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Taxation Experts Agree That One-Size Does Not Fit All

October 23, 2019

WARSAW, Poland--(BUSINESS WIRE)--Oct 23, 2019--

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 hosted a Focus Group, bringing together international experts, looking to reshape and support a smarter European tax policy that will fit national needs.

The Focus Group “Smart taxation in a fast-changing Global Economy” recognised the importance of EU policy-makers to ensure the adoption of smart taxation models that empower member states to address their current economic challenges.

Following a debate in which leading experts presented best-practices across Europe, it became clear that harmonisation of tax rates across the EU would prevent member states to address their specific circumstances and needs.

Marcin Nowacki, Vice-President at Union of Entrepreneurs and Employers (ZPP) and Board Member at Warsaw Enterprise Institute (WEI), emphasised ‘A European one-size-fits-all taxation approach is doomed to failure. Regulators sitting in Brussels should adopt a model that gives the Polish government flexibility to approach taxation and excise duties in a way that responds to the needs of the country and Polish citizens.’

Successful taxation models presented during the Focus Group showed that fiscal authorities need to carefully design a tax model that is fit to the rapidly changing economic environment.

Speaking at the event, Grzegorz Poniatowski, Vice-President and Director of Fiscal Policy Studies at the Center for Social and Economic Research (CASE) said : ‘What business in Europe needs today is predictability and stability in order to allow to grow and be competitive. Harmonisation is a very important aspect that needs to be settled. Harmonisation doesn’t mean ‘equalisation’. It should be considered as a tool to coordinate processes: harmonisation of the definitions and exchange of information to ensure equal treatment of the products across the EU. However, harmonisation of tax across the EU could have also negative consequences. In the case of excise taxation, it could increase the scale of illicit trade and harm competition.

This Focus Group offered an important opportunity for experts across Europe to provide decision-makers and key stakeholders on tax policy with new, appropriate ideas to make smart taxation a reality of the European Union.

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” took 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/

View source version on businesswire.com:https://www.businesswire.com/news/home/20191022005089/en/

CONTACT: Henrieta Kunova

press@globsec.org

KEYWORD: POLAND EUROPE

INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE

SOURCE: GLOBSEC

Copyright Business Wire 2019.

PUB: 10/23/2019 12:00 AM/DISC: 10/23/2019 12:00 AM

http://www.businesswire.com/news/home/20191022005089/en