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While generally supporting the Commission’s efforts to fight tax evasion, Insurance Europe warned that the proposed additional reporting obligations would cause a significant administrative burden.
It added that the proposed five-day reporting period would be inappropriate, and suggested that it would instead be better for companies to report their arrangements when filing their tax declaration.
Insurance Europe also said that only potentially harmful cross-border arrangements should be reported.
With the Commission’s proposal, this would be difficult, as the proposal as it stands is too vague to focus specifically on such arrangements.
A clearer definition of the arrangements to be reported would make the reporting obligations more manageable.