Corporate tax plan would save firms €1.3bn, says EU

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.

However, it expects the one-stop-shop system would increase growth, jobs and revenue for member states as businesses would reinvest the money saved and more companies would expand across borders.

Reaction to the long-awaited Common Consolidated Corporate Tax Base (CCCTB) proposals was mixed, with the business group IBEC and the US Ireland chamber of commerce rejecting them as their counterparts in Brussels welcomed them.