One of the European Commission’s grand plans is for a common system of corporate taxation. The first iteration called for a Common Consolidated Corporate Tax Base (CCCTB). This Frankenstein tax involves the conversion of accounts into a common accounting base, followed by the adoption of a single standard tax base. The results across the EU are then summed – and finally profits and losses are allocated to individual countries, based on the proportion of sales, payroll and tangible assets in each country. Member states then have the apparent freedom to select the tax rate.

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