European Union withholding tax

It will apply for those transferring their tax residence to Greece for 7 years

The Finance Ministers of EU member-states have agreed to close loopholes in tax legislation allowing multinational companies to avoid paying taxes on dividends, reported Reuters.

The agreement is a step in the direction of terminating the practice of companies declaring their taxes where they find it most expedient to pay taxes.

The European  Commission proposed on Tuesday to introduce public reporting requirements for the largest companies operating in the EU and in tax havens in a bid to boost tax transparency.

The proposal aims to ensure that multinationals publish each year a report disclosing the profit and the tax accrued and paid in each member state on a country-by-country basis.

Parliament adopted its stance on a deal with Switzerland to make it harder for EU citizens to hide cash from the tax man in Swiss bank accounts, in a vote on Tuesday. Under the deal, the EU and Switzerland will automatically exchange information on the bank accounts of each other’s residents, starting in 2018.

The Bulgarian Finance Ministry has voiced its content with the move by Greece to revoke a 26% withholding tax on transactions from sources in Bulgaria, Cyprus and Ireland.

The European Union and Switzerland signed a major accord on May 27 that will end banking secrecy for EU residents and prevent them from hiding undeclared income in Swiss banks, the European Commission said.

The agreement deals "another blow against tax evaders, and (represents) another leap towards fairer taxation in Europe," said Pierre Moscovici, the EU commissioner for tax issues.

Bulgaria will file a complaint to the European Commission about Greece?s decision to impose a 26 percent tax on cross-border transactions between the neighbors, the government in Sofia said on Wednesday.

Austria and Luxembourg have agreed to back EU plans to increase transparency in tax reporting at a summit in Brussels, Thursday.