1. EU Taxation Polixy. 2. Comparative Analysis of EU Fiscal burdens. 2. Corporate taxation. 3. Individuals taxation 4. VAT

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1 Outline of the Lecture Tax Competition in the EU Krzysztof Wach, PhD Cracow University of Economics Faculty of Economics and International Relations Department of Entrepreneurship and Innovation. EU Taxation Polixy 2. Comparative Analysis of EU-27. Fiscal burdens 2. Corporate taxation. Individuals taxation. VAT. Social Contribution Schemes Coordination 2 Problem Question Part European Taxation Policy What is the impact of taxes on the competitiveness of a economy? Taxes and Competitiveness low fiscal burdens - entrepreneurship stimulating - development of enterprises - inflow of FDI - economic growth high fiscal burdens - entrepreneurship hampering - invesments outflow (capital and production) 07: r = at p < 0.0 in % GDP Growth 6 Corporation Tax Rate in %

Social Contribution Schemes Coordination 2 Problem Question Part European Taxation Policy What is the impact of taxes on the competitiveness of a economy?

2 0: r = at p < 0.0 Taxes and the Single Market in % GDP Growth Single Market has made companies and their production bases more mobile Tax has therefore become an important factor in location decisions, particularly for companies based outside the EU This, in turn, has encouraged national, regional and local authorities to compete in attracting firms to their areas through various "tax breaks" - often in near-breach of Community competition rules. 7 Corporation Tax Rate in % 8 Problem Question # How can you define TAX COMPETITION? comprehensive tax policy - atractive Tax Competition harmful tax competition - preferences no impose protection taxes -TFEU, art. 0 (ex. 90 TEC) 9 0 Community tax EU income tax from 8 to %, total exception from nationa income taxes EU special levy EU IT and EU SL go to the EU general budget Tax Harmonisation within the EU indirect taxes harmonisation TFEE, art. (ex. 9 TEC) -VAT -excise duties no harmonisation of direct taxes TFEU, art. (ex. 9 TEC) -but possible 2 2

for companies based outside the EU This, in turn, has encouraged national, regional and local authorities to compete in attracting firms to their areas through various "tax breaks" - often in

3 standard rate min. %, no max. reduced rate no lower than % applying only for: -food -pharmaceutics -books, magazines, papers -passenger transportation zero rate VAT Excise Duties Harmonisation manufactured tobacco products at least 7% of the price alcohol and alcoholic beverages l pure alcohol: euro energy products from 2 to 2 euro per 000 litres depends on a product Example Example 6 National Competences EU Member States are fully right to impose direct taxes, including both the rates and the range for both individuals and corporations. Part 2 Comparative Analysis for EU-27 7

Duties Harmonisation manufactured tobacco products at least 7% of the price alcohol and alcoholic beverages l pure alcohol:.0 0.

4 Fiscal Burdens in EU 9-06 Part 2.. Fiscal Burdens UE-27 UE- UE- UE-0 Total Fiscal Burdens 0 (in % GDP) EU- EU- EU-0 Euro-2 Denamrk Luxembourg Czech Republic Cyprus 0,6 29, 28,7 2,7,7 0,7,2,,2 9,9 7,,, 2,, 0 9,9 9,2 8,8,6,,,,7 7,7 7,7 6,7 6, including indirect taxes (percentage of total) UE- UE- UE-0 Euro-2 Cypr Węgry ia Słowenia Litwa Irlandia Łotwa Grecja Wielka Brytania Słowacja Dania Czechy Włochy Francja Szwecja Holandia Hiszpania Luksemburg ia Niemcy Belgia 29,7 28,8,8, 2,6 2,8,8,7,7 2,9,9,9,,2, 2,,9,8,6,, 0,8 9, 9, 7,2 6,9 6,9 9, including direct taxes (percentage of total) UE- UE- UE-0 Euro-2 Dania Wielka Brytania ia Luksemburg Belgia Szwecja Irlandia Włochy Hiszpania Cypr Holandia Łotwa Litwa Czechy Niemcy Francja Węgry ia Grecja Słowacja Słowenia,67,8,7 2,6 2, 2, ,,9,8,6 2,2 2 7,7 6, 6,,9,, 29,9 29,6 29, 29, 29, 28,2 9, including SCs (percentage of total) UE- UE- UE-0 Euro-2 Niemcy Czechy Francja Słowacja Grecja Słowenia Holandia Hiszpania Belgia ia Węgry Łotwa Włochy Litwa Szwecja Luksemburg ia Cypr Wielka Brytania Irlandia Dania, 2, 2,2 2,8 26,97 27, 0, 0, 29,6 29,,,, 2,7 8,2,,6 0,2 9,8 9, 8, 7,6 6,9 6,7 6,,6,,

0,7,2,,2 9,9 7,,, 2,, 0 9,9 9,2 8,8,6,,,,7 7,7 7,7 6,7 6,6 0 0 0 0 02 60 including indirect taxes (percentage of total) UE- UE- UE-0 Euro-2 Cypr Węgry ia Słowenia Litwa Irlandia Łotwa Grecja Wielka

5 Total fiscal payments per fiscal year (without SCs) Source: World Bank 0 EU average Czech Republic , EU Czech Netherla , Time needed for completing the fiscal documentation (in hours) Source: World Bank 0 90 Fiscal burdens of enterprises - without SCs (in % of turnover) EU average 8,6 6, 9,8 6,8,6, 2,9 Part ,6 2, 0,8 0, Corporate Taxation 8, 7,9 7,,,,6 2,8, Czech Republic 0, 9, 9, Source: World Bank 0 8,7 Krzysztof Wach - Kraków Corporate Income Taxation corporate income (CIT) special levy (BE %, DE.%) business tax chamber tax / fee salary tax innovation tax (HU) turist tax (HU) social tax (LT) 29 Where in the EU is there the highest corporation tax (09)? EU-27 2, EU- 27,2 EU-2 6,8,99, Luxembourg* 0,8 0 0 * 29, , * 26, 26, ** * 2,28 *** 2 Czech Republic 2 POLAND Romania 6 2, Bulgaria 0 Cyprus

6 CHANGE Country 9/ ,0,0,0,0,0,0,0,0,0, ,7 0,7 0,7 0,7 0,7 0,7 0,7 0,7,99,99,99-6,2 Cyprus b.d. b.d. b.d Corporate Income Taxation Czech Republic b.d. b.d. b.d * b.d. b.d. b.d ,8,8,8,8,8,8 (+/-)* ,7 6,7 6,7 6,7,7 0,0 6,66,,,,, -2, , ,,,, -, , 2, 2, -27, i bd b.d. bd b.d. bd b.d Luxembourg,, 9, 0,9 0, 9, 7, 7, 7, 7, 0,8 0,8 0,8 0,8-0,2 b.d. b.d. b.d. -0 b.d. b.d. b.d. 0 ** ,8 6,7 6,7 6,0,6,6 8,29 8,29 8,29 8,29 8,29-8,9 b.d. b.d. b.d ,6 9,6 9,6 9,6 7, 7, 7,,2 27, -,6 b.d. b.d. b.d Słlovenia b.d. b.d. b.d b.d. b.d. b.d.,6, , ** 6, 7,8 7,8 2,2,2,2,,, 0, 0, 8, 7, 7, -,9 Source: K.Wach, Systemy podatkowe krajów Unii Europejskiej, Oficyna Ekonomiczna, Kraków 0 only in the progressive rates in 7 MSs clear flat rate in 7 MSs a flat rate with preferences for SMEs -a flat rate + a reduced flat rate for SMEs:, -a flat rate + progressive option:,,, -2 flat rates 2 MS Preferences for SMEs (CIT) Basic rate Preference rate * various / * 0 Neverthlands Luxembourg * * 2 6* * Romania 6 micro: Local Business Tax MS Rate,29,% Luxembourg 7,% 2,00,7%,% 2,% 2, % (+/- %) MS Salary Tax Rate,%,,60% Luxembourg % (supervisory board only),8,8% 00 HUF annualy per employee Chambers of Commerce in 6 MSs obligatory membership: AT, EN, DE, IT, ES, NL in DK only in few cases in some MSs there is obligatory membership in professional associations (e.g. PL) 6 6

d. bd b.d. bd b.d. 29 29 29 29 2 2 - Luxembourg,, 9, 0,9 0, 9, 7, 7, 7, 7, 0,8 0,8 0,8 0,8-0,2 b.d. b.d. b.d. -0 b.d. b.d. b.d. 0 ** 6 6 6 6,8 6,7 6,7 6,0,6,6 8,29 8,29 8,29 8,29 8,29-8,9 b.d. b.d. b.d. 0 0 8 6 0 28 28 27-2 9,6 9,6 9,6 9,6 7, 7, 7,,2 27, -,6 b.

7 Chamber tax: : 0,,00% : 0,7 0,0% Chamber Taxation : 7 euro + from 0,007 to 0,000% Chamber fee: ca. 0 euro / year : euro / year : 90 euro / year Corporate Income Taxation Reliefs and Reductions Tax preferences Investments t iniciatives i i Amortization rates 7 8 Part 2.. Individuals Income Taxation 9 Individuals Income Taxation Theresholds EU average Luxembourg, Flat rates only in MSs:,,, Progressive rates -minimum number of thersholds: 2 -maximum number of thersholds: 7 -EU average:,2 Czech Rep. Cyprus

iniciatives i i Amortization rates 7 8 Part 2.

8 PIT Upper Rates (08) UE-27 UE- UE-2 Dania Belgia Szwecja ia 28,6 8,6 6,7 9 7, 6, Tax Free Salary (06) Średnia Szwecja ia Grecja Cypr Holandia Niemcy Włochy 0, Luksemburg Niemcy Hiszpania Włochy 700 Irlandia Słowenia Francja 2 0 Wielka Brytania Grecja ia Belgia Dania Wielka Brytania 0 Francja Luksmeburg Węgry 9,9 6 Hiszpania Holandia 00 8 Czechy 2 Irlandia Cypr 0 Litwa 27 Łotwa Bułgaria Słowacja Rumunia : % basics No:,, Slowakia Czechy Litwa Węgry EU-27, Part 2.. Where in the EU VAT is the highest (09)? Turnover Taxation Bulgaria,6 Romania Czech Republic , 6 Luxembourg Cyprus Kraj Standard rate Reduced rate Transational rate ; 0 Bulgaria 7 - Cyprus 8; 0 VAT rates in the EU MSs (in %) Czech Republic ; 0,6, 2, ,,; 0 8 ; 9 - Luxembourg 6 2; ; Romania 9 - Part 2.. Dividends Taxation 0 -, , 0 0 8

Holandia 00 8 Czechy 2 Irlandia Cypr 0 Litwa 27 Łotwa Bułgaria Słowacja Rumunia 6 0 0 0 0 0 60 70 : % basics No:,, Slowakia Czechy Litwa Węgry 0 26 000 698 2 0 0 000 000 0 000 0 000 EU-27, Part 2.

9 Dividend Taxation Dividend Taxation 2 Withhold tax (on paid dividends) Dividend tax (on received dividends) Double taxation Partial Double taxation Single taxation By individuals by corporations 9 0 Classical Modified classical Partial deduction Partial accounti ng Full realizati on Original MS SINGLE TAXATION (08) PAID RECEIVED Cyprus Czech Rep. Luxembourg by individuals by corporations % 0% 0% % 0% 0% % 0% 0% % 0% 0% 0% from % to % % DOUBLE PARTIAL DOUBLE SINGLE 2 Part Each MS has its own system SCs Application of Social Security Schemes Coordination Systems coordination 9

Original MS SINGLE TAXATION (08) PAID RECEIVED Cyprus Czech Rep.

10 Principles Any Questions? Equal treatment principle Keeping SS benefits principle Summing SS benefits principle Lex loci laboris principle Any question is more than welcome! 6 Part Thank you for your attention WORKSHOPS Dr. Krzysztof Wach Cracow University of Economics Faculty of Economics and International Relations Department of Entrepreneurship and Innovation ul. Rakowicka 27, -0 Kraków, tel , fax wachk@uek.krakow.pl 0

Any question is more than welcome! 6 Part Thank you for your attention WORKSHOPS Dr.

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