ACCA (the Association of Chartered Certified Accountants) welcomes the progress towards better cooperation and combined action on fighting tax fraud and evasion taken by finance ministers at the ECOFIN meeting today, but calls on Member States to intensify concerted efforts for the next steps- 

While welcoming the adoption of the negotiating mandate on the amendments to the Savings Taxation agreements with third countries and the adoption of Council conclusions on tax evasion and fraud, ACCA now calls on EU leaders to further engage in the way proposed by the European Commission, the G7, the G8 and G20, as well as the OECD in its work on base erosion and profit shifting.

To accompany the much needed fiscal consolidation exercise across the EU currently being put in place, the global accountancy body fully endorses the importance of better coordination of taxation matters at national, EU and international level.

Chas Roy-Chowdhury, Head of Taxation at ACCA explains: “Within a globalised economy, those seeking to reduce or mitigate their tax liability can take advantage of national disparities and regulations.

“Unilateral solutions adopted by individual countries alone are likely to prove less effective and difficult to implement than joined-up action. Member states working together in a co-ordinated way, taking advantage of all the measures available to them under EU law, have better chances in succeeding to create a satisfactory solution to resolving the issue”.

“The potential that already exists, by way of legislation, to  improve transparency, automatic exchange of information and administrative cooperation, as well as coordinated actions recommended to Member States on aggressive tax planning, tax havens and abusive tax planning, has still not been fully exploited ”, Chas Roy-Chowdhury adds.

“We now look forward to the decisive EU summit that will take place on 22 May and hope for a bold move. The objective  that EU leaders should pursue is threefold: first, to restore the credibility and robustness of EU Member States tax systems, second, to protect the ability of member states  to effectively raise projected public revenues and to carry out their economic policy, and third, to promote high standards of tax governance globally”, Chas Roy-Chowdhury concludes.

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 For more information, please contact:

Cecile Bonino

Cecile.bonino@accaglobal.com

+32(0) 2 286 11 37 

1.      ACCA (the Association of Chartered Certified Accountants) is the global body for professional accountants. We aim to offer business-relevant, first-choice qualifications to people of application, ability and ambition around the world who seek a rewarding career in accountancy, finance and management.

2.      We support our 154,000 members and 432,000 students in 170 countries, helping them to develop successful careers in accounting and business, with the skills required by employers. We work through a network of over 80 offices and centres and more than 8,400 Approved Employers worldwide, who provide high standards of employee learning and development. Through our public interest remit, we promote appropriate regulation of accounting and conduct relevant research to ensure accountancy continues to grow in reputation and influence.

3.      Founded in 1904, ACCA has consistently held unique core values: opportunity, diversity, innovation, integrity and accountability. We believe that accountants bring value to economies in all stages of development and seek to develop capacity in the profession and encourage the adoption of global standards. Our values are aligned to the needs of employers in all sectors and we ensure that through our qualifications, we prepare accountants for business. We seek to open up the profession to people of all backgrounds and remove artificial barriers, innovating our qualifications and delivery to meet the diverse needs of trainee professionals and their employers.