Week ahead- 3rd- 6th July: New rules to ensure tax transparency from multinationals, Towards a pan-European covered bonds framework, Single seat for the European Parliament, Leveraging private funding to fund development

New rules to ensure tax transparency from multinationals

MEPs will vote on new rules that aim to tackle corporate tax avoidance by large multinationals by making reporting requirements more transparent. The new rules apply to multinationals with a turnover of more than €750 million and require them to publicly report where they pay their tax, on a country by country basis across the EU, as well as disclosing profit and loss, fixed assets and numbers of employees. ECR shadow rapporteurs Sajjad Karim and Pirkko Ruohonen-Lerner support the proposals and believe they should enhance public trust in multinationals by improving transparency requirements and making information public – they now hope that other jurisdictions are encouraged to do the same.

Vote: Tuesday @ 12:00

Press Officer to contact: Gareth Goldsmith +32 476 668 050, gareth.goldsmith@europarl.europa.eu

Towards a pan-European covered bonds framework

Bernd Lucke’s INI Report on a pan-European covered bonds framework will be voted on by MEPs on Tuesday. Covered bonds are instruments with a long-established track record of low default rates and reliable payments. Currently the EU law lacks a precise definition of covered bonds while granting them preferential treatment. This is where the Commission has stepped in to assess whether a common European framework for covered bonds needs to be installed.

The report calls for any possible European legislation to be limited to a principles-based approach which establishes objectives but leaves the ways and means to be specified in national law. Domestic and cross-border investments in covered bonds work well in EU markets under the current legislative framework and the diversity of current products should be maintained.

Vote: Tuesday @ 12:00

Press Officer to contact: Michael Strauss +32 470 882 348, michael.strauss@europarl.europa.eu

Single seat for the European Parliament

This week parliament will finally hold a debate on a single seat for the institution amidst continuing public concern over the wastefulness of the monthly trip to Strasbourg. ECR MEP Ashley Fox has led the charge to end the ‘travelling circus’ since his election in 2009, and will speak up in favour of moving the parliament to Brussels permanently. Moving the parliament to Strasbourg on a monthly basis is estimated to cost European taxpayers €180m and around 75% of MEPs have previously voted in favour of a single seat.

Debate: Wednesday from 15:00

Press Officer to contact: Robert Taylor +32 498 98 47 60
robert.taylor@europarl.europa.eu

Leveraging private funding to fund development

This week MEPs will vote to establish a new development fund to support investment in African and neighbourhood countries with the aim of creating sustainable and longer term economic growth. With an initial budget of 3.35bn euros the European Fund for Sustainable Development (EFSD) is designed to leverage investments from financial institutions and public and private investors in the hope that up to 44bn euros of investment can be triggered. ECR spokesman on development Nirj Deva MEP has long campaigned for greater involvement of the private sector in EU development policy and believes that instruments such as these can dramatically improve the reach of European investments. By offering guarantees and blending mechanisms Mr. Deva hopes the fund can encourage investors to take on more risky projects in fragile and conflict-affected states.

Committee vote: Monday @ 19:30, vote: Thursday @ 12:00

Press Officer to contact: Robert Taylor +32 498 98 47 60
robert.taylor@europarl.europa.eu