The European Commission estimates that the requirement for all member countries to vote for new tax laws has cost the single market 242 billion euros ($277.5 billion) in lost tax revenue, in a Jan. 14 proposal calling for the abolition of national veto powers in favor of a qualified majority.
- Commission estimates common consolidated corporate tax base, first proposed in March 2011 and vetoed in 2015, could bring in 180 billion euros
- Financial transaction tax, proposed in January 2014 and vetoed in 2016, could bring in an estimated 57 billion euros
- Digital services tax, proposed in March 2018 and vetoed December 2018, could bring 5 billion euros
- Commission argues qualified majority voting could help the bloc deal with external competition challenges such as those posed by U.S. tax overhaul
- “External competitive pressures, such as the recent US tax reform, require Member States to act together to safeguard the interests of the Union,” document states