Business

Wednesday 26 September 2018

Closing tax loopholes is 'part of the EU's future'

Stock picture
Stock picture

Shona Murray

The European Commission has said that ending aggressive tax loopholes so that multi-nationals pay their 'fair share' is "very much a part of the future of Europe".

Vice president of the European Commission Valdis Dombrovskis said that the bloc is focusing on having a fair Europe.

"It's how we see the EU's future: ensuring fair taxation and ensuring taxes are paid where real economic activity is taking place," he said.

He was speaking as the EU Social Summit was held in Gothenburg, which is also attended today by EU heads of state and government, including Taoiseach Leo Varadkar and UK Prime Minister Theresa May.

The European Commission recently renewed its push for a common consolidated corporate tax base among EU member states.

It is a single set of rules for all EU countries, which outlines how multi-nationals should pay tax once income deductions and agreed exemptions have been calculated.

Ireland has resisted agreeing to such changes, as they would likely affect tax advantages that multi-nationals gain when investing in the State.

Irish Independent

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