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Tax Reforms in EU Member States 2014 Tax Policy Challenges for Economic Growth and Fiscal Sustainability

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Tax Reforms in EU Member States 2014 Tax Policy Challenges for Economic Growth and Fiscal Sustainability ISSN 1725-3217 (online) ISSN 0379-0991 (print) Tax Reforms in EU Member States 2014 Tax policy challenges for economic growth and fiscal sustainability EUROPEAN ECONOMY 6|2014 Economic and Financial Affairs The European Economy series contains important reports and communications from the Commission to the Council and the Parliament on the economy and economic developments. Unless otherwise indicated the texts are published under the responsibility of the European Commission Directorate-General for Economic and Financial Affairs Unit Communication and interinstitutional relations B-1049 Brussels Belgium E-mail : [email protected] LEGAL NOTICE Neither the European Commission nor any person acting on its behalf may be held responsible for the use which may be made of the information contained in this publication, or for any errors which, despite careful preparation and checking, may appear. This report is also published as Taxation Paper No. 48 from DG Taxation and Customs Union. This paper exists in English only and can be downloaded from http://ec.europa.eu/economy_finance/publications/. More information on the European Union is available on http://europa.eu. KC-AR-14-006-EN-N (online) KC-AR-14-006-EN-C (print) ISBN 978-92-79-35349-9 (online) ISBN 978-92-79-36010-7 (print) doi:10.2765/76036 (online) doi:10.2765/77268 (print) © European Union, 2014 Reproduction is authorised provided the source is acknowledged. European Commission Directorate-General for Economic and Financial Affairs Directorate-General for Taxation and Customs Union Tax Reforms in EU Member States Tax policy challenges for economic growth and fiscal sustainability 2014 Report EUROPEAN ECONOMY 6/2014 ACKNOWLEDGEMENTS This report was prepared under the direction of Marco Buti (Director-General of DG ECFIN), Heinz Zourek (Director-General of DG TAXUD), Servaas Deroose (Deputy Director-General of DG ECFIN), Lucio Pench (Director at DG ECFIN) and Philip Kermode (Director at DG TAXUD). The report was coordinated by Florian Wöhlbier (DG ECFIN) and Thomas Hemmelgarn (DG TAXUD) under the supervision of Gilles Mourre (Head of Unit, DG ECFIN) and Gaetan Nicodeme (Head of Unit, DG TAXUD). The main contributors were Anne van Bruggen, Serena Fatica, Athena Kalyva, Gilles Mourre, Savina Princen, Florian Wöhlbier (DG ECFIN), Anna Iara, Milena Mathe, Agnieszka Skonieczna and Ernesto Zangari (DG TAXUD). Special contributions were provided by Caterina Astarita, Lovise Bauger, Matthias Burgert (DG ECFIN), Endre Gyorgy, Kees Heineken, Savino Ruà, Astrid Van Mierlo (DG TAXUD), and Salvador Barrios (JRC-Seville). Alexander Leodolter (DG ECFIN) was responsible for data, layout and IT. Vukasin Ostojic and Anamaria Maftei (DG ECFIN) provided support with the data. Secretarial support was provided by Maria Stampouli (DG ECFIN). The report benefitted significantly from suggestions by the European Commission's editing service (DGT). Comments and suggestions by members of the Economic Policy Committee and the Working Group 'Structures of Taxation Systems' are gratefully acknowledged. The report also benefited from comments and suggestions by colleagues in the Directorates-General for Economic and Financial Affairs and Taxation and Customs Union as well as by other services of the Commission. Comments on the report may be addressed to: Gilles Mourre European Commission Directorate-General for Economic and Financial Affairs Directorate for Fiscal Policy Office CHAR 12-55 B-1049 Brussels e-mail: Functional Mailbox [email protected] and/or Gaetan Nicodeme European Commission Directorate-General Taxation and Customs Union Directorate for Direct taxation, Tax Coordination, Economic Analysis and Evaluation Office SPA3 6/017 B-1049 Brussels e-mail: Functional Mailbox [email protected] 2 ABBREVIATIONS Member States BE Belgium BG Bulgaria CZ Czech Republic DK Denmark DE Germany EE Estonia IE Ireland EL Greece ES Spain FR France HR Croatia IT Italy CY Cyprus LV Latvia LT Lithuania LU Luxembourg HU Hungary MT Malta NL Netherlands AT Austria PL Poland PT Portugal RO Romania SI Slovenia SK Slovakia FI Finland SE Sweden UK United Kingdom EA Euro area EU European Union EU-28 The 28 EU Member States EA-18 The 18 Member States in the euro area Others ACE Allowance for corporate equity AETR Average effective tax rate AGS Annual Growth Survey AW Average wage BEPS Base erosion and profit shifting 3 CPB Central Planning Bureau, the Dutch government’s research institute for economic policy analysis CBIT Comprehensive business income tax CIT Corporate income tax CCCTB Common consolidated corporate tax base DG ECFIN Directorate-General for Economic and Financial Affairs DG TAXUD Directorate-General for Taxation and Customs Union EA Euro area EBITDA Earnings before interest, taxes, depreciation and amortisation ECB European Central Bank ECOFIN Economic and Financial Affairs Council EPC Economic Policy Committee ESA79 European system of accounts 1979 ESA95 European system of accounts 1995 ESA 2010 European system of accounts 2010 EU European Union FTT Financial transaction tax GDP Gross domestic product GNI Gross national income JRC-IPTS The European Commission Joint Research Centre’s Institute for Prospective Technological Studies LR Long run METR Marginal effective tax rate MoU Memorandum of understanding MTO Medium-term budgetary objective OECD Organisation for Economic Cooperation and Development PIT Personal income tax pp. Percentage points R&D Research and development SME Small and medium-sized enterprise SSC Social security contributions VAT Value added tax VRR VAT revenue ratio 4 CONTENTS Editorial 11 Executive summary 12 Introduction 15 1. Recent reforms of tax systems in the EU 17 1.1. Introduction 17 1.2. Main trends in taxation 17 1.3. Labour taxation and tax shifting 18 1.4. Broadening of the tax base 19 1.4.1. Value added tax 19 1.4.2. Personal and corporate income tax 20 1.4.3. Addressing the debt bias 20 1.5. Competitiveness and environmental concerns 21 1.5.1. Competitiveness 21 1.5.2. Environmental and health taxation 23 1.6. Immovable property taxation 24 1.7. Tax compliance and tax administration 25 2. Challenges related to fiscal consolidation and growth-friendly tax structures 45 2.1. Fiscal consolidation on the revenue side — an indicator-based screening 45 2.1.1. Benchmarking approach 45 2.1.2. Screening of Member States 46 2.1.3. Comparison of screening results with previous years 49 2.1.4. Countries with moderate fiscal risk and a high tax burden on labour: scope for reducing taxes 50 2.2. Growth-friendly tax structures — an indicator-based screening 51 2.2.1. Screening approach 51 2.2.2. The need for a tax shift: high tax burden on labour 52 2.2.3. Potential for increasing taxes on consumption, taxes on recurrent property or environmental taxes 54 2.2.4. Summary of findings on the need and potential for a tax shift 57 2.2.5. Comparison of screening results with previous years 57 2.3. Tax shifts — interpreting the results of recent modelling exercises in terms of macroeconomic performance and redistribution of income 58 2.3.1. Tax shift without compensation 59 5 2.3.2. Tax shift with compensation for benefit and transfer recipients 61 3. Challenges related to broadening tax bases 63 3.1. Housing taxation 63 3.1.1. Taxes on immovable property: size and structure 63 3.1.2. Design issues in housing tax 68 3.1.3. Measuring the impact of taxation on the cost of owner-occupied housing 72 3.2. Debt bias in corporate taxation 75 3.2.1. Some country measures of the debt bias 76 3.2.2. Addressing the debt bias: limiting interest deductibility vs extending deductibility to equity costs 77 3.2.3. The importance of tax design: a comparison of the Belgian and Italian ACEs 78 3.2.4. The ‘international dimension’ of the debt bias: internal vs external debt and anti- avoidance measures 80 3.2.5. Financial sector, debt bias and bank levies 82 3.2.6. The different aspects of the debt bias problem and the challenges for tax design 82 3.3. Economic aspects of selected tax expenditures in direct taxation 83 3.3.1. The challenges of assessing tax expenditures 83 3.3.2. Tax expenditures in personal income taxation 84 3.3.3. Tax expenditures in corporate income taxation 86 3.4. Broadening the VAT base 89 4. Specific challenges related to the design of individual taxes and tax governance 93 4.1. Environmentally-related taxation 93 4.1.1. Need for additional measures to achieve greenhouse gas emissions targets 93 4.1.2. Improving the design of environmentally related taxes 94 4.1.3. Summary of issues in the area of environmentally related taxation 99 4.2. Tax governance 99 4.2.1. Measuring the tax compliance gap 100 4.2.2. Reducing the tax compliance gap by improving tax administration 102 4.2.3. Overall results for quality of tax governance 107 4.3. Income inequality and taxation 108 4.3.1. Income inequality over the period 2008-12: the overall effect of tax-benefit systems 111 4.3.2. Poorest households most severely exposed 112 4.3.3. Conclusion: fairly stable overall income distribution masking hardship faced by the least well-off 113 4.4. Overview of tax policy challenges 114 6 References 119 Glossary 127 A1. Methodology 131 A1.1. Benchmarking approach to identifying Member States that face a challenge in a particular area of tax policy 131 A1.2. Principles of Screening for identifying a potential need and scope for tax-based consolidation 132 A1.3. Principles of Screening for identifying a potential need, and scope, for a tax shift 134 A1.4. An indicator for the tax burden on owner-occupied housing: further methodological issues 136 A1.5. The QUEST model 138 A2. Statistical data 139 LIST OF TABLES 1.1.
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