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The Code of Conduct and the EU Corporate Tax Regime: Voluntary Coordination without Harmonization

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국제학연구소 (The Keimyung Institute for International Studies)|2008.12|Journal of International and Area Studies|제15권 제2호|pp. 115-132|DOI 10.23071/jias.2008.15.2.115

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키워드

Tax CompetitionTax Harmonizationthe Code of ConductNeoliberal Tax ReformsVoluntary CoordinationSupranational Authority
주제분류정치외교학

초록

Despite a long quest for corporate tax harmonization, the EU countries were only able to introduce a common corporate tax regime through the Code of Conduct in 1997. Aside from the significance of this development, it raises a puzzle as to the institutional choice for the corporate tax cooperation. The Code of Conduct is far from the idea of harmonization that requires the establishment of supranational authority. It is strictly on a voluntary basis and leaves intact national discretion. I argue that this institutional choice reflects the member countries’ ability to absorb the costs of tax competition and domestic political consensus on the desirability of the neoliberal tax reforms. The rise of an EU corporate tax regime in the 1990s is rooted in the growing concern the dampening effect of tax competition in the EU. Yet, the effect of tax competition has not been so drastic due to the offsetting factors. Further, the policy consensus on the desirability of neoliberal tax reforms made it easy to cope with the pressure of tax competition through domestic solutions than the supranational one. These two factors explain the EU countries’ reluctance to relinquishing national discretion for the sake of supranational authority.

Abstract

Despite a long quest for corporate tax harmonization, the EU countries were only able to introduce a common corporate tax regime through the Code of Conduct in 1997. Aside from the significance of this development, it raises a puzzle as to the institutional choice for the corporate tax cooperation. The Code of Conduct is far from the idea of harmonization that requires the establishment of supranational authority. It is strictly on a voluntary basis and leaves intact national discretion. I argue that this institutional choice reflects the member countries’ ability to absorb the costs of tax competition and domestic political consensus on the desirability of the neoliberal tax reforms. The rise of an EU corporate tax regime in the 1990s is rooted in the growing concern the dampening effect of tax competition in the EU. Yet, the effect of tax competition has not been so drastic due to the offsetting factors. Further, the policy consensus on the desirability of neoliberal tax reforms made it easy to cope with the pressure of tax competition through domestic solutions than the supranational one. These two factors explain the EU countries’ reluctance to relinquishing national discretion for the sake of supranational authority.

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