April 23, 2008
We need to work towards a minimum standardization of all direct taxation. Admittedly, this is difficult but it is achievable. We have already made advances in this direction in the following areas: company mergers, subsidiaries, and the elimination of double taxation for associated companies. However, the standardization of the taxation of losses incurred in other states and, above all, the implementation of a common system for personal savings, have up to now been taboo.
The opposition of the UK and Luxembourg (with the added problem of internal tax havens), and the fear of a flight of capital outside the EU, have lead to complete inaction in this area.
It is the responsibility of the EMI to exercise great pressure to achieve this aim.