Ministers failed to reach agreement after Italy linked the two separate dossiers on savings and energy. Ecofin chairman, Nikos Christodoulakis said that a special pre-summit meeting will take place on 19 March in a bid to reach conclusion.
The problems came when Italy said that its backing for a savings deal would be conditional on concessions to diesel fuel and milk quotas – a long running bone of contention.
German finance minister, Hans Eichel, expressed his frustration at the stance Italy has taken. ‘I am astonished that we are again having problems with the (savings) tax package,’ he told AFX News. ‘Italy has linked a completely unrelated issue to this. We will have to meet again in 14 days,’ he added.
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
Barclays has partnered with accounting software company Xero to provide businesses with access to transaction data through its direct feed.
Government's estimate of a £400m admin saving from Making Tax Digital is way off - and is instead a huge cost burden, warns Lamont Pridmore chief executive Graham Lamont
Xero unveiled its expanded global partner programme at Xerocon South, the accounting technology conference in Australasia