European Commission re-launches rules to make corporate tax fairer

first_imgThe European Commission has unveiled a set of common rules across the European Union (EU) to make corporate taxation fairer and to combat tax evasion and avoidance, setting the rules out in a directive entitled a ‘Common Consolidated Corporate Tax Base’ (CCCTB).A previous version of the directive had been delayed since the EU’s last proposal on the issue in 2011.The implementation of the new rules has been arranged in two stages to commence on January 2019 and January 2021, respectively.The earlier date is for the “common base”, which covers how a company’s profit will be taxed, once various exemptions and deductions have been accounted for. The later date is for “consolidation” aspects.This is the process that will allow a group to add up all the profits and losses of its constituent companies to reach a net profit or loss for the entire EU. It will show how it should be taxed.The European Commission bills its new version of the CCCTB as a single set of EU-wide rules for businesses to calculate their tax bill, to relieve problems giving rise to double taxation and to close tax loopholes involving EU countries and non-EU jurisdictions.A basic principle of the package is that companies should pay their taxes where “their profits and value are generated”.Pierre Moscovici, commissioner for Economic and Financial Affairs, answering a question at the press launch, took pains to emphasise that the rules would have no effect on national corporate tax rates, as set by national governments.Questioned on the attitude of the UK, he indicated support as expressed during numerous meetings. Moscovici also indicated optimism of support across EU national governments as a whole.The European Commission, in an information sheet, states that national governments are now asking for a proposal to extend rules applied to illicit liaison “mismatches” to non-EU countries.It goes on to estimate that the CCCTB would reduce by 70% the amount by which profit-shifting for tax purposes would be eliminated under CCCTB rules.It also suggests EU companies could cut their overall compliance costs by 2.5%, noting that 28 different tax rule books “create red tape and high costs for cross-border companies”.The latest initiative is described as “bolstering” this summer’s anti-abuse measures under the EU’s Anti-Tax Avoidance Directive.This sets out “anti-abuse measures to block some of the most prevalent forms of base erosion and profit shifting”.On double taxation, the Commission cites the 900-odd double taxation disputes in the EU today that, combined, are estimated to be worth €10.5bn.This is somewhat higher than the €8bn estimate made recently by Valdis Dombrovskis, head of the EU’s Capital Markets Union programme. On dispute resolution for double taxation, the Commission finds that, at present, there is often no recourse for taxpayers when dispute mechanisms are applied improperly.In addition, the timeline for procedures can be unpredictable, it says.After implementation of the CCCTB, there would be an obligation to notify taxpayers and publish arbitration findings, the Commission states.last_img read more

Lights Back On In Oldenburg After Tuesday Morn. Outage

first_imgDown power lines forced a significant power outage and road closure early Tuesday morning.Police responded to a downed tree in the power line about a half mile north of Batesville on S.R. 229 between Pocket Rd. and Oldenburg around 4:20 a.m.Duke Energy crews worked on the scene as nearly the entire town of Oldenburg was without electricity for three hours.The lights came back on for residents around 7:30 a.m. S.R. 229 at Pocket Rd. has also reopened to traffic.last_img

Arlington checkers are career first for Larsen

first_imgThe MN 93 IMCA Modifieds put on a flag-to-flag race with three-wide racing throughout the 20 laps. The fast car on the track was piloted by Tyler Limoges, who got around five cars in six laps to take over the front spot and stay there for the duration. ARLINGTON, Minn. (Aug. 24) – Josh Larsen led the entire B&B Racing Chassis IMCA Stock Car feature to pick up his first career win in the class Saturday at Arlington Raceway.  By the 18th lap, Larsen got a bit high in turn four as he was going around lapped traffic and slid off the track a bit but was able to recover and maintain his spot. Matt Speckman was working to challenge and got up to second before mechanical troubles putting him in the pit.  Tim Siercks prevailed in a 23-car Unhinged Pizza IMCA Northern SportMod tussle and Scott Porter was the Coors Light IMCA Sport Compact winner. Josh Larsen scored his career-first IMCA Sunoco Stock Car feature win Saturday at Arlington Raceway. (Photo by Sarah Moriarty) Trevor Serbus took home the trophy in the Alpha Media IMCA RaceSaver Sprint Car feature while the Eckblad Trucking IMCA Hobby Stock feature again saw Cory Probst take the lead halfway through and lead to the finish.  After that, A.J. Zimmerman stayed right behind Larsen to take second ahead of Dan Mackenthun, who had started 10th.last_img read more

Nuggets sign Jamal Murray to 5-year extension

first_img Kevin Durant free agency: Star signing with Nets weeks after potential career-changing injury Given Nikola Jokic agreed to a five-year max contract worth $148 million last offseason, both Murray and the Serbian big man will be under contract through at least 2022.Murray, 22, was selected seventh overall by Denver in 2016. He’s coming off the best season of his career so far after averaging 18.2 points, 4.8 assists, and 4.2 rebounds on 43.7 percent from the field and 36.7 percent from beyond the arc in 32.6 minutes per game. D’Angelo Russell free agency rumors: Warriors unexpectedly acquire guard in sign-and-trade with Nets Klay Thompson free agency rumors: Warriors, star agree to 5-year, $190M max contract Denver has locked up Jamal Murray.The Nuggets signed the fourth-year guard to a five-year maximum contract extension, the team announced. Murray’s agent, Mike George, told The Athletic the deal is worth $170 million This will make Jamal Murray the highest paid Canadian athlete ever ($170M/5 years), topping the $148M/5-year deal that Andrew Wiggins signed in 2017. https://t.co/cXCMQQCEbg— Josh Lewenberg (@JLew1050) July 1, 2019Murray was set to become a restricted free agent next summer and is scheduled to make about $4.4 million in 2019-20. He is the latest John Calipari-coached player to cash in on a major payday after Derrick Rose, John Wall, Anthony Davis, Karl-Anthony Towns and Devin Booker also inked contracts worth more than $100 million. Related News FOR THE LONG HAULWe’ve signed Jamal Murray to a five-year contract extension. ✍️#MileHighBasketball pic.twitter.com/xKQnqIqzxE— Denver Nuggets (@nuggets) July 24, 2019According to TSN, the deal makes Murray the highest-paid Canadian athlete ever.last_img read more