The European Commission will quickly start work on a tax on foreign polluting fi...
BRUSSELS - The European Commission will quickly start work on a tax on foreign polluting firms, the nominee for the EU’s economic and tax commissioner said on Thursday, a move that could hit U.S. companies and deepen a trade war with Washington.
“We will try to be very quick and effective on a carbon border tax,” Gentiloni, who is due to take office in November, said. President Donald Trump intends to pull the United States out of the international Paris climate protection deal that aims to reduce carbon emissions. Under the terms of the pact, that cannot happen before Nov. 4, 2020.
In separate comments to lawmakers, Gentiloni, a socialist former Italian prime minister, also said minimum corporate tax rates were one of the possible solutions to what he said was unacceptably excessive tax competition between EU states. In the event of no consensus, he said the European Commission would begin working on a proposal for an EU digital tax from next summer and would seek to take away from EU governments the veto power on tax matters that prevented the introduction of a digital levy in the bloc last year.Gentiloni, who will also be in charge of the bloc’s economic policy, said the EU should consider measures to favor growth at a time when the bloc faces risks of a prolonged economic slowdown.
The bloc currently has a “broadly neutral” fiscal stance, despite pressure from some countries for more expansionary plans to counter recession risks. The European Central Bank also backs a more expansionary fiscal stance.
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