Country-by-country reporting risks damaging EU investment

Following the release of the European Commission’s proposals for companies to report financial information on a country-by-country basis to the public, BusinessEurope’s Director of Economic Affairs James Watson made a video statement. He said that while BusinessEurope supports the fight against tax fraud and evasion and has previously welcomed the Commission’s proposals, in line with the agreement at the OECD, for companies to report financial information on a country-by-country basis to tax authorities, today’s proposals for public reporting of financial information by companies operating in the EU risk undermining the proper role of tax authorities in enforcing tax legislation, as well as creating uncertainty for business.