EUROPEAN COMMISSION DAILY NEWS – 23 MAY

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EUROPEAN COMMISSION DAILY NEWS - 23 MAY
23 May 2017

EUROPEAN COMMISSION DAILY NEWS – 23 MAY

Brussels Daily

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COMMISSION WELCOMES AGREEMENT ON EFFECTIVE RULES TO RESOLVE DOUBLE TAXATION PROBLEMS

The Commission has welcomed the agreement reached today by Member States on new measures to help resolve double taxation problems for all citizens and businesses in the EU. Proposed by the Commission only seven months ago, the new rules will allow businesses and citizens to reduce double taxation, one of the biggest obstacles to the functioning of the Single Market. Double taxation occurs when the same income is taxed by two or more Member States, creating uncertainty, unnecessary cost and cash-flow problems for taxpayers. The Dispute Resolution Mechanism is essential for fair taxation: individuals and companies should pay their fair share of tax but should not have to pay it twice. Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said: “Today’s agreement extends the benefits of dispute resolution to all businesses and individuals and will ensure that taxpayers can benefit from a more reasonable timeframe for their cross-border tax problems to be sorted out. By agreeing to a mandatory and binding dispute resolution mechanism, Member States have taken heed of the fully-justified calls by business and individuals to have tax certainty in the EU.” In corporate taxation alone, there are currently around 900 double taxation disputes in the EU estimated to be worth €10.5 billion in tax revenues. The new rules will ensure that when income is double taxed, taxpayers will have a clear, quick and definitive process for resolving the issue, either through agreement by the Member States concerned or through a decision of an advisory commission. Citizens and small companies will benefit from an even further simplified procedure. Once the European Parliament has issued its opinion, the new rules will be formally adopted by the Council and will apply to double taxation disputes from 1 July 2019.



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DAILY NEWS 23 – 05 – 2017

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