Achieving a Common Consolidated Corporate Tax Base in the EU

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CEPS, 2005 - Business & Economics - 124 pages
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Continuing its authoritative work on EU tax policy and corporate tax convergence, CEPS assembled an expert task force in early 2004 to examine the relationship between accounting and tax measures of profit in anticipation of the 2005 adoption of international financial reporting standards (IFRS) for listed European companies. The group explored the extent to which the objectives of IFRS were compatible with basic tax principles and could form the starting point for achieving a common consolidated corporate tax base (CCCTB) in Europe. The report also identifies which elements of member states' tax systems must be considered to achieve convergence to a CCCTB from the starting point of IFRS. The task force also emphasizes, however, that a common corporate tax base among member states is not enough. Any CCCTB must be compatible with the EU's Lisbon objectives, which necessitate a single common tax base with consolidation and allocation, in a form that is competitive, efficient, and flexible.

 

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Contents

Introduction
1
Principles for the definition of a common EU tax base
10
Corporate tax and IASIFRS bases in the EU member states
23
Depreciation on industrial buildings taxation
36
Depreciation on intangibles taxation
37
Depreciation on machinery taxation
38
Depreciation on goodwill taxation
39
Subsequent measurement inventories
40
Definition of a group taxation
45
Loss treatment taxation
49
Immediate writeoff of assets in tax accounting acquisition costs
50
Scope of IASIFRS as a starting point for a common EU tax base
53
Conclusion
65
References
67
Provisions
81
Regular depreciation
94

Initial measurement of financial assets taxation
41
Writedown of financial assets taxation
43
Group taxation
113
Copyright

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About the author (2005)

Malcolm Gammie QC is a lawyer at One Essex Court specializing in corporate taxes. Silvia Giannini serves as a Non-executive Director at CIR SpA. Alexander Klemm works at the European Central Bank. Andreas Oestreicher has been Director of the Division and holder of the professorship Business Administration with a focus on business taxation at the University of Gottingen since January 2001. Paola Parascandolo was a member of the board of experts for the evaluation of incentives for enterprises at the Italian Ministry of Economic Development (2000-2001), as well as an economist at the FIAT Office for Studies and Economic Analysis and at CER - Centro Europa Ricerche. Christoph Spengel is a Professor of International Taxation at the University of Mannheim. H. Onno Ruding is chairman of the board of directors of CEPS, former minister of finance of The Netherlands, and retired vice chairman of Citibank.

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