Dear Member of the European Parliament,
You will soon vote on the draft report by co-rapporteurs Ms Evelyn Regner and Mr Hugues Bayet on the proposal on Public Country-By-Country Reporting by amending Directive 2013/34/EU (‘Public CBCR’).
This is a proposal with very serious implications for European businesses as well as for investment within Europe. At a time when Europe is trying to build a Capital Markets Union and boost growth and jobs, we recommend that legislators focus on these high-level objectives and ensure that European capital markets remain attractive for companies and investors.
Businesses support transparency and the objective to fight tax fraud and evasion. Tax authorities, under BEPS Action 13, will receive all information needed to determine whether companies meet their tax obligations in all the jurisdictions where they operate. Tax authorities are best equipped to do so as they master complex tax laws and understand the various situations of companies.
We are seriously concerned that the Commission’s proposal would put EU companies at a competitive disadvantage towards their competitors and business customers and damage the attractiveness of the EU as an investment destination, ultimately undermining the European economy.