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Brussels proposes pan-European corporate tax
The recent scandals involving multinationals such as Apple and Starbucks have forced the EU to put an end to tax loopholes. Brussels yesterday reaffirmed its aim to harmonise corporation tax, creating a a so-called common consolidated corporate tax base (CCCTB) aimed at standardising how big companies should calculate their taxable profits, and how they should allocate them to different parts of their business. It will be compulsory for all companies with a turnover of over €750 million.
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