Among the changes that will be proposed are a broadening of withholding tax exemptions to include more companies; a new research and development allowance accessible to any company across the EU; and an exemption for the bloc’s defence industry from borrowing costs.
(June 1): The European Union will propose a streamlining of rules and exemptions in the area of taxation, its latest effort to reduce bureaucracy.
The European Commission, the EU’s executive branch, wants to cut compliance costs by €7 billion (US$8.17 billion or $10.42 billion) annually through changes to tax rules, according to a draft of the commission’s tax simplification plans seen by Bloomberg.
