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122 • Fifty Shades of Tax Dodging 568. Ibid., p.38-39. 569. Ibid., p.38; and FTC. (2014). Q&A on the German alternative to beneficial ownership disclosure. Unpublished paper. 570. Open Democracy. (2014). The EU needs better anti-money laundering rules. Opinion piece by Koen Roovers, Financial Transparency Coalition. Published 1 July 2014. Accessed 11 September 2015: https:// www.opendemocracy.net/can-europe-make-it/koen-roovers/euneeds-better-antimoney-laundering-rules 571. The Bureau of Investigative Journalism. (2014). Beneficial ownership registers in EU states won’t be made completely public. Published 16 December. Accessed 11 September 2015: https://www. thebureauinvestigates.com/2014/12/16/eu-set-to-fall-short-ofintroducing-public-registers-of-beneficial-ownership/ 572. See, for example, EU Observer. (2014). States keen to protect identity of Europe’s shadow rich. Published 15 December 2014. Accessed 15 September 2015: https://euobserver.com/justice/126924; and EU Observer. (2014). MEPs vote to abolish secret company ownership. Published 21 February 2014. Accessed 15 September 2015: https:// euobserver.com/justice/123221 573. BNA Bloomberg. (2015). German government backs automatic tax information exchange. Published 15 July 2015. Accessed 18 August 2015: http://news.bna.com/itdm/ITDMWB/split_display. adp?fedfid=72832636&vname=itmbul&jd=a0g9x8p7k4&split=0 574. Ibid. 575. Reuters. (2014). Germany, France and Italy urge EU to write common corporate tax law. Published 1 December 2014. Accessed 11 September 2015: http://www.reuters.com/article/2014/12/01/useurozone-tax-letter-idUSKCN0JF2WN20141201 576. Agence Europe. (2015). Bulletin Quotidien Europe 11303 28/4/2015. Published 28 April 2015. Accessed 15 September 2015; http://www.agenceeurope.info/pub/index. php?numPub=11303&pubType=1&numArticle=13&langage=en 577. Henn et al. (2013)., op. cit., p. 15; Heydenreich, Cornelia et al. (2014). Globales Wirtschaften und Menschenrechte – Deutschland auf dem Prüfstand, eds.: Misereor/Germanwatch, Berlin/Bonn, p.47; Deutschlandfunk. (2013). Mehr Licht ins Dunkel der Rohstoffbranche. Published 7 June 2013: www.deutschlandfunk.de/mehr-licht-insdunkel-der-rohstoffbranche.724.de.html?dram:article_id=249242 578. Deutscher Bundestag. (2011). Antwort der Bundesregierung auf die Kleine Anfrage der Abgeordneten Dr. Thomas Gambke, Britta Haßelmann, Lisa Paus, weiterer Abgeordneter und der Fraktion BÜNDNIS 90/DIE GRÜNEN zu Gemeinsame konsolidierte Körperschaftsteuer-Bemessungsgrundlage. Drucksache Drs. 17/5748. Published 5 May 2011. Accessed 11 September 2015: http:// dipbt.bundestag.de/dip21/btd/17/057/1705748.pdf 579. CDU. (2013). Deutschlands Zukunft gestalten. Koalitionsvertrag zwischen CDU, CSU und SPD. 18. Legislaturperiode. https://www.cdu. de/sites/default/files/media/dokumente/koalitionsvertrag.pdf, p.67. 580. European Commission. (2015). Questionnaire for the EU-PCD report 2015: Contributions from Member States. Accessed 11 September 2015: https://ec.europa.eu/europeaid/sites/devco/files/replygermany_en.pdf 581. European Union Delegation to the United Nations. (2011). European Union and its Member States’ position on strengthening of institutional arrangements to promote international cooperation in tax matters, including the Committee of Experts in International Cooperation in Tax Matters. Published 24 January 2011: www.un.org/esa/ffd/ tax/2011SGReport/EuropeanUnion.pdf 582. Financial Times. (2015). Hungary threatens foreign companies in tax dispute. Published 19 July 2015. 583. See below under ’Tax policies’. 584. See below under ‘Beneficial ownership transparency’. 585. ECOVIS. The Hungarian Solution: https://www.ecovis.com/fileadmin/ countries/hungary/the-hungarian-solution.pdf 586. See below under ’Tax policies’. 587. OECD. (2015). Government at a Glance: How Hungary Compares. Published 20 May 2015: http://www.oecd.org/publications/ government-at-a-glance-how-hungary-compares-9789264233720-en. htm, p. 34. 588. Policy Agenda. (2015). Reklámadó és társai: ezek tartják életben a magyar költségvetést. Published 3 November 2015: http://www. policyagenda.hu/hu/nyitolap/reklamado-es-tarsai-ezek-tartjakeletben-a-magyar-koltsegvetest 589. Világgazdaság. (2015). A progresszív különadók útvesztője. Published 29 July 2015: http://www.vg.hu/velemeny/a-progressziv-kulonadokutvesztoje-454613 590. Index Budapest. (2014). A NAV-elnökét és több magyar üzletembert kitiltottak Amerikából. Published 17 October 2014: http://index. hu/belfold/2014/10/17/vida_ildiko_nav-elnok_tenyleg_nem_ mehet_amerikaba/; Reuters. (2014). Hungary’s tax chief says she is on US travel ban list: paper. Published 11 May 2014: http://www. reuters.com/article/2014/11/05/us-hungary-usa-corruptionidUSKBN0IP10J20141105 591. Conversion using the average yearly exchange rate for 2013 of 0.0034 HUF/EUR: http://www.oanda.com/currency/historical-rates/ 592. Heti Világgazdaság. (2015). Nyilvános az amerikai összefoglaló a kitiltási botrány előzményeiről. Published 13 November 2015: http:// hvg.hu/gazdasag/20141113_Nyilvanos_a_jelentes_ami_a_kitiltasi_ botr 593. Nemzeti Adó- és Vámhivatal. (2015.) Összefoglaló jelentés az amerikai érdekeltségű cégeknél elévüléso időn belül lefolytatott adó – és vámhatósági eljárások 2014. november 6-án elrendelt felülvizsgálatáról.; A Vida vezette vizsgálat mindent rendben talált a Vida vezette NAV-nál. Index. Published 4 March 2015. 594. For example, it did not keep a register on the ‘special taxpayers’ that should have been audited by rule, and did not audit the 3,000 largest taxpayers regularly, at least once in three years, as required etc. See: Állami Számvevőszék. (2015). A Nemzeti Adó – és Vámhivatal Ellenőrzése. Published 11 March 2015. Vida did not appear in the parliamentary hearing before the Budgetary Committee in March 2015, because she claimed that all relevant information was included in the report published earlier that year, and so she did not have any additional information to offer. 595. European Commission. (2014). Taxation Trends in the EU: http:// ec.europa.eu/eurostat/documents/3217494/5786841/KS-DU-14- 001-EN.PDF/7bec4a16-f111-4386-a4b4-8f1087be1063?version=1.0, p.32-33. 596. Ibid, p.96. 597. Ibid, p.191. 598. Nemzeti Adó – és Vámhivatal: “Ismerje meg a kisvállalati adóban rejlő lehetőségeket!” Nemzeti Adó – és Vámhivatal: “A kisadózó vállalkozások tételes adójának szabályairól röviden” EUROSTAT. (2014). Taxation trends in the European Union. Data for the EU Member States, Iceland and Norway. Luxembourg, p. 96. 599. EC. (2014). Taxation Trends in the EU, p.26-27. 600. The decision is based on Government Decree No. 210/2014 (VIII.27). See: Hungarian Investment Promotion Agency. (2015). Click on Hungary 2015: https://hipa.hu/media/11267/hipa_clickonhungary.pdf, p. 79. 601. See http://hipa.hu/Download.aspx?AttachmentID=0497db47-705a- 498b-acdb-40124d3f5204 602. See http://hipa.hu/Download.aspx?AttachmentID=0497db47-705a- 498b-acdb-40124d3f5204 PwC & Hungarian Investment and Trade Agency. (2014). Investing Guide Hungary 2014. Why invest in Hungary?: https://www.pwc.com/hu/hu/publications/investing-in-hungary/ assets/investing_guide_en_2014.pdf 603. See EY. (2014). 2013-2014 worldwide R&D incentives reference guide: Hungary: http://www.ey.com/GL/en/Services/Tax/Worldwide-R-Dincentives-reference-guide-2013-2014---Hungary
Fifty Shades of Tax Dodging • 123 604. Deloitte. (2014). 2014 global survey of R&D tax incentives Deloitte. Published March 2014 http://www2.deloitte.com/content/dam/ Deloitte/global/Documents/Tax/dttl-tax-global-rd-survey-aug-2014. pdf, p. 18. 605. IMF. (2015). 2015 Article IV consultation – staff report; press release; and statement by the executive director for Hungary. Published 3 April 2015: http://www.imf.org/external/pubs/cat/longres.aspx?sk=42828.0, p.8. 606. VGD. (2015). Adózás 2016: http://hu.vgd.eu/hirek/adozas-2016; KPMG. (2015). Tax Alert: Expected changes for 2016 for the tax legislation. Published May 2015: http://www.kpmg.com/HU/en/IssuesAndInsights/ ArticlesPublications/Tax-Alerts/Documents/20150519-Expectedchanges-for-2016-to-the-tax-legislation.pdf, p.2; Világgazdaság. (2015). Megszavazták a költségvetést. 23 June 2015: http://www.vg.hu/ gazdasag/gazdasagpolitika/megszavaztak-a-koltsegvetest-452392; Elfogadta a parlament a 2016-os büdzsét. Magyar Hírlap. Published 23 June 2015: http://magyarhirlap.hu/cikk/28513/Elfogadta_a_ parlament_a_2016os_budzset 607. BNA Bloomberg. (2015). Hungarian lawmakers pass 2016 budget reducing personal income tax. Published 23 June 2015. Accessed 15 August 2015: http://news.bna.com/itdm/ITDMWB/split_dis- play.adp?fedfid=71317677&vname=itmbul&wsn=490678500&- searchid=25545878&doctypeid=1&type=date&mode=doc&split=0&scm=ITDMWB&pg=0 608. Reklámadó blog. (2015). Reklámadó: egykulcsos adó megszavazva. Published 27 May 2015: http://reklamadoblog.hu/reklamado-egykulcsos-ado-megszavazva/ 609. European Commission (2015). Letter C (2015) 1520 final, sent to Hungary with the subject line ‘State aid No SA.39235 (2015/C) (ex 2015/ NN) – Hungarian Advertisement Tax’. Dated 12 March 2015. Accessed 8 October 2015: http://ec.europa.eu/competition/state_aid/cases/257499/257499_1642930_4_2.pdf 610. Jalsovszky. (2015). Taxation in Hungary: http://jalsovszky.com/documents/taxation-in-hungary-2015.pdf, p.2. 611. PwC. (2007). Transzferár-szabályozás Magyarországon/ Transfer Pricing – Hungary: https://www.pwc.com/hu/en/services/assets/ transferpricing_brochure.pdf 612. EU Joint Transfer Pricing Forum. (2013). Statistics on APAs at the end of 2013. Published October 2013: http://ec.europa.eu/taxation_customs/resources/documents/taxation/company_tax/transfer_pricing/ forum/final_apa_statistics_2013_en.pdf 613. RSM DTM BLOG. (2014). Transzferár: előzetes ármegállapítási eljárás. Published 16 April 2015: http://blog.rsm.hu/2014/04/transzferar-elozetes-armegallapitasi-eljaras/; Nemzeti Adó – és Vámhivatal. (2013). KAFVIG Kiemelt Adó- és Vám Főigazgatóság 2013: http://nav. gov.hu/data/cms334933/kavfig_prospektus_magyar.pdf, p.9. 614. Ibid. The APA is regulated by the law on taxation §132 (Act XCII of 2003 on the System of Taxation) and can be requested unilaterally, bilaterally, or multilaterally. It is subject to a fee in all cases, and is for a set period of time (from 3 to 5 years). The Tax Authority is mandated to conduct ‘authenticity investigations’ for each request. 615. OECD. (2015). Implementing the latest international standards for compiling foreign direct investment statistics – How multinational enterprises channel investments through multiple countries. Published February 2015. Accessed 30 September 2015: http://www.oecd.org/ daf/inv/How-MNEs-channel-investments.pdf, p.3-4. 616. Bank for International Settlements. (2015). Presentation by Beata Montvai on FDI statistics excluding special purpose entities, capital-in-transit and financial restructuring – Hungarian practice. Published 24 July 2015: https://www.bis.org/ifc/events/sat_semi_rio_ jul15/2_montvai_presentation.pdf, p. 6. 617. Deloitte. (2015). Withholding Tax Rates 2015. Updated August 2015: http://www2.deloitte.com/content/dam/Deloitte/global/Documents/ Tax/dttl-tax-withholding-tax-rates-2015.pdf 618. PwC. (2014). Investing Guide Hungary 2014: https://www.pwc.com/ hu/hu/publications/investing-in-hungary/assets/investing_guide_ en_2014.pdf, p.44. 619. Jalsovszky. Hungary v. Cyprus in international structures: http:// jalsovszky.com/documents/hungary-v-cyprus-in-international-structures.pdf; Origo. (2012). Holdingtársaságok adózása Magyarországon: a “legkedvezőbbek” közt vagyunk Európában. Published 5 December 2012: http://www.origo.hu/jog/uzleti/20121130-holdingtarsasagok-adozasa-magyarorszagon-a-legkedvezobbek-kozt-vagyunk-europaban.html 620. OECD. (2015). Implementing the latest international standards for compiling foreign direct investment statistics – How multinational enterprises channel investments through multiple countries. Published February 2015. Accessed 30 September 2015: http://www.oecd.org/ daf/inv/How-MNEs-channel-investments.pdf, p.6 621. Ibid, p.7. 622. Ibid, p.6-7. None of the jurisdictions mentioned are among the top ten investors in Hungary when excluding SPEs, except for Luxembourg, from which 13 per cent of all FDI inflows excluding SPEs originate, whereas 16 per cent originate from here when including SPEs. 623. European Commission. (2014). A study on R&D tax incentives, op. cit., p.53. 624. Ibid, p.67. 625. Jalsovszky. (YEAR). Hungary v. Cyprus in international structures: http://jalsovszky.com/documents/hungary-v-cyprus-in-international-structures.pdf, p.3. 626. Jalsovszky. (2015). Taxation in Hungary, http://jalsovszky.com/documents/taxation-in-hungary-2015.pdf, p.2. 627. Jalsovszky. (YEAR). Hungary v. Cyprus in international structures: http://jalsovszky.com/documents/hungary-v-cyprus-in-international-structures.pdf, p.3. 628. These countries are: China, Turkey, Romania, Ukraine, Serbia, Mexico, India, Bulgaria, South Africa, Bosnia and Herzegovina. Trade data accessed at: https://atlas.media.mit.edu/en/explore/tree_map/hs/ export/hun/show/all/2012/ 629. Jalsovszky. (2014). Panamázók célkeresztben – tovább zsugorodik a kedvelt off-shore központok listája. Published 25 February 2014: http:// jalsovszky.com/blog/panamazok-celkeresztben; HVG. (2014). Egyre kevesebb helyre lehet vagyont menekíteni. Published 25 February 2014: http://hvg.hu/gazdasag/20140225_Egyre_kevesebb_helyre_lehet_vagyont_menek 630. See EY. (2014). UAE - Hungary Income Tax Treaty enters into force. Published 23 October 2014: http://www.ey.com/GL/en/Services/Tax/ International-Tax/Alert--UAE---Hungary-Income-Tax-Treaty-enters-into-force; EY. (2014). Hungary ratifies income tax treaties with Bahrain and Saudi Arabia. Published 7 November 2014: http://www. ey.com/GL/en/Services/Tax/International-Tax/Alert--Hungary-ratifies-income-tax-treaties-with-Bahrain-and-Saudi-Arabia 631. “Magyarország Kormánya és Jersey Kormánya között az adóügyi információcserérolszóló, Londonban, 2014. január 28-án aláírt Egyezmény kihirdetésérol” T/63 törvényjavaslat. Magyarország Kormánya. Budapest May 2014; Adóegyezményt kötöttünk Luxemburggal. Adó Online. Budapest, 11 March 2015; Új adóegyezményt kötött Luxemburg és Magyarország. Crystal Worldwide. 632. Kinds, M. & Pakarinen, L. (2015). Withholding Tax Developments in 2014/2015. IFBD: http://www.ibfd.org/Consultancy-Research/ Withholding-Tax-Developments-20142015; BNA Bloomberg (2015). Luxembourg Signs DTAs with Hungary, Uruguay, Published 13 March 2015, Accessed 15 August 2015: http://news.bna.com/itdm/ITDMWB/ split_display.adp?fedfid=64727525&vname=itmbul&wsn=491158500&- searchid=25545878&doctypeid=1&type=date&mode=doc&split=0&scm=ITDMWB&pg=0; Adózóna. (2015). Adóegyezmény Magyarország és Liechtenstein között. Published 29 July 2015: http://adozona.hu/altalanos/Adoegyezmeny_Magyarorszag_es_Liechtenstein__9L1UCJ; FN24. (2015). Adóparadicsommmal állapodott meg Magyarország. Published 29 July 2015.; Treaty Pro. (2015). Latest treaty updates: Switzerland: http://www.treatypro.com/treaties_by_country/switzerland.asp 633. BNA Bloomberg (2015). Luxembourg Signs DTAs with Hun-
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