EU attempts to introduce common tax calculation could ‘undermine the Irish economy’

PLANS to harmonise the way corporate tax is calculated across the EU will undermine the Irish economy, Fianna Fáil MEP Eoin Ryan has warned.

European Tax Commissioner Lazslo Kovacs will outline a draft proposal for a common consolidated corporate tax base (CCCTB), next Wednesday, that will be discussed by finance ministers in June.

He plans to bring forward a proposal next year that will continue to allow every country set its own tax rates but harmonise the way liabilities are calculated giving business a very clear picture of how tax regimes compare in each member state.