Abstract
This section analyses the EU’s relationship with the multinationals and its member states regarding corporate tax avoidance and tax evasion policy within the Single Market. Brussels is now taking a robust approach in leading the fight against tax avoidance by the world’s multinationals in an effort to stem the flow of tax revenues escaping to offshore tax havens within the EU.
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The Commission has also become more proactive in taking legal action where member states’ national tax rules or practices do not comply with the Treaty.
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eur-lex.europa.eu › EUROPA › EU law and publications › EUR-Lex.
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The EU has savings taxation agreements with third countries: Switzerland, Andorra, Monaco, Lichtenstein and San Marino. Likewise, the aim of these agreements is to assist member states in recovering tax revenue that may be due from citizens who have savings accounts in these countries.
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www.sbs.ox.ac.uk.Docs.Policy_Papers.
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The French tax authorities are claiming €1.6 billion in back taxes from Google with Michel Sapin the French Finance Minister ruling out any settlement and said the amount Google would have to pay would be ‘way bigger’ than the UK deal.
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2586 square kilometre (same as a medium-sized county in Britain).
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‘This is the real harm that tax havens like Luxembourg cause. They turn “tax competition” into a global race to the bottom, depleting the contributions of major corporations and leaving citizens to pick up the tab.’
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Another 36 jurisdictions have signed up to new rules on corporate tax avoidance as a global crackdown on aggressive tax planning picks up speed.
In a boost for a project that aims to capture as much as $240 billion, a year in lost tax revenue around the world, business centres such as Singapore and Hong Kong have agreed to back the base erosion and profit shifting (BEPS) initiative, originally developed by the G20 group of big economies and the OECD. A large group of developing countries, including Nigeria, Egypt and Kenya, also signed up to BEPS at a 2-day meeting that kicked off in Kyoto, Japan yesterday. With the number of signatories now at 82, the gathering is aimed at expanding the framework across the globe.
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Ireland’s low corporate taxation status may be under threat from post Brexit, UK, seeking inward investment.
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Bulgaria has a fixed exchange rate with the Euro of 1.94 Lev to the Euro.
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<www.tradingeconomics.com> greece (Corporate Tax Rate in Greece is reported by GSIS, Greece).
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Professor Joseph Stiglitz, ‘The Euro and Its Threat to the Future of Europe’ (2016).
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Theodore, J., Theodore, J., Syrrakos, D. (2017). The EU, Taxation and the Multinationals. In: The European Union and the Eurozone under Stress . Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-52292-0_8
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DOI: https://doi.org/10.1007/978-3-319-52292-0_8
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