The European Union's 2007 agenda encompasses a range of activities aimed at achieving cohesion in accounting, auditing and finance, with taxation in particular receiving as much attention as anything else, as the focus of a number of planned efforts.For instance, the European Commission's work program cited the ongoing issue of sales tax, where examples of massive fraud have been building to a head. By March, the commission is anticipating the results of two studies: one on reducing rates, and the other dealing with how to tackle fraud.

Another taxation issue in focus is a consolidated common corporate tax base for European Union companies. At present, company taxation across the 27-nation community is a relative free for all - each nation can do what it wants in the area (and often does). However, following current technical work on its CCCTB, the commission plans during the first quarter of 2007 to publish a technical paper on the subject. Although it would carry no legal authority, strategically, the document could lead to a voluntary code for an inner ring of EU nations.

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