On 29 April 2015, the Council of the European Union, which represents the governments of the 28 EU member states, endorsed a package of proposals aimed at preventing money laundering and terrorist financing. The package requires that EU governments establish and maintain central registries containing information about the beneficial owners of companies registered in their jurisdictions.
Pearse Trust Blog
Ireland’s decision to join the EU in 1973 marked the introduction of Value Added Tax (VAT). VAT was implemented among all member states as the turnover tax within the “common market”, and as a means of policing VAT, the ‘VAT Information Exchange System’ (VIES) was introduced in 1993.
VIES operates as a system of administrative support to member states and ensures both the registration of companies for VAT as well as the correct rate of VAT being charged on all transactions.Read More
In our previous blog, on the EU 4th Money Laundering Directive it was noted that the European Commission had adopted proposals in the fight against money laundering, tax evasion and terrorist financing.
One of these proposals was a Directive on the prevention and use of the financial system for the purpose of money laundering and terrorist financing – the 4th AML Directive.
The Organisation for Economic Co-Operation and Development (the “OECD”) has introduced new country-by-country reporting recommendations which provide for multinationals to disclose a breakdown of all countries in which their profits are made, where their taxes are paid and whether they are shifted elsewhere.
The procedures and methods of administering estates can differ significantly across jurisdictions. A person’s estate may often include investments or property abroad. When it comes to the stage of administering the estate, cross border issues may arise in determining which succession law applies to that property. In this case private international law (“PIL”) rules apply.
These are also commonly known as “conflict of law” rules. These rules and procedures are often complex and ambiguous, and other jurisdictions may not always recognise or accept them. The EU Regulation on Succession Law (No 650/2012), also known as “Brussels IV” seeks to remedy many issues surrounding the application of EU member states applying their own PIL/conflict of law rules for succession purposes.
In a world where technology and the internet are essential to most businesses it is important to be aware of the disclosure requirements for company websites.
In 2009, a Spanish lawyer by the name of Mario Costeja complained that the results of a Google search of his name included links to legal notices dating back to 1998. The legal notices emanated from an online version of the Spanish newspaper and provided details of previous debt issues of Mr Costeja. Because the newspaper had posted these historical notices to its website, it was possible to continuously access them through the Google search engine. Mr Costeja asserted that the ongoing availability of these notices was a breach of his data protection rights.
The European Parliament and Council have reached an agreement to amend accounting legislation with a view to improving the corporate transparency in large organisations. The draft directive will be aimed at improving the transparency of environmental, social, and diversity policies within large organisations.
The Doctrine of Renvoi is a legal doctrine which applies when a court is faced with a conflict of law and must consider the law of another state, referred to as private international law ("PIL") rules. This can apply when considering foreign issues arising in succession planning and in administering estates.
To establish which EU jurisdiction will be applicable to some legal matters, such as dealing with estates of those deceased, jurisdictions will look to elements such as “domicile”, “habitual residence” and “nationality”.