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EU Financial Institutions Face New Reporting Rules 

Global Tax Adviser

 

April 23, 2013

 

Financial institutions in the European Union will soon have to begin country-by-country reporting of tax payments made to governments, and will also have to comply with stronger bank solvency and liquidity requirements and a cap on bankers' bonuses.

Proposed amendments
The European Parliament approved a package of amendments on April 16, 2013. The legislative process to implement these changes is not yet complete but they could come into force on January 1, 2014 if the process is complete by June 30, 2013. If not, the amendments may be effective July 1, 2014.

 

The country-by-country reporting measures will require affected financial institutions to disclose on a consolidated basis annual payments made to governments, including profit before tax, taxes on profits, and subsidies received.

 

For more information, contact your KPMG adviser.

 

Information is current to April 23, 2013. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

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