Further steps, apart from amending laws, should be taken to improve co-operation among tax administrations to achieve good results in revenue collection, an informal meeting in Sofia of European Union economy and finance ministers agreed.
This was said by the Bulgarian EU Presidency in a statement after the meeting, held on April 28, the second day of the informal gathering of the bloc’s economy and finance ministers.
The ministers discussed issues related to improving revenue and fighting tax fraud, the statement said.
“They underlined the importance of taking additional measures, apart from the legislative initiatives, to improve the administrative co-operation among tax administrations and address practical aspects related to enhancing co-operation and effective use of the data received in the exchange of tax information.”
The ministers agreed on the need to launch a discussion on how to improve co-operation and how tax administrations should work more effectively together in order to achieve good results in tax collection, the statement said.
The agenda also addressed taking co-ordinated actions to adapt the current corporate tax system to the constantly changing global economy and the international pressure from the globalisation and digitalisation of business.
“The present weaknesses jeopardise the effective framework which is the base for corporate taxation rules, and taking co-ordinated actions is the only way to prevent a deterioration of the situation and deepening of the problems.”
The meeting, chaired by Bulgarian Finance Minister Vladislav Goranov, agreed on the need to launch technical discussions about the taxation of the digital economy in a “structured and effective result-oriented manner by taking account of the international developments,” the statement said.