A COMMON EU-wide corporate tax system would save companies €1.3 billion in the first year but would cause a loss of revenue to member states, according to the European Commission.

BANKS are under-taxed in the EU, but new proposals to levy their activities could raise as much as €25 billion a year, the European Commission says.

MEPs today called for an EU “Robin Hood tax” on rich banks to help fund development policies for the poor.

FINANCIAL services is now more likely to be included in plans for an EU-wide common base for calculating corporation tax, given the current economic crisis, according to European Commission sources.

VAT rates could be lowered on a whole range of services and goods from hairdressing to construction to restaurants under proposals from the European Commission.

THE European Commission has met a number of Irish fears over plans for a common consolidated corporate tax base (CCCTB) when it discussed the latest progress report on the plan.

EU internal markets commissioner Charlie McCreevy will break ranks with his fellow EU Commissioners today when they discuss introducing common rules for calculating company tax across the EU.

A RANGE of measures to harmonise tax system elements throughout the European Union has been put forward by Taxation Commissioner Laszlo Kovacs.

FINANCE Minister Brian Cowen insisted yesterday that there is no question of any eurozone country abandoning the single currency.

MOTORISTS could be paying car tax linked to the amount of CO2 emissions from their vehicles within a few years under proposals being considered by the EU.

A PROPOSAL to allow multi-national companies to use a common EU base for corporate taxes was condemned as the thin end of the tax harmonisation wedge by government and business yesterday.

IRELAND was confident of retaining its zero rate VAT on children’s shoes and clothes despite a plan to harmonise rates discussed by EU finance ministers in Italy at the weekend.