6.4.2022
EN
Official Journal of the European Union
C 152/13
Opinion of the European Economic and Social Committee on ‘The role of corporate taxes in corporate governance’ (own-initiative opinion) (2022/C 152/03)
Rapporteur: Krister ANDERSSON
Plenary Assembly decision
25.3.2021
Legal basis
Rule 32(2) of the Rules of Procedure Own-initiative opinion Resolution
Section responsible
Economic and Monetary Union and Economic and Social Cohesion
Adopted in section
23.11.2021
Adopted at plenary
8.12.2021
Plenary session No
565
Outcome of vote (for/against/abstentions)
223/4/11
1.
Conclusions and recommendations 1.1.
The EESC believes that the response in the private sector to the Recovery Plan and NextGenerationEU will be key to delivering and effectively achieving a greener and digitalised economy.
Public policies must therefore provide the appropriate incentives.
Economic policies, in particular tax policies and policies impacting on corporate governance, must provide for an efficient decision-making process and efficient allocation of resources, promoting the achievement of social objectives. 1.2.
The EESC assesses that, to deliver a sustainable green and digitalised economy, the debt-equity financing distortion in taxation needs to be addressed. 1.3.
The EESC urges Member States to make their tax systems more neutral with regard to debt and equity financing.
This would encourage diversification of financing sources and make the European economy more resilient. 1.4.
The EESC welcomes the initiatives taken by the EU Commission to present measures addressing the debt/equity bias in corporate tax systems by the first quarter of 2022. 1.5.
The EESC stresses that for new firms and for investors seeking greener and digitalised investment opportunities, a well-functioning capital market is essential.
The EESC therefore calls for further steps toward the completion of the Capital Markets Union (CMU). 1.6.
Investment in new, green technology is perceived to be very risky and equity financing is therefore often used.
Dividends help increase liquidity in the market, also to the extent that they may be perceived as too short-term, and are an important source of financing. 1.7.
The EESC believes that capital markets and private funds can play a crucial role in encouraging the path of companies towards a sustainable greener and digitalised economy.
Any policy action by the European legislator concerning taxation, company law and corporate governance should enhance such a role. 1.8.
Under the influence of European directives and regulations, the EESC notes that national company laws are an integral part of the judicial system in each Member State, allocating rights and accountability to appropriate levels in the legal structure.
Rules need to be country-specific when it comes to the composition of boards of directors, allowing the owners to decide.