Photo: Nikolay Doychinov (EU2018BG)
The second day of the informal meeting of EU economy and finance ministers, which was held on 28 April at the National Palace of Culture in Sofia, was devoted to tax issues. The meeting was chaired by Minister of Finance Vladislav Goranov.
The ministers discussed issues related to improving revenue and fighting tax fraud. They underlined the importance of taking additional measures, apart from the legislative initiatives, to improve the administrative cooperation among tax administrations and address practical aspects related to enhancing cooperation and effective use of the data received in the exchange of tax information.
The ministers agreed on the need to launch a discussion on how to improve cooperation and how tax administrations should work more effectively together in order to achieve good results in tax collection.
The agenda also addressed taking coordinated actions to adapt the current corporate tax system to the constantly changing global economy and the international pressure from the globalisation and digitalisation of business. The present weaknesses jeopardise the effective framework which is the base for corporate taxation rules, and taking coordinated actions is the only way to prevent a deterioration of the situation and deepening of the problems.
The ministers united around the need to launch technical discussions about the taxation of the digital economy in a structured and effective result-oriented manner by taking account of the international developments.
“The EU Member States must consider fundamentally how to improve the corporate taxation rules so as to achieve long-term fairness and competitiveness”,
Minister Goranov said during the discussion.