BRATISLAVA, Slovakia--(BUSINESS WIRE)--In a rapidly changing global economy, smart taxation is essential to drive growth and economic prosperity. However, the European Union (EU) continues to fall behind as it persists with a one-size-fits all taxation system. This year’s GLOBSEC Tatra Summit hosts a Focus Group, bringing together international experts, looking to reshape and support a smarter European tax policy.
Europe is at a crossroads in adapting its tax policy to the realities of today’s global economy. The EU plays a key role in overseeing national tax rules in some areas - particularly in relation to EU business and consumer policies.
The institutional changeover marks a perfect opportunity for the Tatra Summit to place major topics on the radar of decision-makers and offer efficient recommendations. So now is the time to adapt the EU’s taxation model to be fit-for-purpose. With member states around the table, European fiscal authorities should design a model that does not have a disruptive impact on national needs and is based on more flexibility.
The Focus Group “Smart taxation in a fast-changing Global Economy” explores the different challenges and opportunities of introducing smart tax models, building on member state experience and examples from industries operating within the Union.
At a time when Europe needs to adjust to a fast-changing global economy and discover new sustainable and future-proof ideas, policy-makers should adopt a model that gives national governments flexibility to approach taxation in a manner that allows businesses from operating in Europe to grow and be competitive, whilst leaving space to adapt to national needs.
The Focus Group will explore some best-practices adopted by the EU and member states which proved to be successful. Hungary, for example, implemented a fixed-rate tax of low tax-bracket enterprises which allowed small business and local entrepreneurs to comply easily with legal requirements rather than continuing to do business in the black market. In Germany, the government introduced a fiscal calendar for tobacco taxation for a five-year period which guaranteed predictability for businesses, but also sustained revenues for the state coffers. This only demonstrated that national governments need flexibility to set rates according to national circumstances in order for tax collection to exceed forecasts and businesses to thrive. And finally, at EU level, the adoption of mini-one-stop-shop supports businesses to reduce administrative burden by introducing a single window for VAT payments.
Notes to the editor
About GLOBSEC Tatra Summit
Tatra Summit is one of GLOBSEC’s flagship projects. The Summit is organised annually and provides the opportunity for experts to have fruitful political discussions on the future of Europe. The Focus Group “Smart taxation in a fast-changing Global Economy” takes place on 12 October 2019 from 8.30 to 10 a.m.
For press-related enquiries, contact: press@globsec.org.
More detailed information is available on the official site: https://tatrasummit.globsec.org/
