Daily Tax Update - June 17, 2015: European Commission Presents Action Plan to Reform Corporate Taxation in the EU

European Commission Presents Action Plan to Reform Corporate Taxation in the EU:  Today, the European Commission presented an Action Plan that “aims to establish a fairer and more efficient corporate tax system in the EU.”  Key actions under the plan include re-launching the Common Consolidated Corporate Tax Base, ensuring fair taxation where profits are generated, creating a better business environment, increasing transparency, and improving EU coordination.  A fact sheet on the Action Plan can be accessed here.

As part of its efforts to combat corporate tax avoidance, the European Commission also announced today that it is launching a public consultation on corporate tax transparency in the EU.  According to a press release, the consultation “aims to find out whether requiring companies to disclose more information about the taxes they pay could help tackle tax avoidance and aggressive tax practices in the EU.”  

Miscellaneous Guidance:
Today, Treasury and the IRS issued temporary (T.D. 9723) and proposed regulations (REG-102648-15) on the suspension of benefits under multiemployer pension plans that are projected to have insufficient funds at some point in the future.  In conjunction with the temporary and proposed regulations, Treasury and the IRS also issued Revenue Procedure 2015-34, which describes procedures for applying for approval of a proposed suspension of benefits for certain multiemployer pension plans.