- The European Commission released its Annual Report on Taxation, highlighting the state of taxation in the EU.
- EU-27 tax revenues decreased to 39% of GDP, the lowest since 2011.
- Decline driven by lower revenues from environmental and property taxes.
- Labour tax revenues decreased to 51.2%, consumption taxes to 26.9%, capital taxes increased to 21.9%.
- Nearly 500 tax reform measures planned for 2024 by Member States.
- Compliance gaps remain, with significant VAT and corporate income tax losses.
- The Directive on Administrative Cooperation is crucial in combating tax fraud and evasion.
- Data exchanged under DAC generated an estimated EUR 5-10 billion in annual tax benefits.
- Taxation of high net-worth individuals is gaining attention in global tax policy.
- Strengthening international tax cooperation could ensure adequate taxation levels for wealthy individuals.
Source: etaf.tax
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "European Union"
- ECJ Rules Non-Transactional Profit Adjustments by Principal Are VAT-Applicable Services in Arcomet Case
- Understanding VAT Implications on Transfer Pricing: Insights from Arcomet Case C-726/23
- VAT Implications on Transfer Pricing Adjustments: Insights from Acromet Towercranes Case
- CJEU Ruling: Transfer Pricing Adjustments Impact VAT in Arcomet Case (C-726/23)
- EU Court of Justice Rules Transfer Pricing Payments Subject to VAT in Arcomet Case
