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In most countries in the European Union (EU) and in the rest of the world, debt is treated more favourably from a tax perspective than equity, with interest payments on loans generally being tax deductible. In contrast, costs relating to equity financing, such as dividends, are mostly non-tax deductible. This unequal treatment of debt and equity leads to a bias towards debt in businesses' investment decisions and can lead to high levels of indebtedness in the EU corporate sector. On 11 May 2022, ...

This paper forms part of a series of analytical pieces on the absence of EU-coordination regarding aggressive tax planning and its effects, prepared by Policy Department A at the request of the ECON Committee of the European Parliament. It deals with the question what advance tax rulings, advance pricing agreements and other tax arrangements currently are like and how they are meant to develop. Therefore, it is necessary to understand the reasons of their existence and to know the legal and policy ...

This paper forms part of a series of analytical pieces on the absence of EU-coordination regarding aggressive tax planning and its effects, prepared by Policy Department A at the request of the ECON Committee of the European Parliament. It provides some background to the political debate and to the efforts which are currently underway to reform the tax system both at an international level, through the Base Erosion and Profit Shifting (BEPS) project led by the OECD and the G20, as well as at an EU ...

The Member States' structure of revenue is stable over time and their sources of revenue are diversified. Moreover, the size of the Member States' budget is generally increasing. Conversely, the financing structure of the European Union has changed over time and the sources of revenue are not diversified. The EU budget size is levelling off. Very small in size compared to national budgets, the EU budget is an investment budget with a strong leverage effect, i.e. one euro spent from the EU budget ...

The system of "own resources" ensures the financing of the EU's policies. Total revenues amounted to €130 billion in 2011. Successive reforms have determined its current configuration, which relies on three key streams of revenue: traditional own resources (mainly customs duties); a resource based on value added tax (VAT); and a resource related to gross national income (GNI). At present, the system provides sufficient resources to cover planned expenditure, but is often criticised for its complexity ...

The financial crisis that began in 2007 as a liquidity crisis for banks has transformed itself into a sovereign debt crisis that threatens the viability of the eurozone and the foundations of the European Union. In this study, we analyse some of the recent regulatory initiatives in response to the crisis and their implications for the EU financial system and economy. Although EU policymakers are adopting important institutional reforms to create a more robust macro-prudential supervisory framework ...

Cette étude met à jour trois documents précédents de la série 'Affaires économiques': - 'Concurrence fiscale dans l'Union européenne' (ECON 105, octobre 1998); - 'Coordination fiscale dans l'Union européenne' (ECON 125, janvier 2001) et - 'Coordination fiscale dans l'UE : dernière position' (ECON 128, mars 2002). En règle générale, le présent texte n’aborde pas une nouvelle fois les matières couvertes par les publications précédentes, mais analyse les développements récents dans un certain ...

Ce document de travail est en majeure partie une version révisée de deux études publiées antérieurement dans cette série: Concurrence fiscale dans l’Union européenne (ECON 105, octobre 1998) et Coordination fiscale dans l’Union européenne (ECON 125, janvier 2001). Les thèmes traités sont pour la plupart identiques, mais tiennent compte de l'évolution récente dans l'Union européenne et sur la scène internationale.

Ce document de travail est une version révisée de l'étude publiée en 1998 sous le titre 'Concurrence fiscale dans l'Union européenne'. L'introduction générale inclut l'historique récent de la politique sur la taxation dans l'UE et examine la situation courante dans les domaines de la taxation et les sécurités, la taxation des épargnes, la taxation du travail et les taxes indirectes (TVA et accises). La seconde partie –Taxes sur le travail, le revenu du capital et sur les sociétés dans l'UE: une analyse ...

Is competition between tax systems a useful discipline on revenue-hungry governments? Or does it erode the tax base, resulting in higher burdens on labour and higher unemployment? Does Economic and Monetary Union automatically mean tax harmonisation? Part I of this study examines these issues and the steps that have recently been taken in the field. Part II provides a detailed survey of how Direct Taxes - on labour, on savings and corporations - are currently levied within the EU.