All material subject to strictly enforced copyright laws. © 2022 ITR is part of the Euromoney Institutional Investor PLC group.

Algirdas Semeta

European Commissioner for Taxation and Customs Union, Audit and Anti-Fraud

t10p-semeta-algirdas350.jpg

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.”

View the complete Global Tax 50 list

Return to the top 10

More from across our site

Multinational enterprises run the risk of hefty penalties if the company in question fails to register for VAT when providing electronic services in South Africa.
Tax directors have urged companies to ensure they have robust tax risk management controls when outsourcing tax functions.
Japan reports a windfall from all types of taxes after the government revised its stimulus package. This could lead to greater corporate tax incentives for businesses.
Sources at Netflix, the European Commission and elsewhere consider the impact of incoming legislation to regulate tax advice in the EU – if it ever comes to pass.
This week European Commission officials consider legal loopholes to secure minimum corporate taxation, while Cisco and Microsoft shareholders call for tax transparency.
The fast-food company’s tax settlement with French authorities strengthens the need for businesses to review their TP arrangements and documentation.
The full ALP model will be adopted through a new TP regime, which is set to boost the country’s investments and tax certainty.
Tax professionals have called on the UK government to reconsider its online sales tax as it would affect the economy at the worst time.
Tax professionals have called on companies to act urgently to meet e-invoicing compliance targets as the EU plans to ramp up digitisation.
In the wake of India’s ambitious 25-year plan for economic growth, ITR has partnered with leading tax commentators to discuss what the future will look like for India and for the rest of the world.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree