POLITICS & POLICY
EU – Taxes: More transparency
In order to increase fiscal transparency, the European Commission has proposed this Tuesday to introduce public reports as a compulsory requirement for all large companies operating in Europe. According to the Commission, EU countries are currently losing between EUR 50-70 billion every year because of tax avoidance. According to the new plan, companies will be forced to deliver information such as their turnover and the nature of their activities.
Source: Novinite, 12/04/2016
Hungary – Business climate: Improvements
According to a survey carried by the German-Hungarian Chamber of Industry and Commerce (DUIHK), 80% of foreign companies would be confident in investing in Hungary, due to the current situation. Indeed, the investor sentiment index rose by 8 points this year, reflecting a rise in companies’ business expectations. According to the survey, predictability and adherence to the rule of law are among the factors that improved Hungary’s business climate.
Source: Bbj, 13/04/2016
IMF – Current situation: Brexit
According to the IMF, slowed economic growth together with rising protectionism and an eventual Brexit could have important negative impacts on the global economy. According to the Fund, economic activity has been “too slow for too long” due to intensifying political risks around the world. The rising number of migrants in Europe and high unemployment have led to a situation of “inward-looking nationalism”. The IMF also believes that a potential Brexit would disrupt established economic relations.
Source: Luxemburger Wort, 12/04/2016
“ If it turns out no tax has been paid on the transactions [to offshore entities], we have our instruments to collect what is owed (…) To me, the use of offshore companies shows you want to run away from something, be it your identity, be it the origin of your funds, be it taxation. This is an answer that has to be delivered by people with offshore accounts, and their reply should in no way be that they are hiding from the state”.
Vladislav Goranov, Finance Minister of Bulgaria
Source: Novinite, 13/04/2016
The number of migrants that Italy has saved in the past two days.
Source: The Local, 13/04/2016
The percentage to which the IMF has lowered Hungarian economic growth estimates this year.
Source: Bbj, 13/04/2016
Photo Credits CC: Bruno Sanchez-Andrade Nuño