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From Monday, 27 to Wednesday, 29 April, AmCham EU travelled to Paris, France and the European Parliament in Strasbourg, France for a series of meetings on EU financial services policy developments. The delegation engaged with representatives from French and European financial authorities, Members of the European Parliament, Accredited Parliamentary Assistants and Group Policy Advisers, to share business perspectives on the EU’s financial services agenda. Discussions focused on how to improve Europe’s competitiveness, deepen capital markets and create the right conditions for innovation in digital finance. Members also highlighted the need for more coherent and interoperable rules that reduce complexity while encouraging long-term investment through risk-based regulation.

The Tax Omnibus presents a critical opportunity to modernise the EU's tax rules in light of the evolving international framework, notably the implementation of Pillar 2. Many existing directives were designed in response to earlier Base Erosion and Profit Shifting (BEPS) measures and now impose duplicative, fragmented and resource-intensive requirements on businesses. These burdens undermine tax certainty, increase compliance costs and weaken the EU’s attractiveness as an investment destination.

The evaluation of the Directive on Administrative Cooperation (DAC) 1-9 can help enhance tax transparency, improve the Single Market and boost Europe’s competitiveness by decluttering tax policy. By ensuring that DAC includes fixed standards and mandating greater transparency for DAC data, lawmakers can improve its functionality. Likewise, by exempting Pillar 2 companies (including those subject to the ‘side-by-side’ safe harbour) from DAC 6 and revisiting the administrative requirements and outcomes of reporting under DAC 6, the Anti-Tax Avoidance Directive (ATAD), the Pillar 2 Directive and the Public Country by Country Reporting (pCbCR) Directive, lawmakers can minimise additional costs for companies and tax authorities alike while maintaining the integrity of the tax system.