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HMT recommendation on CbCR for financial firms

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HM Treasury has issued its response to the EU Commission’s call for evidence on the EU regulatory framework for financial services (see The consultation looks at rules affecting the ability of the economy to finance itself and grow; unnecessary regulatory burdens; interactions, inconsistencies and gaps; and rules giving rise to unintended consequences. The Treasury said the UK welcomed this call for evidence which supports the UK government’s priorities for the financial services sector.

On the issue of EU country by country reporting (CbCR) of financial firms taxation, the Treasury suggested the definition of taxes paid should be amended to cover ‘tax payments made by a UK branch of a non-EU company on behalf of other UK companies within scope of the CRD IV report’.

Issue: 1296
Categories: News