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On June 4, 2017 the European Parliament voted on a proposal for a directive of the European Parliament and of the Council amending Directive 2013/34/EU as regards disclosure of income tax information by certain undertakings and branches. The proposal for a Directive requires multinationals of a certain size to publicly publish Country-by-Country Reports in each country they operate in.
The Draft report containing the proposal for a Directive was approved by 534 votes to 98 votes, with 62 abstentions. Members of the European Parliament (MEPs) voted to send the report back to the Committees to start negotiations with the Council in 1st reading on the basis of a plenary mandate.
Read more: The European Parliament wants multinationals of a certain size to publicly publish...
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On July 4, 2017 the OECD issued a press release announcing that Barbados joined the Inclusive Framework on BEPS. Therewith the total number of jurisdictions that have joined the Inclusive Framework on BEPS comes to 101.
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On June 30, 2017 the European Parliament’s Committee of Inquiry into Money Laundering Tax Avoidance and Tax Evasion (Hereafter: PANA Committee) released a draft report on the inquiry on money laundering, tax avoidance and tax evasion and a draft motion for a recommendation to the Council and the Commission pursuant to the third subparagraph of Rule 198(10) of the Rules of Procedure following the inquiry on Money Laundering, Tax Avoidance and Tax Evasion.
The draft report consists out of 2 parts. Part I contains the draft conclusions, whereas Part II contains an overview of activities during the mandate of the PANA Committee. Both the draft report as well as the draft motion were prepared by the co-rapporteurs Jeppe Kofod and Petr Ježek.
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On June 29, 2017 the OECD announced that Bahrain signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA). The total number of signatories of the MCAA therewith comes to 93. According to the overview of Signatories of the MCAA, Bahrain intends its first exchange of information to take place in September 2018.
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On June 30, 2017 the European Commission issued a press release announcing that after an in-depth investigation it has found that a Polish tax on the retail sector is in breach of EU state aid rules. The Commission concluded that the progressive tax rates based on turnover give companies with low turnover an advantage over their competitors. The Commission also states that Poland did not collect this new tax and, as a result, no State aid was effectively granted. Consequently, there is no need for recovery in this case.
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