What impact does the EU have on International Tax Law?
The European Union (EU) has a significant impact on international tax law. As an economic and political union of 28 member countries, the EU is a major player in the global economy and has the power to set certain international tax standards. The EU has set policies that shape the taxation of businesses operating within its member countries, as well as those operating cross-border. For instance, the EU has sought to eliminate discriminatory taxation, whereby one business is taxed higher because of their nationality. The EU also looks to ensure that businesses are paying their fair share of taxes in each country they operate in. In the United States – and more specifically Minnesota – businesses must consider the impact of EU tax law in their international tax planning. This is due to the fact that several of the US tax rules and structures are similar to those established by the EU. In order to ensure compliance with EU law, businesses must ensure they have the proper systems in place to accurately calculate and report taxes within the EU. Additionally, businesses must be aware of changes to EU tax law, which can be difficult to keep up with, due to the fact that new legislation is regularly being enacted. Overall, the impact of the EU on international tax law is significant and any business or individual operating across borders should be aware of the implications of EU legislation.
Related FAQs
How do governments assess repatriated profits for taxation?What are the differences between double tax avoidance and tax evasion?
What are the rules for taxing employees who work abroad?
What is the taxation of foreign financial assets?
How does taxation of international organisations work?
What is the taxation of international shipping?
How can countries protect their tax base from aggressive international tax planning?
What is the role of Transfer Pricing for taxation of international profits?
How does taxation of international profits work?
What are the tax benefits associated with offshore tax havens?
Related Blog Posts
An Overview of International Tax Law: What You Need to Know - July 31, 2023Key Principles of International Tax Law - August 7, 2023
Learn About the Basics of Cross-Border Tax Cooperation - August 14, 2023
Understanding the Double Taxation Principle and How It Affects Businesses - August 21, 2023
A Guide to International Tax Planning Strategies - August 28, 2023