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European Commission Releases Proposal on Post-Brexit EU Budget

The European Commission published yesterday its proposals for the new, post-2020 multi-annual budget for the European Union. This proposal deals with the long-term functioning of the economic bloc, essentially, during the post-Brexit situation. In the proposals, almost all figures, explanations and tables refer to the EU27, which means that the Commission does not account for the UK’s eventual return to the EU. Instead, the proposals increase spending on the EU social market economy and digital skills.

 It is also important to note the introduction in this document of the Common Consolidated Corporate Tax Base, which would create a harmonized tax-scenario for companies who exist only in the digital sphere. It would be a single set of common rules for the calculation of companies’ taxable profits in the Union, a contribution based on a harmonized corporate tax base. Any company that has EU-wide operations could be affected by this.



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