EU delays tax base proposal

The European Union has temporarily ceased work on a proposal that all member states adopt a common method of calculating corporate taxes.

According to a report on tax-news.com, the European Commission is making final amendments to the proposal.

Laszlo Kovacs, tax commissioner for the EU, said certain 'detailed technical areas' require further investigation, particularly those pertaining to the financial sector.

The Commission is advocating a common consolidated corporate tax base and had been due to unveil the plan this Autumn, however, Kovacs said the EU needed 'a perfectly elaborated and well justified product.'

'I remain fully committed to this project, and when the impact assessment and the proposal are properly ready I will present these to the College,' he said.