Will the EU finally introduce a Common Consolidated Corporate Tax Base (CCCTB)?

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Last month in June, the EC reinstated proposals for corporate taxation rules to apply over the EU. The initiative will be called the Common Consolidated Corporate Tax Base (CCCTB).
The key objectives are:

To make a more simplified version of the EU’s corporate tax framework.
To reduce international companies tax avoidance.
The CCCTB outlines a single set of rules that EU based companies can easily use to calculate their taxable income. It is hoped that companies will only need to observe one EU system for income calculation, rather than different rules for each member state it operates in.

Multinational groups using the CCCTB would have to file a single consolidated tax return for the whole of their activity in the EU. The consolidated taxable profits of the group would be shared out to the individual companies under a formula to be agreed by the 28 member states. Each member state would then tax the profits of the companies in its state at their own national corporate tax rate.

The OECD’s BEPS project along with the EU’s work to eliminate tax evasion has given the common tax base new motivation, and EU jurisdictions are keen to show their support.