EU tax systems costing billions

EUROPEAN companies with subsidiaries in other EU states are paying out billions of euro every year having to deal with so many different tax systems, according to a survey just released.

Their operating costs could be dramatically reduced by having a single system of tax and a one-stop shop for VAT according to the report from the European Commission.

Smaller companies are being penalised, even more than larger multi-nationals, because of having to comply with so many different regulations in the various countries where they have operations.