The draft law of the Ministry of Development was put up for public electronic consultation until November 1 entitled: “Incorporation of Directive (EU) 2021/2101 of the European Parliament and of the Council of 24 November 2021 amending Directive (EU) 2013/34 regarding the publication of income tax information by certain businesses and branches (L 429) – Update of national legislation on companies’ publicity obligations – Incorporation of Article 1 of Directive (EU) 2019/1151 of the European Parliament and of the Council of June 20, 2019, regarding the use of digital tools and procedures in the commercial sector of law (L 186) as regards excluded directors’.

The purpose of the bill is to harmonize national law with European Union law regarding the strengthening of financial and corporate transparency through the public submission of income tax returns of multinational groups and, as the case may be, certain autonomous enterprises, which undertake activities in the country.

It is noted that the public submission of tax returns of large multinational companies is expected to have a positive impact on employees as well, as problems of lack of information affecting the exercise of information and consultation rights are addressed.

Additionally, the issue is addressed the need to gather specialized statistical information in a timely manner for the purposes of meeting routine and emergency analysis needsof supporting the implementation of monetary policy actions and in particular for the contribution of the European System of Central Banks-ESCB to the stability of the financial system.

Register of Excluded Directors

The question of the participation of inappropriate persons in the management of companies is also addressed.

The Register of Excluded Directors is established, which aims to protect persons who interact with companies or company branches, through the prevention of any fraudulent or abusive behavior, by rejecting the appointment of a natural person as a company director, taking into account not only the previous behavior of the person in question in the territory but also making use of information provided by other EU member states. In addition, they are defined by clarity of the reasons for exclusion, as well as its duration, depending on the gravity of the violation. The information regarding the support of reasons for exclusion for a natural person who is to be appointed to the position of company director is obtained electronically through the interface with other public registers, as well as the S.DI.MI.E.