Here are the 4 EU tax levies to finance the Recovery Plan
Four new taxes of 22 billion euros have the declared objective of increasing the direct revenues of the Union by 0.6% to meet all the liabilities deriving from the issue of the so-called Recovery bonds. Luigi Chiarello's article for Italy Today
Four "tax" levies from the European Union to finance the Recovery plan.
Four new "taxes" with a total revenue estimated at 22 billion euros per year (about 12% of total EU budget revenues), which have the declared objective of increasing the direct revenue of the Union by 0.6% – known as own resources – to meet all liabilities deriving from the issuance of the so-called Recovery bonds (interest and possible, albeit remote, defaults by individual states). All this until December 31, 2058.
This is what the European Commission takes into account to fulfill the financial commitments resulting from the launch of the Post-Covid-19 Recovery and Resilience Plan, contained in the Next Generation EU package.
Brussels will borrow up to € 750bn from the market, most of which in the 2020/24 period.
Thus, a decision of the EU Council (n.2020 / 2053 of 14 December 2020, in the Official Journal of the European Union L 424 of 15/12/2020), ordered an extraordinary and temporary increase in the EU revenue ceilings to cope with the consequences of the coronavirus crisis.
This increase is 0.6% and is valid both for the total direct tax levies of the Union (limit today equal to 1.4% of the sum of the Gross National Income of all member states), and for the total contributions that the individual states pay each year to the EU budget (maximum now not exceeding 1.46% of the sum of the GNI of all the states).
But what do the new withdrawals consist of?
In summary: a rate of 3% applied to the new common consolidated corporate tax base; a 20% share of the auction proceeds of the EU emissions trading system; a national contribution based on the amount of non-recycled plastic packaging waste.
All this will be accompanied by a reform of the current revenues, which will keep customs duties as direct revenue, but will reduce the percentage that states retain as "collection costs" from 20 to 10%. And it will simplify the VAT
Article published on ItaliaOggi
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/ecco-i-4-prelievi-fiscali-dellue-per-finanziare-il-recovery-plan/ on Sat, 23 Jan 2021 16:50:29 +0000.