EFAMA believes tax transparency towards tax authorities could foster a growth friendly environment and the attractiveness of the EU as a place to invest and supports the idea of implementing international initiatives at the same pace and to the same extent as its global partners in order to ensure a level playing field.
EFAMA believes a possible new EU initiative based on BEPS 13 would encourage enterprises to geographically align taxes paid in a country with actual profits, increase pressure on countries to take measures that contribute to more efficient and fairer tax competition between Member States, assist tax authorities in orienting their tax audits in view of targeting tax evasion or avoidance and remedy market distortions and encourage a fairer competition between multinational enterprises and SMEs.
Such an EU initiative would require to take consideration of the following aspects:
• tax transparency should be implemented in the EU through a harmonised regulatory framework with the view to achieve a consistent application by Member States,
•any EU initiative should avoid creating an un-level playing field between EU and non EU countries with regards to disclosure requirements
• reporting requirements should be commensurate with the goal of an adequate information of national tax authorities and should safeguard strategic or confidential data.
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© EFAMA - European Fund and Asset Management Association
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