MORE WORK NEEDED ON TAX

摘要

The ICAEW Tax Faculty has given a cautious welcome to the European Commission's proposal for a common consolidated corporate tax base across the EU. However, it warns that more work needs to be done. 'As always, the devil is in the detail,' said faculty head Frank Haskew, 'and it is critical that the measures proposed will work in practice.' It is also vital, he added, that no new administrative burdens on member states are introduced. The move would introduce a common tax base to replace the 27 different tax regimes that companies wishing to trade across EU borders currently have to contend with. This should make trade easier, minimise disputes, allow effective relief for losses and reduce compliance costs. Companies would be able to choose whether or not to opt in.