IAS TAX BASE
March 1st, 2003
BY ALAN OSBORNTHE EUROPEAN Commission is seeking opinions on a proposal to adaptthe International Accounting Standards system, which many European Union (EU) companies are obliged to use from 2005, as a "starting point" for an EU-wide consolidated tax base. This would enable a multinational group to calculate taxable profits for all its EU operations under a common set of EU-wide tax rules.Brussels says the present fifteen separate sets of national tax rules creates compliance costs and causes problems in the areas of relief for losses in cross-border situations, ...
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