Strategizing International Tax Best Practices – by Keith Brockman

The European Parliament, following its recent push for public disclosure (03 June 2015 post), passed a non-binding resolution by 550 votes to 57 to make this happen.

A copy of the press release is provided for reference:

http://www.europarl.europa.eu/news/en/news-room/content/20150703IPR73914/html/Tax-MEPs-advocate-country-by-country-reporting-to-help-developing-countries

Key observations:

  • Country-by-country tax reporting (CbCR) should be publicly disclosed to fight tax evasion and avoidance.
  • Perceived benefits of public disclosures include better tax justice and an end to tax havens.
  • All countries should adopt CbCR.
  • Company ownership should be in the public domain.
  • EU institutions should monitor actions by the Member States to determine ongoing funding decisions.

The EU continues to be a proactive force in introducing public disclosure changes, which will be a spark for all other countries to follow.  Accordingly, monitoring such activities will be a key to understanding future trends and disclosures that can be planned for currently.

 

 

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