News Article - 06 November 2007
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A European common consolidated corporate tax base (CCCTB) has been criticised as a "major threat" by the president of the Institute of Chartered Accountants in Ireland.

Reported in Accountancy Age, Vincent Sheridan explained that there is an increasing concern that larger European countries - minus the UK - are pushing for a CCCTB. He claims such a move would have major implications for Ireland's financial industry.

According to the Irish Independent, the move towards a CCCTB is an attempt by larger EU countries such as Germany and France to counteract losing part of their corporate tax base to countries such as Ireland with lower tax.

"This threatens one of the main planks of our economic strategy and if introduced would render useless the protection negotiated in the EU Reform Treaty that decision on tax rates required unanimous approval," said Mr Sheridan.

He called for assurances that any move towards a CCCTB would not threaten Ireland's economic growth.

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