{"id":123598,"date":"2022-11-21T10:05:14","date_gmt":"2022-11-21T09:05:14","guid":{"rendered":"https:\/\/www.cde.ual.es\/?p=123598"},"modified":"2022-11-21T10:03:55","modified_gmt":"2022-11-21T09:03:55","slug":"parliament-wants-new-sources-of-revenue-for-the-eu","status":"publish","type":"post","link":"https:\/\/www.cde.ual.es\/en\/parliament-wants-new-sources-of-revenue-for-the-eu\/","title":{"rendered":"Parliament wants new sources of revenue for the EU"},"content":{"rendered":"
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Parliament is set to back new sources of revenue for the EU amid the current crises in an attempt to make the budget fit for future challenges.<\/div>\n
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Amid\u00a0numerous challenges for the EU\u2019s budget<\/a>, including the aftermath of the Covid-19 pandemic, the war in Ukraine and the energy crisis, the Parliament is set to back proposals for new sources of revenue in line with the EU\u2019s priorities.<\/p>\n

Under the proposal, the EU would gain three new sources of income: revenue from\u00a0emissions trading<\/a>, resources generated by the proposed\u00a0EU carbon border adjustment mechanism<\/a>\u00a0(CBAM),\u00a0 and revenues related to the\u00a0corporate taxation of multinationals<\/a> based on a proposal agreed by the OECD\/G20 over the summer.<\/p>\n

The European Commission estimates that the new sources of revenue<\/a>\u00a0could generate up to \u20ac17 billion a year for the EU budget for 2026-2030. They should help repay the funds raised by the EU to finance the grant component of\u00a0NextGenerationEU<\/a>, finance the\u00a0Social Climate Fund<\/a> and play a part in the new emissions trading system, which will contribute to the transition to a decarbonised economy.<\/p>\n

\u201cThe EU needs new own resources to at least repay the borrowing of NextGenerationEU. Without new own resources, after 2027, we will have to cut more than \u20ac15 billion per year from EU programmes. We will turn ‘Next Generation EU’ into’ No Generation EU’,\u201d said Jos\u00e9 Manuel Fernandes (EPP, Portugal), one of the Parliament\u2019s lead MEPs on this topic.<\/p>\n

\u201cSo why now? We are currently completing those laws, in particular the carbon market reform and the carbon border tax. It is now up to member states, once these instruments are created, to turn them into own resources in line with our promise to pay back the borrowing,\u201d said Val\u00e9rie Hayer (Renew Europe, France), one of the other lead MEPs on this.<\/p>\n

\u201cIn the absence of these new own resources, we would have only two alternatives: either increasing national contributions, and therefore taxes at home, or cutting into regular European programmes. Cuts into the Common Agricultural Policy, cuts into the financing of Erasmus+… We refuse let this happen. That’s why we are building up these own resources!\u201d Hayer added.<\/p>\n

Raising revenue<\/h3>\n

Traditionally, the EU\u2019s budget comes from customs duties, a percentage of VAT collected by EU countries and a share of the member states\u2019 annual gross national income. It also includes other resources such as fines from companies breaching EU competition law and taxes on salaries of EU staff.<\/p>\n

However, in 2020 the EU agreed on a record stimulus package of more than \u20ac2 trillion, in response to the economic challenge of the pandemic, boosting the long-term budget and introducing the temporary recovery instrument; NextGenerationEU.<\/p>\n

It meant that the EU could take on debt in order to support EU countries in fighting the crisis. To help repay the borrowing, the EU institutions agreed to introduce new own resources as this would allow more diversified and resilient types of revenue.<\/p>\n

Since 2021, an own resource based on non-recycled plastic packaging waste has been in place and a digital levy will be included from 2023.<\/p>\n

MEPs will vote on the own resources proposal during the plenary session on 21-24 November.<\/p>\n\n\n\n
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Autumn 2022 Economic Forecast: The EU economy at a turning point<\/a><\/h4>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

European Parliament – News\u00a0<\/a><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Parliament is set to back new sources of revenue for the EU amid the current crises in an attempt to make the budget fit for future challenges. Amid\u00a0numerous challenges for the EU\u2019s budget, including the aftermath of the Covid-19 pandemic, the war in Ukraine and the energy crisis, the Parliament is set to back proposals […]<\/p>\n","protected":false},"author":101011,"featured_media":123590,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[4090,346,4088],"tags":[779,1123,7753],"class_list":{"0":"post-123598","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy-finance","8":"category-eu-news","9":"category-market","10":"tag-eu-en","11":"tag-parliament","12":"tag-sources","13":"entry"},"acf":[],"yoast_head":"\nParliament wants new sources of revenue for the EU | CDE Almer\u00eda - Centro de Documentaci\u00f3n Europea - Universidad de Almer\u00eda<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cde.ual.es\/el-parlamento-quiere-tres-nuevas-fuentes-de-ingresos-para-la-ue\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Parliament wants new sources of revenue for the EU | CDE Almer\u00eda - Centro de Documentaci\u00f3n Europea - Universidad de Almer\u00eda\" \/>\n<meta property=\"og:description\" content=\"Parliament is set to back new sources of revenue for the EU amid the current crises in an attempt to make the budget fit for future challenges. 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