On 4 September 2015, the European Parliament published a draft report from the Committee on Economic and Monetary Affairs with recommendations to the European Commission on bringing transparency, coordination and convergence to corporate tax policies in the EU. Recommendations include:

• Implementing country-by-country reporting for all sectors by multinational companies based on the guidelines developed as part of Action 13 of the OECD/G20 BEPS project;
• Introducing the mandatory notification of new tax measures whereby Member States are must inform other Member States if they intend to introduce a new allowance, relief, exception, incentive or similar measure;
• Extending automatic exchange of information on tax rulings to all corporate tax rulings and to a certain extent make tax rulings public;
• Implementing a Common Corporate Tax Base in the EU in 2016, with an initial exemption for small and medium-sized enterprises and companies with no cross-border activity;
• Coordinating national controlled foreign corporation rules, permanent establishment rules and transfer pricing rules;
• Improving cross-border taxation dispute resolution mechanisms; and
• Several others.

Click the following link for the Committee on Economic and Monetary Affairs Draft Report.