Commission welcomes entry into force of new transparency rules for tax rulings

The Commission has welcomed the entry into force of new rules to ensure that Member States have all the information they need on tax rulings given to multinational companies in other EU countries. As of 1 January 2017, Member States are obliged to automatically exchange information on all new cross-border tax rulings that they issue. This will be done through a central depository, accessible to all EU countries. Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said: “We have a duty to make corporate taxation fairer and more transparent, and to use every means possible to block tax abuse and profit shifting. The entry into force of the automatic exchange of information on cross-border tax rulings on 1 January marks a major step forward. It equips Member States and their national tax administrations with the information they need to detect certain abusive tax practices and take the necessary action in response.”