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Today’s Top Headlines

EU Seeks Transparency On Corporate Tax

by Lorys Charalambous,, Cyprus

20 February 2015

The European Commission has decided upon a list of tax reform priorities to lay "the foundation for a fairer and more transparent approach to taxation in EU," focusing on the taxation of companies.

At a recently concluded orientation debate on the issue, the European Commissioners from the 28 member states agreed that the Commission's work should focus on ensuring that companies are taxed where economic activities are performed. They agreed rules should be strengthened to ensure that companies cannot avoid paying a "fair share," and this will require improved transparency.

The Commission said it will present a Tax Transparency Package in March 2015, and, shortly thereafter, a second package of measures will be announced that will deal with corporate taxation, taking into account the work of the Organisation for Economic Co-operation and Development on base erosion and profit shifting (BEPS).

Pierre Moscovici, EU Commissioner for Economic and Financial Affairs, Taxation, and Customs, said: "It is time for a new era of openness between tax administrations, a new age of solidarity between governments to ensure fair taxation for all. The Commission is fully committed to securing the highest level of tax transparency in Europe."

"A prosperous Europe needs fair, transparent, and predictable tax systems for businesses to invest and for consumers to regain confidence. As part of our work for a deeper and fairer internal market, we want to establish greater tax transparency and ensure fairer tax competition, within the EU and globally. It is not acceptable that tax authorities have to rely on leaks before they enforce tax rules," said Valdis Dombrovskis, EU Commissioner for the Euro and Social Dialogue.

TAGS: tax | investment | business | European Commission | Belgium | Ireland | Netherlands | tax avoidance | law | Organisation for Economic Co-operation and Development (OECD) | Luxembourg | enforcement | agreements | multinationals | tax planning | transfer pricing | advance pricing agreement (APA) | tax reform | trade | European Union (EU) | Europe | Tax

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