The Portuguese Council Presidency has reached a preliminary political agreement with representatives of the European Parliament for (limited) public country-by-country reporting. Proponents see the public and country-specific disclosure of business and income tax data as an effective instrument against tax avoidance by internationally active companies. Critics, on the other hand, see considerable competitive disadvantages for European companies compared to competitors from third countries, because the country-specific disclosure of business and income tax data allows conclusions to be drawn about cost structures, pricing policies and profit margins.
IDSt deals with solutions for companies in order to be able to administer the increasing reporting obligations such as country-by-country reporting in a legally secure manner. The expert committee “Standardization of periodic information requirements” has as its work assignment the creation of a standardized tax reporting to the tax authorities from the accounting data in aggregated form without media discontinuity. The aim is to avoid redundancies in content and to reduce the number of different formats and reporting channels (basic idea of standard business reporting). The work of the expert committee does not deal with methods of combating undesirable tax arrangements.
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