming weeks

The Commission will "in the coming weeks" decide a course of action following concern that Internet giant Google may be in breach of anti-trust rules, says the Competition Commissioner.
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4. EU to publish results of Gazprom pricing probe by spring

The EU expects to publish the results of its investigation into Gazprom's pricing and contract policy by "spring next year", EU energy chief Guenther Oettinger said Thursday.
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5. Majority of Latvians oppose joining eurozone

A majority of Latvians oppose the country joining the troubled eurozone in January despite a massive pro-euro media blitz by the government, an opinion poll showed Thursday.
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6. Euroscepticism on the rise in EU: poll

Euroscepticism is on the rise in Germany, France, Italy and Spain, according to an opinion poll published by the French daily La Croix.
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EUROPEAN LAW

Trademark: Berlin Zoo will keep the rights to the name of Knut, the cuddly polar bear that captured hearts worldwide and devastated fans when he died, an EU court ruled Monday.
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Italian court upholds EUR 500m fine against Berlusconi firm
Hungary criticised for 'cosmetic' constitution changes
Latest Court of Justice judgements
EU Law Firms
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Inside the EU Institutions

Council Watch

Banks: finance ministers discussed Saturday how to close down failing banks before they damage the wider economy, a divisive issue for those wary of giving Brussels more power.
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Ukraine approves draft EU association agreement
Anti-euro party could win seats in German vote: poll
Council ...

Commission Watch

Arrest warrant: the EU has warned that it will crack down on newest member Croatia for dragging its feet to comply with the Union's arrest and extradition regime.
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EU says Greece making progress, must stick to bailout
Aid partners put up nearly EUR 2 bn for Somalia 'New Deal'
First deadly attack against EU mission rocks Kosovo
Commission ...

Parliament Watch

Le Pen: French far-right leader Jean-Marie Le Pen said on Thursday that he planned to run in next year's elections to the European Parliament a month short of his 86th birthday.
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Malala, Snowden named for EU's Sakharov prize
In committee this week, legal affairs MEPs backed a Common European Sales Law to allow firms to trade more easily in other Member States and cross-border shoppers to be better informed of their rights; the special committee on organised crime approved its final report; and International Trade Committee MEPs warned there would be no EP consent to EU-China talks on an investment and market access without transparency.
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EU diary

23 Sep, Agriculture and Fisheries Council
23 Sep-23 Oct, Single Market Month online debate
25 Sep, Opening up Education, an initiative to promote innovative teaching and learning
26-27 Sep, Competitiveness Council
26 Sep, Commission adopts its monthly infringements package
26 Sep, European Day of Languages
The Week Ahead
Long-term diary

RESOURCES

EU Law Firms
Summaries of EU Legislation
EU Decision-Making
Treaties of the European Union
Key EU Legal Terms

Other news on EUbusiness this week

Sanctions lift will expose Mugabe: opposition 19-Sep

 

Clegg vows to keep Britain engaged in EU, Syria 18-Sep

 

Armenia divided by choice of Russia over Europe 18-Sep

 

Eurozone trade surplus up despite growth doubts 17-Sep

 

ECB renews liquidity swap arrangement with BoE 16-Sep

 

Finland's debt to breach Maastricht limit 16-Sep
EU Alerts

EUbusiness Week no. 804
Tax dodgers under fire
→ EUbusiness Week archive

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