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9am Lowdown: PM seeks EU VAT exemptions

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19th Mar 2015
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It’s the day after the pre-election Budget and news headlines this morning cover EU VAT exemptions, the Swiss tax scandal and moves towards a common reporting standard.

Cameron to seek EU VAT exemptions

The PM will press Jean-Claude Juncker to revise new European laws applying to VAT on digital services following concern the changes could shut down thousands of small businesses.

David Cameron intended to raise the issue directly with the president of the EC on the fringes of the European Council summit this week.

According to the FT he will also ask the commission to bring forward proposals to address the problem this summer.

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Former HSBC boss regretful over Swiss tax scandal

Former boss of HSBC Stephen Green has told a City audience that allegations the bank helped customers of its Swiss banking arm avoid tax were a source of dismay and deep regret.

The Guardian reports Green told the audience that company leaders should embody the principles of ethical conduct, as big business remains “in the dock”.

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UK to legislate on common reporting standard

The Chancellor has signalled moves to legislate to now implement the Common Reporting Standard (CRS) rules.

The plans are expected to take effect on or after 1 January 2016 and will require financial institutions to identify accounts maintained for specified persons who are tax resident in jurisdictions with which the UK has entered into an agreement to exchange information about a wide range of financial accounts and investments to help tackle tax evasion.

The measures will also consolidate the requirements on automatic exchange of information and corrects minor errors in the current FATCA regulations.

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