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European banking lobby group criticizes EU proposals on digital tax

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European banking lobby group criticizes EU proposals on digital tax

The European Banking Federation opposes the European Commission's proposal to impose taxes on companies' digital activities, saying any specific tax on digital banking activities would lead to double taxation.

The EC proposed a reform of corporate tax rules and an interim tax on digital services in a bid to clamp down on companies that shift profits to low-tax jurisdictions. The EBF criticized the move, saying: "Unilaterally introducing new rules in the international corporate income tax framework and adopting an interim digital services tax can challenge the way the digital economy is currently evolving."

Only a global approach to taxes would ensure a level playing field and avoid unintended double taxation, the EBF said March 21.

"Digital activities carried out by banks and banking groups are exercised in a very strict regulatory framework and do not induce base erosion and profit shifting by nature," Wim Mijs, CEO of the banking lobby group, also said.