Saturday 1 October 2016

Report that Europe is considering a minimum corporate tax rate across Europe incorrect - EC

Published 26/05/2015 | 16:54

Asset Management Trust is understood to have had between €30m and €40m assets under management, before the Central Bank began probing its operations.
Asset Management Trust is understood to have had between €30m and €40m assets under management, before the Central Bank began probing its operations.

Both the Department of Finance and European Commission have dismissed as incorrect a report in a German newspaper that Europe is considering a minimum corporate tax rate across Europe.

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The Handelsblatt report said the plan was being pushed by Germany and France, but opposed by smaller states including Ireland and Luxembourg.

Officials for both the Department of Finance and the Commission said this was not the case.

“Individual member states retain the right to set their own corporation tax rates and that is the position,” a Department spokesman said.

“That position won’t change.”

However, the Commission will publish an action plan next month that will include new plans for  a common EU corporate tax base.

The so-called Common Consolidated Corporate Tax Base (CCCTB) proposal was heavily debated a number of years ago and was intended to provide a single set of rules that companies operating within the EU could use to calculate their taxable profits.

Ireland was not in favour of the plans.

During a visit to Dublin today, European Economics Commissioner Pierre Moscovici told the OIreachtas Finance Committee that the plan would be debated by the Commission tomorrow, and would be published next month.

Mr Moscovici suggested that Ireland’s concerns have been taken into account during the crafting of the “new approach” to the CCCTB proposal.

“It is no secret to me that CCCTB is not Ireland’s favourite proposal,” Mr Moscovici said

“But I would urge Ireland to keep an open mind. We have listened carefully to member states’ expectations on the concerns of CCCTB and on corporate tax in general, and I want to make sure that our new approach will reflect this.”

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