The Bulgarian MEP from the BSP and the Group of Socialists and Democrats Tsvetelina Penkova was part of a delegation of the Taxation Committee (FISC) of the European Parliament on a visit to the US. MEPs discussed key issues in EU-US tax and trade relations with representatives of US institutions and businesses.
In Washington, the delegation held meetings with representatives of the US Treasury Department, the White House Economic Affairs Council, the Senate, the International Monetary Fund and the US Chamber of Commerce, as well as with business representatives, think tanks and experts.
Among the main topics were the global minimum taxation of multinational companies' profits, proposed by the Organisation for Economic Co-operation and Development (OECD), taxation of the digital economy, competitiveness and the fight against tax evasion.
„Despite differences on some of these issues, we have a concrete basis for cooperation.The agreement reached onthe global minimum taxation of 15% is an important step. For Bulgaria, this has direct implications - with a corporate tax rate of 10%, the new international rules allow us to collect additional revenues from large multinational companies operating in our country, Penkova said.
Serious differences remain regarding the taxation of the digital economy. During the meetings, the European position was discussed that taxation should also take into account the market from which large multinational companies generate their revenues. The American side, for its part, opposes the national taxes on digital services introduced by some European countries.
„The European market is one of the largest and most solvent in the world. American technology companies have enormous access to it and profit from European consumers. Therefore, we need to find a common solution that guarantees fair taxation and a level playing field for European and American companies. I continue to uphold the principle that taxes should be paid where profits are generated, the Bulgarian MEP said.
The talks also raised the issue of tariffs and their impact on transatlantic trade. Penkova stressed the need for a predictable trade policy as a condition for the development of long-term partnerships between the EU and the US.
In the state of Delaware, the delegation spoke with representatives of the local executive, the legal and academic community, and the non-governmental sector. The state's corporate system, transparency of company ownership, and measures against tax evasion were discussed. Penkova emphasized the inequality in the exchange of tax information between the EU and the US and the need for more effective coordination and reciprocity.
„The meetings were important for the continuation of the bilateral dialogue, but also for giving a clear signal that equality, predictability and transparency must be the basis for our trade relations“, concluded Tsvetelina Penkova.
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