European Commission publishes “level playing field” principles for UK-EU trade negotiations

The European Commission has published slides that set out the principles of the “level playing field” that the Commission would like the UK to sign up to during trade negotiations. The slides include state aid (including an independent UK authority to work with the Commission), state-owned enterprises, labour and social, environment and climate change.

Slides on taxation include:

  • Substantive rules
    • Implementation of the principles of good governance in taxation
    • Application by the UK of the common standards in place at the end of the transition period in relation to at least:
      • Exchange of information on income, financial accounts, tax rulings, country by-country reports, beneficial ownership and potential cross-border tax planning arrangements
      • Anti-tax avoidance practices
      • Public country-by-country reporting by credit institutions and investment firms
    • Curb harmful tax measures, notably by ensuring the UK reaffirms its commitment to the Code of Conduct for Business Taxation
  • Implementation and enforcement
    • Dispute settlement.