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German EU Presidency Releases Tax Agenda

by Ulrika Lomas,, Brussels

10 July 2020

The newly instated German presidency of the European Union will focus on introducing internationally agreed tax rules for digital companies, according to the presidency's policy agenda.

"The OECD is currently drafting reform proposals that are intended to address in an effective manner the tax challenges arising from the digital transformation and which comprise the introduction of a minimum global effective tax rate," the document notes.

"Following the conclusion of negotiations, we want to press ahead with implementing the results in the EU," it adds.

Additionally, the document reveals that the German presidency is committed to the introduction of a financial transaction tax (FTT) at European level.

The 10 EU member states negotiating towards a final legal text for a financial transaction tax have made little progress on the proposals since a draft FTT was released by the European Commission in 2011. However, in order to break the deadlock, the German Government announced its support for a 0.2 percent tax on the purchases of shares in companies with a market capitalization in excess of EUR1bn (USD1.1bn), with initial share offerings excluded from the tax.

The German presidency also proposes to revise the directive on administrative cooperation in order to "tackle tax evasion in an effective manner."

Germany assumed the six-monthly rotating presidency of the EU on July 1, 2020. Its term will end on December 31, 2020.

TAGS: compliance | tax | European Commission | tax compliance | banking | financial services | transfer pricing | Germany | European Union (EU) | services | Europe | Tax | BEPS | Financial Transactions Tax (FTT)

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