Insurance Europe urged the European Commission to focus on coordinating the implementation of the Organisation for Economic Co-operation and Development’s (OECD) base erosion and profit shifting (BEPS) project among EU member states. It made this statement in its 9 September response to the Commission’s consultation on further corporate tax transparency.

Insurance Europe emphasised that there is no need for the EU to introduce additional transparency requirements that go beyond action 13 of the BEPS project. It stressed that reporting country-by-country information to the public would not combat aggressive tax planning, harmful tax regimes and tax fraud. Instead, this may harm the competitiveness of the EU region.

The Commission should also focus on ensuring that the implementation of the BEPS project will be coordinated with other jurisdictions and that it will not lead to an unlevel playing field between EU and non-EU member states.