Overview
European Parliament Passes Resolution on Mandatory Country-by-Country Reporting, Common Consolidated Corporate Tax Base: Today, the European Parliament announced that it has passed a non-legislative resolution focused on “mak[ing] corporate taxes fairer across Europe.” According to a press release, the resolution, which passed by 508 votes to 108, with 85 abstentions, recommends introducing mandatory country-by-country reporting by multinational companies of financial data; introducing clear definitions of “economic substance” and other determining factors of corporate tax bills; and implementing an EU-wide common consolidated corporate tax base “as soon as possible.” The resolution also urges EU member states to systematically share their national rulings and other tax information that has an impact on other member states. In addition, the resolution “insists” that the European Commission receive such information “to enable it to play its proper role as competition watchdog to the full.”