EU tax changes on the cards

23/04/2007  17:19:56

Changes to the EUs current corporation tax system are in the offing, it has emerged.

The proposals for a "common consolidated corporate tax base" would allow companies operating in a number of different EU countries to submit their tax returns only once.

This is expected to see firms able to separate their tax revenues throughout the EU.

A recent study by researchers from the Oxford University Centre for Business Taxation found that the proposals could see Britain receive 20 per cent more in corporation tax planning revenues than is currently the case, far in excess of the average gains expected throughout the EU, reports the Times.

The proposals for the new scheme have yet to fully finalised by the European Commission.

If the new regulations are passed, companies will still have the option of declaring their EU profits once or on an individual basis.

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