France and Germany on Thursday unveiled a joint proposal for the closer harmonisation of corporate taxation in the wake of the accession of 10 new member states to the European Union, the Financial Times reported yesterday.
According to the FT, at a joint meeting held in Paris, representatives from the two governments put forward plans for a uniform system for calculating a company's tax base within the EU, and for the establishment of bands within which corporate tax rates in the Union should be set.
The initiative is intended to address concerns expressed by member states with relatively high corporate tax rates, such as Germany, that the lower rates of the new EU entrants may put existing members at a competitive disadvantage.
However, earlier this month, the European Commission rejected German calls for a "tax corridor", arguing that fair tax competition will be beneficial for the enlarged EU, and suggesting that the German leadership was “barking up the wrong tree” with its claims that the lowering of tax rates in certain member states amounted to “tax dumping”.
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