Posted Friday October 9, 2015

EU Member States agree to share information on corporate tax deals and more

Weekly roundup: EU Member States agree to share information on corporate tax deals, Bristol-Myers settles China probe, owners of Nigerian offshore rigs identified and more

  • The EU Council reached a political agreement on new transparency rules aimed at preventing corporate tax avoidance, including practices of companies shifting of profits to another country for tax reasons. From 1 January 2017, Member states will have to share information on such tax arrangements.
  • Pharmaceutical giant Bristol-Myers Squibb reached a $14mn settlement over alleged violations of the FCPA in China. Another investigation on the company’s conduct in Germany is still ongoing.
  • In one of the biggest corruption cases in the history of Iran, state prosecutors are seeking the death sentence for the businessmen investigated for an alleged $2.7bn embezzlement from the National Iranian Oil Company. The fraud came to light after the illicit funds appeared in Turkey in 2013.

And finally, the African Network of Centers for Investigative Reporting completed a research project on the ultimate owners of oil rigs in Nigeria. Double Offshore showcases how well-known oil companies use vehicles registered in maritime tax havens to undertake offshore oil drilling in the Gulf of Guinea.

Arachnys update:

New sources: 121

Source of the week: The Income Tax Appellate Tribunal (ITAT) is a tax litigation institution in India that was created to help resolve disputes between taxpayers and the tax admin administration. Decisions of the tribunal can be searched online.

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