European Council Adopts Resolutions On Tax Transparency
The European Council has adopted a series of conclusions on tax transparency, arguing that there is a need for more effective cooperation between tax authorities.
The Council said that it recognizes the progress made in pursuing the EU's agenda for fairer, more transparent, and more effective taxation. It declared that recent EU legislation to enable member states to automatically exchange information on tax rulings and on multinationals' tax-related country-by-country reports is an important step forward.
However, the Council wishes to see further efforts made. It said that the EU should consider options for enhancing administrative cooperation between competent authorities, and invited the European Commission to explore the possibility for a proposal on improving the cross-border access to information on ultimate beneficial owners.
The Council also stressed the need to prevent the large scale concealment of funds, and to increase oversight of enablers and promoters of aggressive tax planning. It noted the Commission's intention to explore options for Mandatory Disclosure Rules (inspired by Action 12 of the OECD BEPS project), and encouraged the Commission to reflect on the possibility for the future exchange of such information between EU tax administrations.
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