Tom Maguire: Proposed BEFIT scheme could direct corporate tax away from Ireland

Business in Europe: Framework for Income Taxation would mean one form of corporate tax law across Europe

BEFIT group members can perform activities and transactions with associated enterprises outside the BEFIT group and so the BEFIT proposal includes transfer pricing rules, introducing a simplified approach to transfer pricing compliance

I remember speaking about the European Commission’s Common Consolidated Corporation Tax Base (CCCTB) at tax conferences over a decade ago. Back then, I referred to it as corporate tax’s UFO as it hovered there, sleepless, indefatigable at work upon the law it was writing.

It was intent on every country having the same tax law for companies. Ireland constructively engaged with the initiative but we weren’t a fan. It didn’t get traction and was withdrawn.