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EU Special Committee Issues Draft Report on Tax Rulings and other Measures Similar in Nature or Effect — Orbitax Tax News & Alerts

On 20 July 2015, the European Parliament Special Committee on tax rulings and other measures similar in nature or effect issued its draft report on its tax rulings investigation. The report includes a motion for a European Parliament resolution to:

  • Express its full support for the prompt establishment of a compulsory EU-wide Common Consolidated Corporate Tax Base (CCCTB);
  • Call for urgent reform of the Code of Conduct on business taxation and of the Group charged with its enforcement;
  • Call on the Commission to adopt new guidelines, in the framework of its State Aid Modernisation (SAM) initiative, clarifying what constitutes tax-related state aid and ‘appropriate’ transfer pricing;
  • Reiterate its position that MNCs should disclose in their financial statements, by Member State and by third country in which they have an establishment, a range of aggregated information, including their profit or loss before tax, taxes on profit or loss, number of employees, assets held, etc. (i.e. country-by-country reporting);
  • Call on the Commission to propose establishing an EU legislative framework for the effective protection of whistleblowers and the like; and
  • Call for a common EU approach to tax havens; calls on the Commission, in particular, to continue its work on a clear definition, a common set of criteria to identify tax havens and appropriate sanctions for countries cooperating with them.

Click the following link for the full 36 page report.