The European Parliament’s Taxation Subcommittee (FISC) held its second public hearing last week. The meeting took place within the context of Russia’s invasion of Ukraine and the subsequent international sanctions. The discussion focused on improving the framework for exchange of information for tax purposes with some of the jurisdictions that appeared prominently in the Pandora Papers. Recommendations included improving transparency regarding beneficial owners, requiring Member States to annually publish their Common Reporting Standard (CRS) statistics and imposing the CRS on US financial institutions.
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