European Union flags flutter outside the EU Commission headquarters in Brussels, Belgium May 5, 2021. — Reuters picBRUSSELS, May 18 — The European Union’s executive today adopted a plan for a more unified corporate tax regime across the bloc, whose 27 national systems are struggling to cope in a world where cross-border business, often via the Internet, is commonplace.
“As our economies transition to a new growth model... so too must our tax systems adapt to the priorities of the 21st century.” The OECD aims to stop governments cutting tax rates competitively to attract investment, and to create a way to tax profits in countries where the customers are, rather than where a company sets up its office for tax purposes.
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