Christoph Sowada Wspólna skonsolidowana podstawa opodatkowania a finanse przedsiębiorstwa
The Common Consolidated Corporate Tax Base (CCCTB) and Enterprise Finance

Summary/Abstract: On March 2011, the European Commission has accepted the project of the directive on the Common Consolidated Corporate Tax Base (CCCTB), the aim of which is to remove obstacles in the functioning of the internal market and to increase the degree of tax harmonization within the European Union. The aim of the paper is to present the essence of the CCCTB in the framework of business finance theory and to show its significance for corporate finance. The paper discusses the principles and rules of the proposed common tax regulation and analyzes their potential impact on corporate finance in the light of business finance theory and the results of a special survey carried out among domestic and foreign firms. Special consideration is given to the treatment of revenues and costs in the projected tax law. The provisions of the common tax regulations have been confronted with fundamental principles of business finance, notably those included in the theory of capital structure.

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