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CCCTB Proposal Progress Well Advanced, Says Kovacs

by Ulrika Lomas, for, Brussels

03 May 2007

Following a first progress report in 2006, the European Commission on Wednesday adopted a second communication on the progress towards a Common Consolidated Corporate Tax Base (CCCTB).

The Commission drew the attention of the other EU institutions to the work that has been done and the work that remains to be done at expert level, identifying the problems and the possible options to solve them, before making a formal proposal in 2008.

The CCCTB would enable companies to follow the same rules for calculating the tax base for all their EU-wide activities, rather than in accordance with the existing 27 systems, thereby, simplifying procedures, improving efficiency and reducing compliance costs, the EC has argued.

However, despite assurances that no plans are in the pipeline for harmonizing tax rates, several member states (most notably Ireland) have raised objections to the possibility of any kind of harmonization of any elements of EU member state tax regimes.

Commenting yesterday, Taxation Commissioner, László Kovács announced that:

"I am very pleased with the work already achieved and thank the Member State experts for their active participation and input. We are now entering the crucial phase where technical fine tuning and strong political support are needed."

He continued:

"I know this project is an ambitious one and has raised some scepticism from certain Member States and questions that are to be answered. I expect all the stakeholders in favour of the project to advocate the CCCTB as the solution to eliminate existing fiscal obstacles throughout the European Union, help companies to improve their competitiveness and make Europe a more attractive place to do business.”

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