TaxCorporate Tax‘IAS could lead to EU tax harminisation’

'IAS could lead to EU tax harminisation'

The introduction of international accounting standards across the European Union next year could be used as a spur towards tax harmonisation.

Speaking at last night’s ICAEW dinner, European commissioner for internal markets, Frits Bolkestein hinted that a successful implementation of IAS could smooth the path to the creation of a common tax system in the EU.

‘I strongly believe that EU companies need a common consolidated tax base for their EU-wide activities,’ said Bolkestein. ‘Accounting and taxation are closely linked, and I therefore think it is well worth examining how these common accounting standards might help us create such a common tax base.’

He went on to describe the introduction of IAS in 2005 as ‘a golden opportunity’ to make progress towards such a common tax base.

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