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04/05/2011
Dáil Probes EU Plans For Common Tax System
An interim Dáil Committee will meet with officials from the Department of Finance today, to consider whether a new EU proposal for a consolidated system of calculating the tax base of businesses operating in the EU complies with the principle of subsidiarity.
The meeting will take place at 2.30pm in Leinster House.
The Common Consolidated Corporate Tax Base (CCCTB) proposal aims to reduce the administrative burden, compliance costs and legal uncertainties that businesses in the EU currently face in complying with 27 different systems for determining their taxable profits.
Under the plans, a “one stop shop” system would be established for companies to file their tax returns and would enable them to consolidate all their profits across the EU. It would also mean that the companies in the EU would be able to opt for a common system for calculating their tax rate or stick with the different national systems. Corporate tax rates in the each EU country would not change.
Committee Chairman, Charles Flanagan TD said: “These CCCTB plans could have serious implications for the way businesses across the EU manage their tax affairs. We need to make certain that any proposed changes at EU level will not negatively impact on Ireland.
He continued: “Although the CCCTB does not propose to alter member States’ individual corporate tax rates it does plan to streamline the system for calculating the tax base of businesses in the EU. This Committee intends to investigate whether the proposal complies with the principle of subsidiarity. The Dáil is obliged to give a response to the EU on the plans later this month and the Committee deliberations will inform this process.”
(BMcN/GK)
The meeting will take place at 2.30pm in Leinster House.
The Common Consolidated Corporate Tax Base (CCCTB) proposal aims to reduce the administrative burden, compliance costs and legal uncertainties that businesses in the EU currently face in complying with 27 different systems for determining their taxable profits.
Under the plans, a “one stop shop” system would be established for companies to file their tax returns and would enable them to consolidate all their profits across the EU. It would also mean that the companies in the EU would be able to opt for a common system for calculating their tax rate or stick with the different national systems. Corporate tax rates in the each EU country would not change.
Committee Chairman, Charles Flanagan TD said: “These CCCTB plans could have serious implications for the way businesses across the EU manage their tax affairs. We need to make certain that any proposed changes at EU level will not negatively impact on Ireland.
He continued: “Although the CCCTB does not propose to alter member States’ individual corporate tax rates it does plan to streamline the system for calculating the tax base of businesses in the EU. This Committee intends to investigate whether the proposal complies with the principle of subsidiarity. The Dáil is obliged to give a response to the EU on the plans later this month and the Committee deliberations will inform this process.”
(BMcN/GK)
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