BETA

Activities of Elisa FERREIRA related to 2015/2010(INL)

Plenary speeches (1)

Bringing transparency, coordination and convergence to corporate tax policies (debate) PT
2016/11/22
Dossiers: 2015/2010(INL)

Amendments (59)

Amendment 24 #
Motion for a resolution
Recital E
E. whereas the investigations carried out under the TAXE Committee revealunderlined that the practice of tax rulings does not exclusively take place in Luxembourg but is common across the Unionin several countries across the Union, including Belgium, Ireland, the Netherlands and the United Kingdom, ; whereas the practice of tax rulings can be used legitimately to provide legal certainty for business, but is nevertheless open to potential abuse; whereas regard is had to the report from the Organisation for Economic Cooperation and Development (OECD) published on 12 February 2013 entitled 'Addressing Base Erosion and Profit Shifting' proposed new international standards to combat base erosion and profit shifting (BEPS); whereas regard is also had to the Communiqué issued following the Meeting of Finance Ministers and Central Bank Governors of the G20 which took place on [to be inserted];
2015/10/13
Committee: ECON
Amendment 40 #
Motion for a resolution
Recital G a (new)
Ga. whereas the overall loss in State revenues due to tax avoidance from corporate taxation is generally compensated for by either raising the overall level of taxation, cutting public services, or increased national borrowing - hence damaging other taxpayers and posing issues of social justice;
2015/10/13
Committee: ECON
Amendment 41 #
Motion for a resolution
Recital H
H. whereas a study2 estimates that revenue losses for the Union due to tax avoidance from corporate taxation could amount to around EUR 50-70 billion, a year, this figure representing the sum lost to profit shifting; whereas the same study estimates that those revenue losses for the Union due to tax avoidance from corporate taxation could in reality amount to around EUR 160-190 billion if special tax arrangements, inefficiencies in collection and other such activities were taken into account; __________________ 2 European added value of legislative report on bringing Transparency, coordination and convergence to corporate tax policies in the European Union’ by Dr Benjamin Ferrett, Daniel Gravino and Silvia Merler – To be published.
2015/10/13
Committee: ECON
Amendment 56 #
Motion for a resolution
Recital N
N. whereas the Union has been a pioneer in the global fight against aggressive tax planning, notably in promoting progress at OECD level on the BEPS project ; whereas the Union should continue to play a pioneering role as the BEPS project develops, seeking to prevent the damage that BEPS can cause both to Member States and also to developing countries around the world;
2015/10/13
Committee: ECON
Amendment 86 #
Motion for a resolution
Recital T – point i
(i) whereas increased transparency regarding the activities of large multinational companies, and in particular regarding profits made, taxes on profit paid, subsidies received and tax returns, is essential for ensuring that tax administrations tackle BEPS efficiently; whereas one vital form for this transparency to take is country-by-country reporting; whereas any Union proposals for country-by-country reporting should in the first instance be based on the OECD guidelines template; whereas it is possible for the Union to go further than the OECD guidelines and make such country-by- country reporting mandatory and public, and the European Parliament voted in favour of full public country-by- country reporting in its amendments adopted on 8 July 20154 on the proposal for a revised Shareholder Rights Directive; whereas the European Commission conducted a consultation on this subject between 17 June and 9 September 2015 in order to explore different options for the implementation of country-by-country reporting5 ; whereas 88% of those who responded publicly to that consultation said that they supported public disclosure of tax-related information by enterprises; __________________ 4 Texts adopted of 8.7.2015, P8_TA(2015)0257. 5 http://ec.europa.eu/finance/consultations/2 015/further-corporate-tax- transparency/index_en.htm.
2015/10/13
Committee: ECON
Amendment 96 #
Motion for a resolution
Recital T – point ii
(ii) whereas paying a fair share of taxes on profits made should be an important element of any company's corporate social responsibility (CSR) policy, and information about taxes being paid in different countries should form part of the CSR section of a company's annual report; whereas while a small minority of some companies within the Union have already begun to demonstrate that they are fully tax compliant by applying for and promoting their ownership of a 'Fair Tax Payer' label6 , most firms disregard the issue of fair taxation in their annual reporting; whereas firms and citizens alike across the Union would benefit from wider take-up of such labels by companies who are fully tax compliant in order to set a high standard for others to emulate; __________________ 6 Such as the Fair Tax Mark: http://www.fairtaxmark.net/.
2015/10/13
Committee: ECON
Amendment 100 #
Motion for a resolution
Recital T – point iii
(iii) whereas increased transparency would also be achieved if Member States inform each other and the Commission of any new allowance, relief, exception, incentive or similar measure that could have a material impact on their effective tax rate; whereas such notification would help Member States in identifying harmful tax practices; whereas such notifications could also apply to tax advisory firms whenever they propose a new 'tax optimisation' scheme;
2015/10/13
Committee: ECON
Amendment 101 #
Motion for a resolution
Recital T – point iii a (new)
(iiia) whereas on 9 April 2015 the Commission put forward a proposal for a Directive on Single-Member Limited Liability Companies; whereas such a proposal would considerably raise the risk of multinational companies setting up single-member companies with the specific aim of avoiding tax, and so should not be pursued;
2015/10/13
Committee: ECON
Amendment 116 #
Motion for a resolution
Recital T – point vi
(vi) whereas progress in the fight against tax avoidance and aggressive tax planning can only be monitored with a harmonised methodology that can be used to estimate the size of the direct and indirect tax gaps in all Member States, and across the Union as a whole; whereas an estimate of the tax gap should only represent the start of providing further information on tax matters, and Member States should also use the data arising from automatic exchange of information to reveal the size and source of the offshore assets in their finance sectors;
2015/10/13
Committee: ECON
Amendment 122 #
Motion for a resolution
Recital T – point vii
(vii) whereas the current Union-wide legal framework to protect whistleblowers is insufficient, and there exists significant variation between the ways in which different Member States provide protection for whistleblowers; whereas in the absence of such protection, those employees who hold vital information will understandably be reluctant to come forward and therefore that information will not be made available; whereas since whistleblowers helped to mobilise public attention on the issue of unfair taxation, Member States should consider measures that will protect such activity; whereas it would therefore be appropriate to offer Union-wide protection for whistleblowers who report suspected misconduct, wrongdoing, fraud or illegal activity to national regulators or, in cases of persistently unaddressed misconduct, wrongdoing, fraud or illegal activity that could affect the public interest, to the public as a whole; whereas such protection should be coherent with the overall legal system;
2015/10/13
Committee: ECON
Amendment 148 #
Motion for a resolution
Recital U – point ii
(ii) whereas despite the work of the Code of Conduct Group on harmful corporate taxation, aggressive tax planning measures continue to exist throughout the Union; whereas therefore the functioning of the Group and its decision-making procedures needs to be improved and made to be more transparent, and also to be able to take positions on issues arising from tax policies in more than one Member State without a small minority of Member States blocking decision-making by the Group;
2015/10/13
Committee: ECON
Amendment 161 #
Motion for a resolution
Recital U – point vii
(vii) whereas the Commission decided to prolong the mandate of the Platform for Tax Good Governance - which was due to expire in 2016 - as well as expand its scope and enhance its working methods; whereas the Platform can help deliver on the new Action Plan to strengthen the fight against tax fraud and tax evasion, facilitate discussions on Member States' tax rulings in light of the proposed new information exchange rules, and provide feedback on new anti-avoidance initiatives; whereas however the Commission needs to boost the profile, broaden the membership and increase the effectiveness of the Platform for Tax Good Governance;
2015/10/13
Committee: ECON
Amendment 166 #
Motion for a resolution
Recital U – point ix
(ix) whereas, in addition to the issues mentioned in this report, the Commission should clearly set out how it will implement all 15 of the OECD/G20 BEPS project deliverables, setting an ambitious and concrete deadline for an Anti-BEPS Directive no later than the end of 2016, so as to encourage other countries to follow the Union's lead in the implementation of the Action Plan; whereas the Commission should also and consider in which areas in which the Union should go further than the minimum standards which the OECD recommends;
2015/10/13
Committee: ECON
Amendment 179 #
Motion for a resolution
Recital V – point i
(i) whereas aggressive tax planning practices may sometimes arise from the cumulative benefits of double taxation treaties concluded by different Member States, perversely resulting in double non- taxation instead; whereas the proliferation of double tax treaties signed up to by individual Member States with third countries may lead to opportunities for new loopholes; whereas, in line with Action 15 of the OECD/G20 BEPS project, there is a need to develop a multilateral instrument for amending bilateral tax treaties; whereas, in line with the Union approach on trade agreements, there is a need for Member States to agree principles and practices for a common approach to negotiating (or renegotiating) double taxation treaties that are fair to developing countries;
2015/10/13
Committee: ECON
Amendment 184 #
Motion for a resolution
Recital V – point ii
(ii) whereas the Union should have its own up to date listdefinition of 'tax havens';
2015/10/13
Committee: ECON
Amendment 194 #
Motion for a resolution
Recital V – point vii
(vii) whereas the Commission's ongoing investigations into alleged breaches of the Union state aid rules have revealed a degree of uncertainty regarding the way in which those rules should be applied; whereas to rectify this, the Commission should publish bindingstate aid guidelines to clarify how it will determine instances of tax-related state aid, thereby providing more legal certainty for companies and Member States alike;
2015/10/13
Committee: ECON
Amendment 199 #
Motion for a resolution
Recital V – point ix a (new)
(ixa) whereas it is currently possible for profits made within the Union to be shifted between Member States, and then to leave the Union altogether without being taxed once within the Union; whereas if such profits leave the Union for a jurisdiction classified as a tax haven then the Union should be able to levy a withholding tax on such profits;
2015/10/13
Committee: ECON
Amendment 200 #
Motion for a resolution
Recital V – point ix b (new)
(ixb) whereas tax advisors play a crucial role in facilitating aggressive tax planning, by helping companies to establish complex legal structures in order to take advantage of the mismatches and loopholes that arise from different tax systems; whereas a fundamental review of the corporate tax system cannot occur without investigating the practices of these advisory firms; whereas such an investigation must include consideration of the conflict of interest inherent in such firms, which simultaneously provide advice to national governments on setting up tax systems and advice to companies on how best to optimise their tax liabilities within such systems;
2015/10/13
Committee: ECON
Amendment 220 #
Motion for a resolution
Annex – title 1 – subtitle 1 – title
Recommendation A1. CMandatory, public country-by-country reporting for all sectors by multinational companies
2015/10/13
Committee: ECON
Amendment 223 #
Motion for a resolution
Annex – title 1 – subtitle 1 – introductory part
The European Parliament calls once again on the European Commission to bring forward a legislative proposal by June 2016take all the necessary steps in order to introduce country-by-country reporting (CBC-R) for multinational companies in all sectors.
2015/10/13
Committee: ECON
Amendment 230 #
Motion for a resolution
Annex – title 1 – subtitle 1 – indent 1
This proposalmeasure should be developed on the basis of the requirements put forward by the OECD in its CBC-R data template published in September 2014 (Action 13 of the OECD/G20 BEPS project).
2015/10/13
Committee: ECON
Amendment 231 #
Motion for a resolution
Annex – title 1 – subtitle 1 – indent 2 – introductory part
When developing the proposalis measure, the Commission should also consider:
2015/10/13
Committee: ECON
Amendment 232 #
Motion for a resolution
Annex – title 1 – subtitle 1 – indent 2 – point 1
the results of the Commission’s consultation into CBC-R, conducted between 17 June and 9 September 2015, which examined different options for the possible implementation of CBC-R in the Union and its outcome, which showed a significant majority of public replies in favour of public CBC-R with larger scope than the one foreseen by the OECD;
2015/10/13
Committee: ECON
Amendment 234 #
Motion for a resolution
Annex – title 1 – subtitle 1 – indent 2 – point 2
o the proposals for full public CBC-R outlined in the revised Shareholder Rights Directive as voted for by the European Parliament on 8 July 20151 and the ongoing trilogues on this Directive. __________________ 1 Texts adopted of 8.7.2015, P8_TA(2015)0257.
2015/10/13
Committee: ECON
Amendment 240 #
Motion for a resolution
Annex – title 1 – subtitle 2 – indent 2 a (new)
Companies should be motivated by this ‘Fair Tax Payer’ label to make paying a fair share of taxes an essential part of their corporate social responsibility policy, and report on their stance on taxation matters in their annual report.
2015/10/13
Committee: ECON
Amendment 255 #
Motion for a resolution
Annex – title 1 – subtitle 3 – indent 2 a (new)
In addition, the Commission should oblige Member States to publish information on all tax breaks and subsidies which they provide for corporations.
2015/10/13
Committee: ECON
Amendment 257 #
Motion for a resolution
Annex – title 1 – subtitle 3 – indent 2 b (new)
The Commission should also consider obliging tax advisory firms to notify national tax authorities whenever they develop and begin promoting a new ‘tax optimisation’ scheme intended to help companies reduce their overall tax liabilities.
2015/10/13
Committee: ECON
Amendment 259 #
Motion for a resolution
Annex – title 1 – subtitle 3 a (new)
Recommendation 3a. Withdrawal of the proposal regarding Single-Member private limited liability companies (SUP) The European Parliament calls on the European Commission to withdraw its proposal for a Directive on Single- Member private limited liability companies (SUP) from 9 April 2015. • The decision to withdraw the proposal should be taken due to the significant risks of multinational companies setting up SUPs for tax avoidance purposes. • The Commission should review the 14th Company Law Directive on the cross- border transfer of company seats, as previously called for by the European Parliament in 2012 in its own initiative report (2001/2016(INI)).
2015/10/13
Committee: ECON
Amendment 282 #
Motion for a resolution
Annex – title 1 – subtitle 4 – indent 3 a (new)
Ensuring that appropriate sanctions are applied to those Member States which do not automatically exchange information on tax rulings as they should.
2015/10/13
Committee: ECON
Amendment 291 #
Motion for a resolution
Annex – title 1 – subtitle 6 – indent 2
Work with Member States to ensure the provision of necessaryhigh quality, relevant data to be analysed using the methodology in order to produce the most accurate figures possible.
2015/10/13
Committee: ECON
Amendment 292 #
Motion for a resolution
Annex – title 1 – subtitle 6 – indent 3
Use the agreed methodology and necessaryhigh quality, relevant data in order to produce and publish, biannually, an estimate of the direct and indirect corporate tax gaps in all Member States and across the Union.
2015/10/13
Committee: ECON
Amendment 294 #
Motion for a resolution
Annex – title 1 – subtitle 6 – indent 3 a (new)
Use the data collected by financial institutions as part of the automatic exchange of information to produce annual statistics showing the extent of each Member State’s offshore banking, including the number and value of accounts by country of residence of the account holders.
2015/10/13
Committee: ECON
Amendment 298 #
Motion for a resolution
Annex – title 1 – subtitle 7 – indent 1
Protect whistleblowers who act in the public interest only (and not also for money or any other personal agenda) in order to expose misconduct, wrongdoing, fraud or illegal activity in relation to corporate taxation in any Member State in the European Union. Such whistleblowers should be protected if they report suspected misconduct, wrongdoing, fraud or illegal activity to their relevant competent authority, and should also be protected if, in cases of persistently unaddressed misconduct, wrongdoing, fraud or illegal activity in relation to corporate taxation that could affect the public interest, they report their concerns to the public as a whole;
2015/10/13
Committee: ECON
Amendment 312 #
Motion for a resolution
Annex – title 1 – subtitle 7 – indent 5
Such a legislative proposal could also take into consideration the Council of Europe’s ‘Recommendation CM/Rec(2014)71 on the protection of whistleblowers’. and Transparency International's ‘International Principles for Whistleblower Legislation: best practices for laws to protect whistleblowers and support whistleblowing in the public interest’. __________________ 1 http://www.coe.int/t/dghl/standardsetting/ http://www.coe.int/t/dghl/standardsetting/ cdcj/Whistleblowers/protecting_whistleblo wers_en.asp
2015/10/13
Committee: ECON
Amendment 321 #
Motion for a resolution
Annex – title 2 – subtitle 1 – paragraph -1 (new) – introductory part
As a preference, the introduction of a full, mandatory Common Consolidated Corporate Tax Base (CCCTB) to be introduced all at once and straight away. However, if this proves impossible, then:
2015/10/13
Committee: ECON
Amendment 344 #
Motion for a resolution
Annex – title 2 – subtitle 1 – paragraph 3
During the interim period between the introduction of mandatory CCTB and that of full CCCTB, - which should be as brief as possible - a set of measures to reduce profit shifting (mainly via transfer pricing) including a Union anti-BEPS legislative proposal. These measures should not include a temporary cross-border loss offset regime ounly ifess the Commission can guarantee that it will be transparent and will not create the possibility of misuse for aggressive tax planning.
2015/10/13
Committee: ECON
Amendment 348 #
Motion for a resolution
Annex – title 2 – subtitle 1 – paragraph 4
The Commission should consider to what extent it would be necessary to harmoniseproduce a single set of generally accepted accounting principles in order to prepare the underlying accounting data to be used for CCCTB purposes.
2015/10/13
Committee: ECON
Amendment 350 #
Motion for a resolution
Annex – title 2 – subtitle 1 – paragraph 4 a (new)
Any proposal for either CCTB or full CCCTB should include an Anti- Avoidance Clause.
2015/10/13
Committee: ECON
Amendment 352 #
Motion for a resolution
Annex – title 2 – subtitle 2 – indent 1 – introductory part
The Code of Conduct group (CoC Group) shall become more transparent and, more accountable, and more effective, including through:
2015/10/13
Committee: ECON
Amendment 354 #
Motion for a resolution
Annex – title 2 – subtitle 2 – indent 1 – point 3 a (new)
A decision procedure by which a qualified majority of CoC Group members can decide on which action to take against tax measures of a Member State;
2015/10/13
Committee: ECON
Amendment 367 #
Motion for a resolution
Annex – title 2 – subtitle 5 – indent 2 – point 3 a (new)
No decision regarding the outcome of a tax audit by a tax authority should be taken before informing the other tax authorities concerned.
2015/10/13
Committee: ECON
Amendment 374 #
Motion for a resolution
Annex – title 3 – subtitle 1 – indent 1
The Commission should negotiate tax agreements with third countries on behalf of the EU instead of the current practice under which bilateral negotiations are conducted, which produce sub-optimal results., especially for developing countries.
2015/10/13
Committee: ECON
Amendment 376 #
Motion for a resolution
Annex – title 3 – subtitle 1 – indent 2
A common Union multilateral double tax agreement - based on the UN model rather than the OECD model - should be introduced to replace the multitude of bilateral tax agreements agreed between Member States themselves and with other countries.
2015/10/13
Committee: ECON
Amendment 384 #
Motion for a resolution
Annex – title 3 – subtitle 2 – indent 1 a (new)
Those criteria should cover concepts such as banking secrecy, recording and publication of ownership of companies, trusts and foundations, the publication of company accounts, fitness for information exchange, efficiency of tax administration, promotion of tax evasion, existence of harmful legal vehicles, prevention of money laundering, automaticity of information exchange, existence of bilateral treaties, and international transparency commitments and judicial cooperation.
2015/10/13
Committee: ECON
Amendment 386 #
Motion for a resolution
Annex – title 3 – subtitle 2 – indent 2 a (new)
This list of tax havens should be linked to the relevant taxation legislation as a reference point for other policies and Directives, such as levying a withholding tax on financial flows to these tax havens.
2015/10/13
Committee: ECON
Amendment 389 #
Motion for a resolution
Annex – title 3 – subtitle 3 – introductory part
The European Parliament calls on the European Commission to bring forward a proposal for a catalogue of counter- measures the Union and Member States should apply as shareholders and financers of public bodies, banks and funding programmes, to be applied to companies which use tax havens as well as to companies advising, assisting or in other ways enabling the use of tax havens in order to put in place aggressive tax planning schemes and therefore do not comply with Union tax good governance standards.
2015/10/13
Committee: ECON
Amendment 391 #
Motion for a resolution
Annex – title 3 – subtitle 3 – indent 1 – point 2 a (new)
Suspending the banking or advisory licences of financial institutions, accountants, law firms or other financial advisers that have been proven to be complicit in tax fraud and tax evasion.
2015/10/13
Committee: ECON
Amendment 398 #
Motion for a resolution
Annex – title 3 – subtitle 4 – indent 1
To adjust the definition of ‘permanent establishment’ so that companies cannot artificially avoid having a taxable presence in Member States in which they have economic activity. This definition should also address situations in which companies which engage in fully dematerialised digital activities, are considered to have a permanent establishment in a Member State if they maintain a significant digital presence in the economy of that country;
2015/10/13
Committee: ECON
Amendment 399 #
Motion for a resolution
Annex – title 3 – subtitle 4 – indent 2
To introduce a Union definition of minimum ‘economic substance’. so as to ensure that companies are genuinely creating value and adding to the economy of the Member State in which they have a taxable presence.
2015/10/13
Committee: ECON
Amendment 404 #
Motion for a resolution
Annex – title 3 – subtitle 7 – introductory part
The European Parliament calls on the European Commission to bring forward a proposal inat the medium termlatest by mid-2017 for:
2015/10/13
Committee: ECON
Amendment 406 #
Motion for a resolution
Annex – title 3 – subtitle 7 – indent 1
BindingState aid guidelines that clarify how the Commission will determine instances of tax-related state aid, thereby providing more legal certainty for businesses and Member States., taking into consideration the fact that, in other sectors, such guidelines have proven to be highly effective in putting a stop to and pre- empting practices in Member States which are in conflict with Union state aid law; an effect which can only be achieved via a high degree of detail in the guidelines, including numerical thresholds.
2015/10/13
Committee: ECON
Amendment 409 #
Motion for a resolution
Annex – title 3 – subtitle 7 – indent 2 a (new)
Member States to be given more freedom to consider companies’ tax policies and behaviour as a factor in procurement contracts.
2015/10/13
Committee: ECON
Amendment 417 #
Motion for a resolution
Annex – title 3 – subtitle 9 a (new)
Recommendation 9a. Introduce a Union- wide withholding tax The European Parliament calls on the European Commission to bring forward a proposal by summer 2016 to: • Introduce a Union-wide withholding tax, to ensure that all profits generated within the Union are taxed at least once within the Union before they leave the Union’s borders. • This tax to only apply to profits which are leaving the Union to go to jurisdictions in which the Union cannot be confident that they are likely to be taxed (such as those countries on the proposed Union tax havens list), and where the company cannot provide evidence that due taxes over those profits were paid.
2015/10/13
Committee: ECON
Amendment 418 #
Motion for a resolution
Annex – title 3 – subtitle 9 b (new)
Recommendation 9b. New rules governing firms providing tax advice The European Parliament calls on the European Commission to bring forward a legislative proposal: • To produce a mandatory European Ethical Code of Conduct to apply to all firms providing taxation advice operating within the Single Market so as to prevent aggressive tax planning practices (following the example of Denmark). • To produce guidance for such firms on acceptable behaviour when it comes to providing tax advice, to include a ban on aggressive tax planning practices and on knowingly helping firms to reduce their tax burden below that which is reasonable within the spirit of the law. • To require companies which currently provide both audit and taxation compliance functions to separate these functions either through the use of firewalls or, should this prove insufficient to prevent conflicts of interest, through mandatory separation into separate companies. • To impose concrete sanctions on those individual advisors and advisory firms that do not abide by the rules of the new Code of Conduct, to range from fines and repayment of lost tax revenues to the withdrawal of the licence to operate within the Single Market. For all of the above measures, the European Commission should make clear what sanctions will be applied to Member States or firms for non-compliance.
2015/10/13
Committee: ECON
Amendment 424 #
Motion for a resolution
Annex – title 4 – subtitle 1 – indent 3 – point 1 (new)
Those principles should include the circumstances in which such amnesties would either violate the provisions of the Union Treaty relating to the free circulation of capital and the freedom to provide services, or in which they would count as state aid and require notification to the Commission;
2015/10/13
Committee: ECON
Amendment 425 #
Motion for a resolution
Annex – title 4 – subtitle 1 – indent 3 – point 2 (new)
They should also clearly set out when the Commission would deem a corporate tax amnesty to be appropriate, and when other policy options would be preferable (including suggestions for what those alternative policy options might be);
2015/10/13
Committee: ECON
Amendment 426 #
Motion for a resolution
Annex – title 4 – subtitle 1 – indent 3 – point 3 (new)
They should include a requirement for Member States to inform the Commission in advance of any decision to implement a corporate tax amnesty, so as to ensure that it does not undermine the internal market or breach Union competition law;
2015/10/13
Committee: ECON
Amendment 428 #
Motion for a resolution
Annex – title 4 – subtitle 1 – indent 5 – point 1 (new)
This can be achieved by Member States swiftly transposing the fourth Anti-Money Laundering Directive, ensuring broad and simplified access to information contained in central registers of beneficial owners, including to civil society organisations, journalists and citizens;
2015/10/13
Committee: ECON
Amendment 429 #
Motion for a resolution
Annex – title 4 – subtitle 1 – indent 5 – point 2 (new)
Action should also include requiring those who provide banking services to Union-registered companies or trusts to provide direct confirmation to the relevant registering authority of the data they are required to collect and update on the beneficial owners of all companies and trusts to whom they provide services on an annual basis.
2015/10/13
Committee: ECON