JURIDICON attorney-at-law dr. Laimonas Marcinkevičius has given comments for publication about Disclosure of Tax Avoidance Schemes

EU proposal requires disclosure to tax authorities of cross-border tax planning schemes by intermediaries, clients.

Lawyers, accountants, Tax advisors, banks, and other intermediaries who design and promote potentially aggressive cross-border tax planning schemes and the clients that receive such advice, would be required to meet new reporting and disclosure obligations under an EU Commission proposal.

Only schemes that bear certain “hallmarks” commonly found in aggressive tax planning arrangements must be reported under the EU plan.

“Tax planning still be a legitimate service” – dr. Laimonas Marcinkevičius comments to national business newspaper "Business News" ("Verslo žinios").

Under the plan, beginning in 2019, a duty to report would fall on EU intermediaries who supply a cross-border scheme for implementation or on an individual or company implementing a cross-border scheme when it is developed by in-house tax consultants or lawyers.