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Anjum Shabbir
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22nd January 2020
Banking & Finance Consumer, Health & Environment Tax

ECOFIN Press Conference

The ECOFIN (Economic and Financial Affairs Council) Conference once again gathered Finance Ministers from the EU’s Member States – the first for Zdravko Marić under the Croatian Council Presidency, and the last for UK Chancellor Sajid Javid – three main agenda priorities were raised by Vice-President Valdis Dombrovskis:

  • The Commission’s Green Deal

The Vice-President, in his opening remarks to the conference, said:

“We plan to mobilise both public and private funds to generate at least €1 trillion in sustainable investments. That means using the EU budget, and also, using new rules and some regulatory incentives to spur green investments, both from Member States and private sectors.”

  • Digital Tax 

Discussing reform of the international corporate tax system, he said that such reform had to be meaningful, properly covering business activity in jurisdictions without actually being present, that there had to be more progress on minimum effective tax measures so that all businesses pay a fair share of tax, and for the EU to be active in designing a global solution for it to be workable, fair and competitive. (Progress here will be interesting in light of France’s desire for pro-digital tax law).

  • Anti-money Laundering

The Vice-President referred to a supervisory system to fight anti-money laundering, and effective implementation of rules – noting that the transposition date for the most recent AML Directive had expired on January 10, some Member States still not having actually transposed that Directive. He was vocal and forceful in promising to initiate infringement proceedings in such cases, promising to do so next month.  

The Commission’s press release reports on the Vice-President’s remarks in more detail and can be accessed here

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