Bulgarian Presidency Outlines EU Tax Plans
Credit: Tax News
The “fair and efficient” taxation of corporate profits and the fight against tax avoidance and evasion through enhanced administrative cooperation are among the priorities of the new Bulgarian presidency of the European Union, which commenced on January 1, 2018.
The recently released program of the Bulgarian presidency states that it will seek to protect the integrity of the Single Market “through fair and efficient taxation of corporate profits generated in the EU, as well as removing the possibilities for aggressive tax planning and enhancing transparency in the field of taxation.”
Specifically, the Bulgarian presidency intends to seek an agreement on a proposed amendment to the Administrative Cooperation Directive that will require the mandatory reporting of tax avoidance schemes, information on which would be exchanged automatically between member states.
In addition, the new presidency hopes to make progress on the draft proposal for a common corporate tax base in the EU, and will drive forward the EU’s digital tax agenda.
In the area of value-added tax, the document states that the presidency will attempt to make “significant progress” towards the adoption of key VAT reforms, including the move towards a “definitive” destination-based regime, as well as enhancing administrative cooperation to more effectively combat VAT fraud.