At the ECOFIN meeting on 8 March, EU finance ministers reached agreement on the introduction of mandatory country by country reporting of multinational companies’ tax-related financial information, subject to UK parliamentary scrutiny.
The new rules form a key part of the European Commission’s anti-tax avoidance package. The necessary revisions to the Administrative Cooperation Directive are expected to come into force in the spring of 2016 and member states will have 12 months to transpose the new rules into national law.
The council also reaffirmed support for the code of conduct for business taxation, whilst noting the need to update the code of conduct group organisation and working methods to increase its efficiency.
At the ECOFIN meeting on 8 March, EU finance ministers reached agreement on the introduction of mandatory country by country reporting of multinational companies’ tax-related financial information, subject to UK parliamentary scrutiny.
The new rules form a key part of the European Commission’s anti-tax avoidance package. The necessary revisions to the Administrative Cooperation Directive are expected to come into force in the spring of 2016 and member states will have 12 months to transpose the new rules into national law.
The council also reaffirmed support for the code of conduct for business taxation, whilst noting the need to update the code of conduct group organisation and working methods to increase its efficiency.
