BETTER OFF OUT: EU's new tax meddling SAVAGED for 'hurting consumers and businesses'
- 7 years ago
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BETTER OFF OUT: EU's new tax meddling SAVAGED for 'hurting consumers and businesses'
BRUSSELS’ latest plans to meddle in member states’ tax affairs and change how people shop online will harm companies and consumers across the continent, senior business leaders warned today. Once outside the bloc the UK will take back full control of its own taxation policy - although this could be put on hold for a two-year transition period during which we accept the rules of the Single Market. Brussels is making a concerted drive to broaden its influence over online platforms, including the creation of a “digital Single Market”, in response to the growing power of Internet giants like Google and Facebook. Following a series of tax scandals, during which it emerged major online-based corporations were only paying minimal amounts, the bloc unveiled plans to levy digital activities based on turnover, not profit. This measure is designed to tackle the giants of the Internet world, who are able to shift their profits around the globe meaning they can report low profits in Europe despite a sky-high turnover. But a top business lobby group in Brussels today expressed extreme concern over the plan, which it said would penalise the vast majority of online companies which are small and nimble start ups. The American Chamber of Commerce to the EU (AmCham EU) said the move was likely to “harm the competitiveness of the EU” and have “a negative effect on jobs and growth”.
It also expressed alarm that eurocrats are pressing ahead with the plans despite having produced no impact assessments to calculate what their impact will be on European businesses. AmCham EU warned: “Adopting an equalisation levy (or other arbitrary turnover-based tax) would hurt the attractiveness of the EU. They penalise start-ups, low-margin companies and loss-making companies.“Turnover taxes can substantially reduce the amount of company profits available for investment and reinvestment, with a negative effect on jobs and growth.” The group’s CEO Susan Danger added: “Current EU plans risk putting Europe at a competitive disadvantage vis-à-vis other global players. Internationally agreed upon tax standards ensure the EU remains an attractive destination for foreign investment.” Elsewhere the Commission also came under fire from top companies in the digital sector today over its plans to add extra layers of security to the process of online shopping. Eurocrats want retailers to make consumers provide more proof of identity, including biometric data like fingerprints, on all Internet purchases of over £25 to help stamp down on fraud. But 27 leading companies branded the plans a complete overreaction, saying they will “discourage” shoppers who don’t want to hand over such personal details and adding: “This hurts both EU consumers and traders.” According to the EU’s own official statistics body, Eurostat, just three per cent of online shoppers in Europe experienced any form of fraud in 2015, compared to 68 per cent who said they had experienced no difficulties. . 00FastNews. Please Subscribe!
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BETTER OFF OUT: EU's new tax meddling SAVAGED for 'hurting consumers and businesses'
BRUSSELS’ latest plans to meddle in member states’ tax affairs and change how people shop online will harm companies and consumers across the continent, senior business leaders warned today. Once outside the bloc the UK will take back full control of its own taxation policy - although this could be put on hold for a two-year transition period during which we accept the rules of the Single Market. Brussels is making a concerted drive to broaden its influence over online platforms, including the creation of a “digital Single Market”, in response to the growing power of Internet giants like Google and Facebook. Following a series of tax scandals, during which it emerged major online-based corporations were only paying minimal amounts, the bloc unveiled plans to levy digital activities based on turnover, not profit. This measure is designed to tackle the giants of the Internet world, who are able to shift their profits around the globe meaning they can report low profits in Europe despite a sky-high turnover. But a top business lobby group in Brussels today expressed extreme concern over the plan, which it said would penalise the vast majority of online companies which are small and nimble start ups. The American Chamber of Commerce to the EU (AmCham EU) said the move was likely to “harm the competitiveness of the EU” and have “a negative effect on jobs and growth”.
It also expressed alarm that eurocrats are pressing ahead with the plans despite having produced no impact assessments to calculate what their impact will be on European businesses. AmCham EU warned: “Adopting an equalisation levy (or other arbitrary turnover-based tax) would hurt the attractiveness of the EU. They penalise start-ups, low-margin companies and loss-making companies.“Turnover taxes can substantially reduce the amount of company profits available for investment and reinvestment, with a negative effect on jobs and growth.” The group’s CEO Susan Danger added: “Current EU plans risk putting Europe at a competitive disadvantage vis-à-vis other global players. Internationally agreed upon tax standards ensure the EU remains an attractive destination for foreign investment.” Elsewhere the Commission also came under fire from top companies in the digital sector today over its plans to add extra layers of security to the process of online shopping. Eurocrats want retailers to make consumers provide more proof of identity, including biometric data like fingerprints, on all Internet purchases of over £25 to help stamp down on fraud. But 27 leading companies branded the plans a complete overreaction, saying they will “discourage” shoppers who don’t want to hand over such personal details and adding: “This hurts both EU consumers and traders.” According to the EU’s own official statistics body, Eurostat, just three per cent of online shoppers in Europe experienced any form of fraud in 2015, compared to 68 per cent who said they had experienced no difficulties. . 00FastNews. Please Subscribe!
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►► See you in the next news! Goodbye!
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https://www.youtube.com/channel/UClk21WmIYqyxp5vWuQDRklA/
Created By 00Fast News
PLAYLISTS:
Breaking News: https://goo.gl/i65GD5
Popular News: https://goo.gl/h9RBFF
00Fast News: https://goo.gl/uxztBd
Latest News: https://goo.gl/96kzfi
All News: https://goo.gl/6SWcku
RANDOM NEWS:
BREXIT LATEST: Eurocrat Donald Tusk heads to London for crunch talks with Theresa May: http://youtu.be/dOJ6GVclURM
WORLD WAR 3: North Korea's US policy chief meets with RUSSIA amid soaring tensions: http://youtu.be/CO-onJXn6ps
Muslim surgeon FORGIVES man who stabbed him in attack outside mosque: http://youtu.be/S2pA-GmwgRk
Again?! Labour heavyweights hint at calling for ANOTHER EU referendum: http://youtu.be/l2SaQoIjt9Q
Thug sprays 'acid' in man’s face to steal mobile: http://youtu.be/XM3kebMiP9c
Thank you for watching!