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Leader's view GUEST LEADER'S VIEW Combating tax avoidance and evasion Governments face a moral commitment that requires active international cooperation, writes Mariano Rajoy As Spanish Prime Minister, I am firmly convinced that the fight against tax avoidance and evasion is a question of the utmost importance. We have a moral commitment to all our citizens. Every government has the duty to ensure a fair and equitable contribution to financing public expenditure and to fight all those practices and schemes aimed at exploiting gaps and mismatches in tax rules to artificially reduce the payment of taxes, which, ultimately, damages our society as a whole. This moral commitment is especially evident after years in which, as a result of the global financial crisis, citizens have had to make significant sacrifices. The fight against fraud and tax evasion has always been a priority for the Spanish Government. We have acted with determination at a national level, enacting laws and regulations to help monitor and sanction practices and schemes that undermine our capacity to collect taxes. These measures include restrictions on cash payments, undeclared income not benefiting from any statute of limitations, the adoption of new reporting requirements and the criminalisation of new offences. These efforts must always be compatible with international cooperation if we want to succeed. 32 G20 China: The Hangzhou Summit • September 2016 G7G20.com
National tax authorities must work together to ensure that economic activities are taxed wherever they take place Leader's view 5 th Summit 2011 Elected International tax diversity triggers aggressive tax planning practices in an increasingly interconnected world. This unfortunately enables low or no taxation. National tax authorities must work together to ensure that economic activities are taxed wherever they take place. Spain is playing an active role in promoting several international initiatives to fight tax avoidance and evasion. We are making progress towards achieving the automatic exchange of information (AEOI) at the international level and fighting base erosion and profit shifting (BEPS) caused by harmful tax competition and tax havens. The G20 plays a key role as an international dialogue and cooperation forum. Legislation ahead of schedule Spain is fully committed to implementing all actions and measures under the BEPS project, supported by the Organisation for Economic Co-operation and Development (OECD) and the G20. This commitment has already led to the early incorporation into Spanish legislation of several measures well ahead of schedule and to the early implementation of recommendations in the Spanish tax framework. We can highlight the limitation of tax allowances for financial expenses as a tool aimed at tax base erosion and the neutralisation of the effects of hybrid products in order to avoid those notaxation situations in which income was not subject to tax either at the recipient’s tax base or at the taxpayer’s. Spain will be among the first countries to implement the country-by-country report through which any multinational enterprise (MNE) is obliged to report annually the taxes it pays in every state where it operates. As of 2016, MNEs with residence in Spain and the status of their parent company must provide Spanish tax authorities with information on taxes, incomes, gross profit, the amount of tax due and paid, and net book value of tangible assets on a country-bycountry basis. These reports will enable a transparent and accurate picture of financial and tax information relating to the global allocation of income and taxes by an individual MNE, among other indicators of its economic activity. The Spanish Government is encouraging this work stream within the European Union. In December 2014, in a letter addressed to the President of the European Commission, I pointed out several priority areas for immediate action, including the enactment of an anti-evasion directive in line with the BEPS project. Such a directive must be supplemented by a code of best practices that reflects the states’ commitment to implement the measures responsibly and in good faith. There have since been significant advances, such as approval by the European Commission of the Anti Mariano Rajoy Prime Minister, Spain Tax Avoidance Package in January 2016. It contains concrete measures to prevent aggressive tax planning, boost tax transparency and create a level playing field for all businesses in the European Union. It also includes a proposal for a council directive laying down rules against tax avoidance practices that directly affect the functioning of the internal market, to ensure that companies pay tax wherever the profits are generated by including measures on artificial profit shifting or double exemption situations, and rules on interest allowance in line with those anti-BEPS initiatives developed in the G20-OECD meetings. We are also playing a very active role in fighting fraud and tax evasion through the international exchange of tax information. The Spanish Government has fostered traditional bilateral agreements to avoid double taxation and reduce tax opacity, always abiding by the OECD transparency standards. We also strongly promote the Multilateral Competent Authority Agreement so that the exchange of financial account information becomes automatic and takes place according to common reporting standards. This will provide tax authorities with a powerful new tool to fight tax avoidance and evasion. Spain will be among the first countries to adopt this system envisaged for 2017. Support and endorsements We support the AEOI directive on tax rulings, which comes into force in 2017 and obliges members to exchange information automatically on tax arrangements with cross-border effects and on transfer pricing agreements. We have also endorsed the amendment of the directive on administrative cooperation in taxation, which sets out practical arrangements for exchanging information on MNEs. Along with its G20 European colleagues of France, Italy, Germany and the United Kingdom, Spain has proposed creating a national register of ultimate beneficial owners by identifying individuals who control corporations and trusts, and exchanging information about them. The initiative was endorsed by 40 countries at the Anti-Corruption Summit held in London in May 2016. I am convinced that these rules, procedures and political agreements regarding international cooperation are the only way forward for better control over taxing business activities, avoiding aggressive tax planning and reinforcing our fight against fraud. This will form the basis for our systems to gain greater efficiency and capacity for fairer and more commensurate taxation for all our citizens. In a globalised world, the motto ‘strength through unity’ is more relevant than ever. The path is already set out. We only need to persevere. Spain, of course, will do so. G20 G7G20.com September 2016 • G20 China: The Hangzhou Summit 33
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