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EU Presidency Confirms CbC Reporting Regime Changes

by Jason Gorringe,, London

26 June 2017

The Maltese Presidency of the Council of the European Union has said that it has forwarded a proposal to amend the EU country-by-country reporting regime.

Under the EU's CbC reporting regime, multinational enterprises are required to make publicly available information about the tax they pay, on a country-by-country basis.

A statement from the Maltese Government provided little detail, other than stating that the Maltese Presidency "has just published the last version of the Council text proposal that brings about a better balance in enhanced corporate governance, keeping tax erosion and evasion under control whilst also safeguarding the economic interests of European multinational entities."

The Government said: "Specific rules in the Accounting Directive require mining and forestry companies to use this system to report on the taxes, royalties and bonuses that they pay worldwide. The Commission has thus proposed a new directive which will require large multinational companies to publish country-by-country information on where they make their profits and where they pay tax."

Malta's Minister of Finance, Edward Scicluna, added: "Through the latest updates of the Country By Country Reporting dossier, which involved an amendment to the Accounting Directive, the Maltese Presidency has continued with its effort in ensuring that the European Union retains its leadership in the development and promotion of best practices within the international community, whilst safeguarding the competitiveness of European Companies."

TAGS: Finance | tax | European Commission | Malta | tax avoidance | interest | corporate governance | transfer pricing | Europe | Tax | Tax Evasion | BEPS

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