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28 January 2016

EBF statement on EU implementation of global BEPS Action Plan

The EBF notes with interest the proposals tabled by the European Commission to bring corporate tax rules in the EU into line with global agreements in order to discourage multinational companies from shifting their profits to off-shore low-tax jurisdictions.

The two proposed EU directives seek to align EU tax rules with the Base Erosion and  Profit  Shifting  (BEPS)  Action  Plan adopted  last  year  by  the  Organization  for  Economic Cooperation and Development (OECD) and G20 countries.

The   EU   proposals   lay   down new   corporate   tax rules addressing   for   example   interest deductibility, hybrid mismatches, controlled foreign companies and exit taxation, and contain mandatory requirements for Member States to automatically exchange information on country-by-country reporting with other Member States.

Whilst recognising the objectives of the BEPS project, the European Banking Federation (EBF) is concerned that the proposed EU measures may lead to increased administrative burdens and additional compliance costs for all multinational clients. Furthermore  the  EBF  calls  on  the  EU  to  properly  consider  specific banking activities which need to be excluded from the limitation on interest deductibility.

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