FOR IMMEDIATE RELEASE
Brussels, 12 April 2016
The Federation of European Accountants contributes to policy initiatives that promote transparency and integrity. We welcome the debate the European Commission started today, with its proposal for companies to publish tax information on a country-by-country basis.
This proposal is one of the Commission’s key steps towards corporate tax transparency. Under the proposal, multinationals that are active in the EU with an annual turnover over EUR 750 million (both foreign and European), would have to make certain information public, such as their revenue, profit, and the amount of income tax charged in each Member State. This obligation would also apply to their activities in countries which, according to the Commission, do not observe international standards for tax good governance.
“Recent events have demonstrated the strong demand for transparency”, commented the Federation’s CEO Olivier Boutellis-Taft. “The structured reporting of relevant and reliable tax information will contribute to reducing suspicion and enhancing public trust. Constructive multi-stakeholder debates and clear policy frameworks are essential to promote the openness that the public demands.”
The accountancy profession is committed to the public interest and to contributing to the legitimacy and robustness of our tax systems. With its unique skill sets combining financial reporting, tax, auditing, and ethics, the profession is looking forward to embracing change that contributes to further transparency.
European Commission’s Directive proposal on corporate tax transparency
FEE (Federation of European Accountants) is an international non-profit organisation based in Brussels that represents 50 institutes of professional accountants and auditors from 37 European countries, including all of the 28 EU member states. FEE has a combined membership close to a million professional accountants, working in different capacities in public practice, small and large accountancy firms, businesses of all sizes, government and education – all of whom contribute to a more efficient, transparent and sustainable European economy.
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Tel: + 32 2 893 33 60