background image
EU Parliament Votes for Revisions to Shareholder Rights Directive including New Transparency Requirements — Orbitax Tax News & Alerts

On 8 July 2015, the European Parliament voted to approve revisions to the Shareholder Rights Directive (2007/36/EC) in order to strengthen transparency. The revisions include the requirement that large undertakings and public-interest entities publish country-by-country (CbC) information on profit or loss before tax, taxes on profit or loss, and public subsidies received; and the disclosure of tax rulings if certain conditions are met ({News-2015-05-08/P/2- previous coverage}). These requirements are separate from the CbC reporting requirement developed as part of the OECD BEPS Project and the automatic exchange of information on tax rulings proposed by the European Commission.

Meetings between the European Parliament, the European Commission, and the European Council must be held before final approval of the revisions. Once approved, EU Member States will be required to implement the changes in domestic legislation.