| Author (Corporate) | European Commission: DG Communication |
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| Series Title | Press Release |
| Series Details | IP/11/319 (16.3.11) |
| Publication Date | 16/03/2011 |
| Content Type | News |
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The European Commission proposed a common system for calculating the tax base of businesses operating in the EU on the 16 March 2011. The aim of the proposal is to significantly reduce the administrative burden, compliance costs and legal uncertainties that businesses in the EU currently face in having to comply with up to 27 different national systems for determining their taxable profits. The proposed Common Consolidated Corporate Tax Base (CCCTB), would mean that companies would benefit from a "one-stop-shop" system for filing their tax returns and would be able to consolidate all the profits and losses they incur across the EU. Member States would maintain their full sovereign right to set their own corporate tax rate. The Commission estimates that, every year, the CCCTB will save businesses across the EU €700 million in reduced compliance costs, and €1.3 billion through consolidation. In addition, businesses looking to expand cross-border will benefit from up to €1 billion in savings. The CCCTB will also make the EU a much more attractive market for foreign investors. |
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| Source Link | Link to Main Source http://europa.eu/rapid/pressReleasesAction.do?reference=IP/11/319&format=HTML&aged=0&language=EN&guiLanguage=en |
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| Subject Categories | Taxation |
| Countries / Regions | Europe |
