Martin Sandbu made an interesting comment in the FT yesterday on corporation taxation. He came out strongly in favour of international reform to remove the adavantage multinational companies secure from the current system. His aim was a level playing field and to restore the right of the state. In the absence of immediate reform he concluded:

A co-operative international reform of corporate profit taxation remains the best option. But until it can be achieved, the fallback must be an EU-level turnover tax; and until that can be achieved, the further fallback must be national-level turnover taxes. The worst, however, would be to do nothing at all.

This outcome is sub-optimal. But I agree it is better than nothing.

My suggestion of a minimum corporation tax might be better still though.