Companies

Paolo Gentiloni sets out new plans to unify EU member states tax regulations

The EU Commissioner said EU tax rates would be nationally determined as is currently the case

The Commission’s plans announced by Paolo Gentiloni come after a new set of global tax rules were announced by the Organisation for Economic Cooperation and Development. Picture: Christophe Licoppe

The European Commission is exploring stricter rules to unify how large multinationals are obliged to record their taxable profits across Europe.

The move comes following previous failed attempts by the European Commission to clampdown on how large international firms calculate taxable profits.

Paolo Gentiloni, the European Commissioner for Economy, said the new ‘BEFIT' system will be a single set of rules to determine the tax base of large groups and mandatory for approximately 4,000 multinationals.