Creating a level playing field for all businesses is an important objective both at EU and international level. Ensuring that tax rules are fit for purpose in light of an increasingly globalised economy is key for private equity funds which invest in companies of all shapes and sizes.
The digital transformation of the global economy comes with significant challenges for the existing international tax system, which has been in place for much of the last century. In 2019, the 129 members of the OECD/G20 Inclusive Framework questioned whether current rules are still fit for purpose and agreed a roadmap for resolving the tax challenges arising from digitalisation of the economy.
The digital taxation debate is likely to reshape the tax policy landscape as we know it. This is important for private equity funds as any rules are likely to have a bearing on the companies they invest in. Staying informed and voicing concerns where necessary will be key from a private equity perspective in the years ahead. It will ensure that any new rules do not negatively impact the industry and can create a level playing field for all types and sizes of companies.
The revised Common Consolidated Corporate Tax Base (CCCTB) proposal was released at the end of October 2016. It came in two parts, with the proposal for a common corporate tax base marking the first step. Consolidation is the second step, only due for consideration at a later stage. The overarching aim is to provide companies with a single set of corporate tax rules for doing business across the EU.
While the potential impact of corporate tax reform is, in many cases, unlikely to be felt directly by private equity funds or managers, it will affect the companies in which they invest. At the same time, the CCCTB proposal includes the idea of introducing an allowance for growth, making equity funding more attractive.
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