The Bruges Group Newsletterby Robert Oulds - The Bruges Group - 09:19 on 12 October 2008Popular Alliance and The Bruges Group are not associated, however as a party, we support their work and are therfore keen to spread news of their work.
COSTLY, COMPLEX AND COUNTERPRODUCTIVE
The Case Against a Common Consolidated Corporate Tax Base
The Bruges Group has produced a groundbreaking study analysing the EU's attempt to control the taxation of businesses through a policy known as the Common Consolidated Corporate Tax Base (CCCTB). It is a classic EU policy, which the European Commission hopes will create a pan-European tax authority, a one-size-fits-none approach that benefits the bureaucrats at the cost of the ordinary taxpayer.
The EU’s latest tax power grab will reduce the GDP of the fragile UK economy by £73 billion over the next 10 years, equal to each UK inhabitant paying £1,200 each or the equivalent of British taxpayers having to pay an extra 1.5p in the basic rate of income tax for each of those years.
Brussels plan to control corporation tax would also harm the business environment in Britain. It will force up corporate tax bills, greatly add to tax complexity and massively increase the administrative burden that British businesses are forced to deal with. Forcing UK industries to join the 'Taxodus' and leave Britain. Furthermore, the CCCTB will mean that Britain shall lose a total of £58.4 billion of investment over 10 years.
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