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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, ...

‘Tax rulings’ in the EU Member States

Hĺbková analýza 15-12-2015

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 ...

This Study updates three earlier papers in the Economic Affairs Series:  Tax Competition in the European Union (ECON 105, October 1998);  Tax Co-ordination in the European Union (ECON 125, January 2001); and  Tax Co-ordination in the EU: the latest position (ECON 128, March 2002). The text does not repeat material already covered in the previous publications, but analyses recent developments in a number of taxation fields: corporate taxation, the taxation of energy, the continuing negotiations ...

This study is essentially an updated version of two earlier texts in this series: Tax Competition in the European Union (ECON 105 of October 1998) and Tax Co-ordination in the European Union (ECON 125 of January 2001). It covers much of the same ground as these studies, but takes into account recent developments both within European Union itself, and at the international level.

This working document is an updated version of the study originally published in 1998 under the title 'Tax Competition in the European Union'. The General Introduction covers the recent history of tax policy within the European Union, and examines the current situation in the fields of Corporate Taxation, the Taxation of Savings, the Taxation of Labour and Indirect Taxation (VAT and excise duties). The second section - Taxes on Labour, on Income from Capital and on Corporations in the European Union ...

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.