Corkscrew and PANA inquiry: Difference between pages

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(Update.)
 
imported>Doug Williamson
(Update secrecy haven to secrecy jurisdiction.)
 
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A structure for accounting and for the financial modelling of balances.
An inquiry established by the European Parliament to investigate money laundering, tax avoidance and tax evasion, following the Panama Papers disclosures of 2016.


The closing balance is calculated from the opening balance, plus or minus the net inflow or outflow for the period.
The inquiry's recommendations, published in 2017, included:


The closing balance figure in turn provides the opening balance for the next period.  
*Introducing a regulatory framework for tax intermediaries (such as lawyers and accountants), including the separation of audit, tax and advisory services.
*Defining effective sanctions in the case of involvement in illegal tax and money laundering schemes.
*Providing a common definition at EU level of a certain number of concepts, such as tax haven, secrecy jurisdiction, non-cooperative tax jurisdiction and high-risk country, as well as guidelines on illegal vs. legal tax planning activities to improve legal certainty.
*Implementing effective protection measures for whistle-blowers.




For example:
== See also ==
 
* [[Anti-avoidance provision]]
Last year’s closing balance (20X2) on the balance sheet = This year’s opening balance (20X3)
* [[European Parliament]]
 
* [[High-risk country]]
+/- This year’s flow (in or out in 20X3) = This year’s closing balance (20X3) on the balance sheet
* [[Non-cooperative tax jurisdiction]]
 
* [[Panama Papers]]
 
* [[Paradise Papers]]
 
* [[Secrecy jurisdiction]]
The movement of the developing balance follows a sawtooth or 'corkscrew' path.
* [[Tax evasion]]
* [[Tax haven]]
* [[Whistle-blowing]]


Hence the name 'corkscrew' for this structure.
== See also ==
* [[Accounting]]
* [[Balance]]
* [[Daisy chain]]
* [[Financial modelling]]
* [[Inflow]]
* [[Outflow]]


[[Category:Accounting,_tax_and_regulation]]
== External link ==
[[Category:The_business_context]]
[http://www.europarl.europa.eu/cmsdata/134370/Draft_Recomendation_B8_660_2017.pdf Draft recommendations of the PANA inquiry 2017]
[[Category:Technology]]

Revision as of 15:18, 8 April 2018

An inquiry established by the European Parliament to investigate money laundering, tax avoidance and tax evasion, following the Panama Papers disclosures of 2016.

The inquiry's recommendations, published in 2017, included:

  • Introducing a regulatory framework for tax intermediaries (such as lawyers and accountants), including the separation of audit, tax and advisory services.
  • Defining effective sanctions in the case of involvement in illegal tax and money laundering schemes.
  • Providing a common definition at EU level of a certain number of concepts, such as tax haven, secrecy jurisdiction, non-cooperative tax jurisdiction and high-risk country, as well as guidelines on illegal vs. legal tax planning activities to improve legal certainty.
  • Implementing effective protection measures for whistle-blowers.


See also


External link

Draft recommendations of the PANA inquiry 2017

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