Speaking at the ICAEW Tax Faculty Wyman Symposium, Robert Verrue, said the EC strongly believes that a single EU-wide tax base is ‘in the long-term, the best response to the current challenges in the corporate tax field in the EU’.
‘If we are serious about the objective for the EU to become the most competitive economic area in the world, we must also be serious about tackling the company tax obstacles which hamper our business and undermine their international competitiveness,’ said Verrue.
He spoke of the role of the European Court of Justice as a driving force for changes in tax laws, but stopped short of saying individual countries would lose their independence in setting their tax rates. ‘Member states would continue to have full independence,’ he said.
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Unincorporated businesses under the VAT threshold given an extra year to prepare before MTD becomes mandatory