Key aspects of the EU Code of Conduct Clause Samples

Key aspects of the EU Code of Conduct. The Code of Conduct on business taxation has some key aspects that need to be highlighted. These are the Code’s scope of application, its political nature, its success, and its failure to define harmful tax competition. Starting with the Code’s scope of application, the Code’s application ratione materiae concerns business taxation and excludes individual and indirect taxation.241 It does so with regard to laws, regulations, and administrative practices.242 Regarding its coverage ratione loci, the Code of Conduct applies to EU Member States, their dependencies and associated territories.243 Thus, any jurisdiction which falls out of that scope is not covered by the Code of Conduct. Even so, the Code contains a call to promote its principles in third countries.244 The use of the term ‘promotion’ means that the EU does not expect non-member states to respect the Code in the same way as members, but encourages non-members to follow it. To this end, the EU uses blacklisting as a strategy to compel third countries to comply with European standards on tax good governance,245 including harmful tax competition matters. The Code’s nature is not legal; it is rather a non-legally binding instrument.246 This means that a member’s failure to follow the Code is not actionable before the Court of Justice 241 EU Code of Conduct 1997: Conclusions of the ECOFIN Council meeting of 1/12/1997 concerning taxation policy DOC 98/C2/01, OJEC (6.1.98), C 2/3; ▇▇▇▇▇, Tax competition (n 117) p. 160; ▇▇▇▇▇, EU and OECD (n 72) p. 389 and 392; R ▇▇▇▇▇▇▇▇▇ and ▇ ▇ ▇▇▇ ▇▇ ▇▇▇▇▇▇, ‘Revisiting the Dutch Interest Box under the EU State Aid Rules and the Code of Conduct: When a ‘Disparity’ is Selective and Harmful’ (2010) Intertax 38(5), p. 274; ▇ ▇ ▇▇▇▇▇▇, Inside the EU Code of Conduct Group: 20 Years of Tackling Harmful Tax Competition (Ph.D Thesis, UVA 2020), p. 111 and 410. 242 EU Code of Conduct, ibid.; ▇▇▇▇▇, EU and OECD, Id., p. 389; Wishlade (n 192) p. 588; ▇▇▇▇▇▇▇▇▇▇ and ▇▇▇▇▇▇▇ (n 115) p. 691; C Biz, ‘Countering Tax Avoidance at the EU Level after ‘Luxleaks’ A History of Tax Rulings, Transparency and BEPS: Base Erosion Profit Shifting or Bending European Prospective Solutions? (2015) DPTI XII(4), p. 1042; P ▇▇▇▇▇, Taxation in European Union (2nd edn, Springer 2017), p. 169; E ▇▇▇▇▇▇▇▇ and ▇ ▇ ▇▇▇▇▇▇▇▇▇, ‘State Aid Policy and the Fight against Harmful Tax Competition in the Internal Market: Tax Policy Disguise’, in W Haslener, ▇ ▇▇▇▇▇▇ and A Rust (eds), EU Tax Law and Policy in the 21...
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Related to Key aspects of the EU Code of Conduct

  • Governance and Anticorruption The Borrower, the Project Executing Agency, and the implementing agencies shall (a) comply with ADB’s Anticorruption Policy (1998, as amended to date) and acknowledge that ADB reserves the right to investigate directly, or through its agents, any alleged corrupt, fraudulent, collusive or coercive practice relating to the Project; and

  • File Management and Record Retention relating to CRF Eligible Persons or Households Grantee must maintain a separate file for every applicant, Eligible Person, or Household, regardless of whether the request was approved or denied. a. Contents of File: Each file must contain sufficient and legible documentation. Documents must be secured within the file and must be organized systematically.

  • Anti-Money Laundering and Red Flag Identity Theft Prevention Programs The Trust acknowledges that it has had an opportunity to review, consider and comment upon the written procedures provided by USBFS describing various tools used by USBFS which are designed to promote the detection and reporting of potential money laundering activity and identity theft by monitoring certain aspects of shareholder activity as well as written procedures for verifying a customer’s identity (collectively, the “Procedures”). Further, the Trust and USBFS have each determined that the Procedures, as part of the Trust’s overall Anti-Money Laundering Program and Red Flag Identity Theft Prevention Program, are reasonably designed to: (i) prevent each Fund from being used for money laundering or the financing of terrorist activities; (ii) prevent identity theft; and (iii) achieve compliance with the applicable provisions of the Bank Secrecy Act, Fair and Accurate Credit Transactions Act of 2003 and the USA Patriot Act of 2001 and the implementing regulations thereunder. Based on this determination, the Trust hereby instructs and directs USBFS to implement the Procedures on the Trust’s behalf, as such may be amended or revised from time to time. It is contemplated that these Procedures will be amended from time to time by the parties as additional regulations are adopted and/or regulatory guidance is provided relating to the Trust’s anti-money laundering and identity theft responsibilities. USBFS agrees to provide to the Trust: (a) Prompt written notification of any transaction or combination of transactions that USBFS believes, based on the Procedures, evidence money laundering or identity theft activities in connection with the Trust or any Fund shareholder; (b) Prompt written notification of any customer(s) that USBFS reasonably believes, based upon the Procedures, to be engaged in money laundering or identity theft activities, provided that the Trust agrees not to communicate this information to the customer; (c) Any reports received by USBFS from any government agency or applicable industry self-regulatory organization pertaining to USBFS’ Anti-Money Laundering Program or the Red Flag Identity Theft Prevention Program on behalf of the Trust; (d) Prompt written notification of any action taken in response to anti-money laundering violations or identity theft activity as described in (a), (b) or (c) immediately above; and (e) Certified annual and quarterly reports of its monitoring and customer identification activities pursuant to the Procedures on behalf of the Trust. The Trust hereby directs, and USBFS acknowledges, that USBFS shall (i) permit federal regulators access to such information and records maintained by USBFS and relating to USBFS’ implementation of the Procedures, on behalf of the Trust, as they may request, and (ii) permit such federal regulators to inspect USBFS’ implementation of the Procedures on behalf of the Trust.

  • Anti-Money Laundering and Identity Theft Prevention Related Duties Subject to the terms and conditions set forth herein, the Trust hereby delegates to the Transfer Agent the Delegated Anti-Money Laundering Duties and, where applicable, the Delegated Identity Theft Prevention Duties that are set forth in the Trust’s Anti-Money Laundering (“AML”) Program and Identity Theft Prevention Program (“IDTPP”) as described below. The Transfer Agent agrees to perform the Delegated Anti-Money Laundering Duties and the Delegated Identity Theft Prevention Duties, with respect to ownership of shares in the Fund for which the Transfer Agent maintains the applicable information subject to and in accordance with the terms and conditions of the Contract.

  • CERTIFICATION PROHIBITING DISCRIMINATION AGAINST FIREARM AND AMMUNITION INDUSTRIES (Texas law as of September 1, 2021) By submitting a proposal to this Solicitation, you certify that you agree, when it is applicable, to the following required by Texas law as of September 1, 2021: If (a) company is not a sole proprietorship; (b) company has at least ten (10) full-time employees; (c) this contract has a value of at least $100,000 that is paid wholly or partly from public funds; (d) the contract is not excepted under Tex. Gov’t Code § 2274.003 of SB 19 (87th leg.); and (e) governmental entity has determined that company is not a sole-source provider or governmental entity has not received any bids from a company that is able to provide this written verification, the following certification shall apply; otherwise, this certification is not required. Pursuant to Tex. Gov’t Code Ch. 2274 of SB 19 (87th session), the company hereby certifies and verifies that the company, or association, corporation, partnership, joint venture, limited partnership, limited liability partnership, or limited liability company, including a wholly owned subsidiary, majority-owned subsidiary parent company, or affiliate of these entities or associations, that exists to make a profit, does not have a practice, policy, guidance, or directive that discriminates against a firearm entity or firearm trade association and will not discriminate during the term of this contract against a firearm entity or firearm trade association. For purposes of this contract, “discriminate against a firearm entity or firearm trade association” shall mean, with respect to the entity or association, to: “ (1) refuse to engage in the trade of any goods or services with the entity or association based solely on its status as a firearm entity or firearm trade association; (2) refrain from continuing an existing business relationship with the entity or association based solely on its status as a firearm entity or firearm trade association; or (3) terminate an existing business relationship with the entity or association based solely on its status as a firearm entity or firearm trade association. See Tex. Gov’t Code § 2274.001(3) of SB 19. “Discrimination against a firearm entity or firearm trade association” does not include: “ (1) the established policies of a merchant, retail seller, or platform that restrict or prohibit the listing or selling of ammunition, firearms, or firearm accessories; and (2) a company’s refusal to engage in the trade of any goods or services, decision to refrain from continuing an existing business relationship, or decision to terminate an existing business relationship to comply with federal, state, or local law, policy, or regulations or a directive by a regulatory agency, or for any traditional business reason that is specific to the customer or potential customer and not based solely on an entity’s or association’s status as a firearm entity or firearm trade association.” See Tex. Gov’t Code § 2274.001(3) of SB 19.