The International Chamber of Commerce (ICC) welcomes the recent European Union (EU) initiative to make the European market more efficient by reducing tax distortions and compliance costs.
The European Commission on 16 March 2011 published a proposal for a Directive on a Common Consolidated Corporate Tax Base (CCCTB).
It is ICC’s view that the EU is taking steps to realize a true Internal Market by publishing the text of the proposed CCCTB. For decades the business community has discussed the improvement of the tax landscape within the EU. There are still too many tax barriers in the EU, blocking the emergence of a true internal market and impeding global business.
This is the first time business can make an assessment of the value of such pan-European corporate income tax based on an actual proposal. ICC supports that this proposal be optional for business. It is also positive that the proposal contains a common approach to EU business, including a single point of revenue contact, that it allows consolidation on a pan-European basis by aggregating profits and losses, and that it is not prescriptive on tax rates.
The ICC Commission on Taxation published in 2007 a Policy Statement with more details on the implications for businesses worldwide. To find the statement, please
ICC expects companies to analyze the proposal and verify whether and how it reduces the tax-related costs for companies and increases organizational flexibility. ICC is confident that a necessary debate on this proposal will ultimately result in the adoption of the Directive and improve the welfare of Europe and its citizens.
“This proposal improves the functioning of the internal market and is expected to make the EU a more dynamic and competitive economy. This will benefit both business and citizens of the EU,” said Theo Keijzer, Chairman of the ICC Taxation Commission.
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