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Essay / Research Paper Abstract
This 10 age paper considers what is meat by harmonisation of taxes, how and why it is seen by many as a necessary aspect of monetary union, and the current situation in Europe. The bibliography cites 5 sources.
Page Count:
10 pages (~225 words per page)
File: TS14_TEtaxhar.rtf
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Unformatted sample text from the term paper:
come into effect can be seen as a manifestation of the union and its will to seek fincial union. Under the single currency there are many rules other than the
need for the same legal tender. There are laid out procedures to ensure that economic stability is achieved in those countries participating, to protect the value of the currency. These
include limiting the spending and borrowing of governments, by setting out boundaries that should not be breached. However, the union has allowed taxation to remain an issue that is set
out by each country. However, in an economic union it would appear obvious that for all barriers to be removed and for no one country to have an advantage over
another, that tax rates and rules should be harmonised. Taxation is an aspect of policy that is set by government in relation to the funds that are required by
government. Taxation may be direct, such as through the taxation of wages and income to any legal entity, both individuals and legally recognised companies, or indirect such as sales taxes,
including VAT. There have already been attempts to harmonise the indirect taxes, and this is accepted as a general policy direction. However the issue of general taxation and its harmonisation
can be seen as a more controversial issue. To many countries there is a perceived need for this type of harmonisation as they fear that countries with lower tax rates
will have a competitive advantage in attracting investment than countries with the higher tax rates. In countries where there is a lower tax rate it is seen as unfair on
an electorate tax them more than the government requires. There is a very fine line between the need for a country to have the ability to set a fair tax
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