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First published in Economia, 13 April 2016
Under the new proposals, multinationals operating within the EU will have to disclose detailed information about their activities both within the EU, and, crucially, in certain jurisdictions outside the EU – so-called tax havens.
Xaver Ditz, Taxand Germany, argued that while the €750m turnover threshold, said yesterday by the EC to catch only the biggest multinationals, is in line with the requirement of the BEPS project, the number of companies caught in its net is “unverified”, and the relevant information may be difficult to obtain if the parent company is outside the EU.
But, argued Ditz, even more “perturbing” is the addition of a recommendation to publish information on the corporates’ websites – a move he describes as in “complete contradiction” of BEPS and the OECD’s own rules.
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Under the new proposals, multinationals operating within the EU will have to disclose detailed information about their activities both within the EU, and, crucially, in certain jurisdictions outside the EU – so-called tax havens.
The reaction to the proposals has, so far, been mixed and the proposals will be a “major cause for concern” for multinationals.”