The European Commission is still pushing forward with tax
policy and Algirdas Semeta, the tax commissioner and former
Lithuanian Finance Minister has a reputation as an ambitious
reformer.
Semeta is occupied by two major indirect tax reforms and,
while no longer on the front burner, the common consolidated
corporate tax base (CCCTB) is also a focus for the EC.
The financial transactions tax (FTT) is an idea
that’s been kicking around for decades among
socialists and radical economists, but it has rarely been
kicked further than the long grass by those in power.
Semeta came forward with a proposal to introduce an EU-wide
tax on financial transactions at the end of last year, which
has gained considerable traction with 11 member states looking
to adopt the concept.
"It will bring balance and justice to our fiscal systems, by
ensuring that the financial sector contributes fairly to public
finances and to society," Semeta said.
VAT reform is also on the agenda to make the indirect tax
more robust and efficient.
"Our strategy for the reform of the VAT system takes a
measured approach, to avoid any risk to national revenues or
sudden upheavals for businesses," Semeta said. "The changes
which will lead to a better functioning, better protected VAT
system will therefore be done in a steady and gradual way, in
full consultation with all interested parties."
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