CAF supports new European Foundation proposals

Finance | Gareth Jones | 1 Jul 2009

The Charities Aid Foundation has said that if a new ‘European foundation’ classification is to be successful, then it must be implemented with strong supervision and regulation.

The European Commission’s consultation on the proposed European Foundation Statute suggests that charitable foundations within EU member states could convert to a new ‘European foundation’ status, allowing them to open offices across the EU.

They would also receive the same tax treatment as a local foundation despite being headquartered in a different member state.

In its response to the consultation, CAF said the proposal could encourage “a most welcome debate” about regulation of the sector across the EU, but that strong regulation would be key to the success of such a statute.

It added that the proposals are only likely to affect large foundations or grantmaking charities with a turnover in excess of £500,000.

CAF’s head of policy and public affairs Hannah Terrey said CAF was broadly supportive of the initiative.

She added: “There is a pressing need to address anomalies in pan-EU cross-border giving and failure to do so at this time would be a missed opportunity.

"We look forward to seeing the results of this consultation and helping to shape the debate on tax-efficient cross-border giving within the EU."

Who's Who: Gareth Jones

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