Measures which would reduce the ability of Member States to set their own corporate taxes have been strongly opposed by Conservative MEPs.

At the European Parliament in Strasbourg today they voted against proposals to introduce an EU Common Consolidated Corporate Tax Base (CCCTB). This would bring together the earnings firms make across the bloc and distribute tax revenues based on where revenue is generated.

The reports also recommend a minimum level of corporation tax, which Member States would not be able to go below when formulating their national tax regimes, and call for individual countries to lose their right to veto EU tax legislation.

Read the full article by David on the conservativeeurope.com website here.