Common Consolidated Corporate Tax Base in the Context of the Council of Europe's Directive Proposal

This article deals with the harmonization of corporate income tax in the European Union. It presents a brief historical development of the harmonization efforts, describes the main principles of the common consolidated corporate tax base for income tax (CCCTB), as it presents the latest proposal for a Council Directive submitted by the European Commission in March 2011, and analyzes the positive, and negative aspects of this proposal both from the perspective of corporations, and of EU Member States. In conclusion briefly summarizes the political - economic barriers that still prevent a faster progress to harmonize corporate income tax in the EU.