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Taxation of business profits: Recent trends, future prospects

“Taxation of corporate income: recent developments, future prospects” is the most extensive work published by the Fundación Impuestos y Competitividad, with a total of 17 chapters, distributed in three parts, and it is an in-depth study of the taxation of corporate income.

This analysis focuses essentially on Corporate Income Tax in Spain, and in that sense, it includes firstly some general considerations on: the statistical significance of the collection of this figure, the relationship between the tax base and the accounting result and, finally, on the constitutionality of its rules, especially the new features introduced during the period of financial and collection crisis starting in 2008, whose insistence on improving the collection has generated stringent measures whose adequacy to constitutional principles has raised certain doubts.

In addition, an analysis is made of the essential aspects of the general tax regime, including the main milestones of its evolution in recent years and a critical review of the same, with proposals for improvement of the current regulations. In this regard, special attention is given to the area of matters addressed by the ATAD Directives, which aim to harmonize some relevant aspects of the tax, by incorporating the measures of the BEPS Action Plan into the regulations of the EU Member States.

Finally, an important effort is dedicated to the analysis of the proposals for the future that, from the doctrine and various international bodies – OECD, EU, corporate tax reform in the USA, other unilateral state measures… – are being proposed; with solutions that call into question essential aspects of the current configuration of the Corporate Tax as well as the mechanisms for the distribution of fiscal sovereignty for the taxation of transnational business activity.

These reasons fully justify the interest in monitoring these trends and the process of their eventual regulatory implementation, which is expected to lead to the proliferation of new taxes -some of which are already in operation in different States- that aim to tax corporate profits outside the Corporate Income Tax and its current model of configuration.