FDBusiness.com

Proposal to Introduce Public Reporting Requirements For the Largest Companies Operating in the EU

 Breaking News
  • 2 Sisters and Standards in Poultry Processing Report Published The Environment, Foods and Rural Affairs Committee in the UK has published its report into 2 Sisters Food Group and Standards in Poultry Processing. The Committee launched an inquiry into 2 Sisters and poultry standards following the undercover footage released by The Guardian and ITN. The evidence sessions looked at the issues raised at the 2 [...]...
  • ADM Wins ‘Most Innovative Food Ingredient’ at Gulfood Excellence Awards Archer Daniels Midland Company has been awarded ‘most innovative food ingredient’ for its natural sweetening solution, Fruit Up® Fiber, at this year’s Gulfood Manufacturing Industry Excellence Awards. The awards recognize best practices and innovation within the food manufacturing industry value chain. Entries were judged on the additional value the innovations brought to developers, as well as [...]...
  • Bayn Europe Enters China Sugar Reduction Market Bayn Europe has signed a strategic framework agreement with Kong Wua Group in China, outlining the establishment of a R&D center for sugar reduction and production of sugar replacer solutions. Through the agreement, Bayn and Kong Wua will bring sugar replacer solution to the market to help tackle the sugar over-consumption social problems. “It is important [...]...
  • It’s Time to End Food Waste – White Paper Among the most interesting topics in the publication ‘It’s time to end food waste’ is a closer look at the psychology of food waste by Nina Waldhauer at the University of Wageningen. Waldhauer explains how “(…) the food sector business can create opportunities for reducing consumer-related food waste. It can be done in ways that acknowledge consumer´s goal [...]...
  • Orkla Sells K-Salat to Stryhns Orkla Foods Danmark has agreed to sell its K-Salat business to Stryhns, which is part of the Norwegian Agra group. The purpose of the sale is to concentrate Orkla’s activities on fewer categories. K-Salat has a product portfolio of salad spreads, mayonnaise, remoulade, dressings and potato salads in Denmark. Under the agreement, Stryhns will take over [...]...

Proposal to Introduce Public Reporting Requirements For the Largest Companies Operating in the EU

Proposal to Introduce Public Reporting Requirements For the Largest Companies Operating in the EU
April 13
10:48 2016

The European Commission has presented a proposal which leads the way towards greater corporate tax transparency by introducing public reporting requirements for the largest companies operating in the EU. The plans will build on the Commission’s work to tackle corporate tax avoidance in Europe, estimated to cost EU countries €50-70 billion a year in lost tax revenues.

Supplementing other proposals to introduce sharing of information between tax authorities, it would require multinationals operating in the EU with global revenues exceeding €750 million a year to publish key information on where they make their profits and where they pay their tax in the EU on a country-by-country basis. The same rules would apply to non-European multinationals doing business in Europe. In addition, companies would have to publish an aggregate figure for total taxes paid outside the EU.

This proposal is a simple, proportionate way to increase large multinationals’ accountability on tax matters without damaging their competitiveness. It will apply to thousands of large firms operating in the EU, without affecting small and medium-sized companies.

The proposal also provides for stronger transparency requirements for companies’ activities in countries which do not observe international standards for good governance in the area of taxation. The Commission will build on its External Tax Strategy with the aim of establishing the first common EU list of such tax jurisdictions as rapidly as possible.

EuropeanCommissionJonathan Hill, Commissioner for Financial Stability, Financial Services and Capital Markets Union, says: “This is a carefully thought through but ambitious proposal for more transparency on tax. While our proposal on CBCR is not of course focused principally on the response to the Panama papers, there is an important connection between our continuing work on tax transparency and tax havens that we are building into the proposal.

Building on and complementing the recent Commission initiatives against tax avoidance (IP/16/159), this mandatory public country-by-country reporting will enable citizens to scrutinise the tax behaviour of multinationals. This will, in turn, encourage companies to pay tax where they make their profit.

This reporting will also support efforts to gain a better insight into Member States’ tax systems and help identify existing loopholes and mismatches, thereby shedding more light on the causes and consequences of corporate tax avoidance.

This proposal for a Directive has now been submitted to the European Parliament and the Council of the EU and the Commission hopes that this will be swiftly adopted in the co-decision process. Once adopted, the new Directive would have to be transposed into national legislation by all EU Member States, within one year after the entry in force.

About Author

mike

mike

Related Articles



Food & Drink Business Conference & Exhibition 2016

Upcoming Events

  • November 28, 2017Fi Europe
  • December 4, 2017Plastics and Paper in Contact with Foodstuffs 2017
  • January 8, 2018RAI Exhibition
  • January 16, 2018Sival Plant Production Trade Show
AEC v1.0.4

Jobs: Finance

find food jobs

The Magazine

F&D Business Preferred Suppliers

New Subscriber





Subscribe Here



Advertisements