The European Parliament Committee on Economic and Monetary Affairs (ECON Committee) has voted overwhelmingly1 in favour of a report2 which, among other matters, calls for:
- introducing a minimum rate of capital gains tax within the bloc;
- reversing the trend to reduce taxes on top earners;
- introducing net wealth taxes by member states, applying to portfolio assets above a certain threshold, succession planning, property and luxury goods;
- reporting and sharing of information concerning any tax avoidance arrangements of high-net-wealth individuals;
- prohibiting tax regimes aimed at attracting high-net-wealth individuals, by expanding the scope of the Code of Conduct on Business Taxation; and
- co-ordinating efforts at an EU level to prevent tax evasion and avoidance of personal taxes in the single market.
The report also highlights the harmful nature of various special tax regimes recently enacted in some member states specifically to attract “digital nomads,” high-earners of foreign income, pensioners, and the very wealthy.