martes, 24 de mayo de 2016

European Commission proposes public reporting requirements for multinationals

On 12 April 2016, the European Commission proposed measures that would require the largest companies operating in the EU to publish annually a report disclosing the profits earned and tax paid in each member state, as well as other information, on a country-by-country (CbC) basis. An aggregated reporting obligation would apply with respect to operations conducted outside the EU, and if the group includes a company incorporated in a listed tax haven, the information would have to be disclosed on an individual country basis.
In the Commission’s view, “greater transparency of companies is needed to enable public scrutiny of whether tax is paid where profits are produced.” Although the G20/OECD’s base erosion and profit shifting (BEPS) project includes a requirement to implement CbC reporting to tax authorities (BEPS action 13), which the Commission intends to adopt on a panEuropean basis though an EU directive, the new proposal is separate and would require public reporting for companies operating in the EU . The new proposal for public reporting states that “information should be based on the reporting specifications of BEPS’ Action 13 and should be limited to what is necessary to enable effective public scrutiny.”
Assuming the European Commission’s proposal is adopted, it will be implemented through amendments to the existing EU accounting directive governing the disclosure of income tax information. As such, the proposed measures do not relate to the harmonization of tax rules, which would require the unanimous agreement of the 28 EU member states; instead only qualified majority approval would be needed – broadly, approval of 16 member states representing at least 65% of the European population. The approval of the European Parliament also is required.

Source & more info: Deloitte

No hay comentarios:

Publicar un comentario