|Author (Corporate)||European Commission|
|Series Details||(2018) 328 final (02.05.18)|
The European Commission on 2 May 2018 proposed a pragmatic, modern, long-term budget for the 2021-2027 period. The package of proposals was set out in the Communication 'A modern budget for a Union that protects, empowers and defends. The Multiannual Financial Framework 2021-2027'.
The purpose of this proposal is to simplify the Own Resources aspects of Value Added Tax considerably by amending Council Regulation (EEC, Euratom) No 1553/89. The focus is switched to standard-rated supplies (so the weighted average rate will not be needed), while the number of corrections are reduced to an absolute minimum and the financial compensations have been removed. In addition, a common percentage is proposed, based on Member States' most recent fiscal data.
The proposal draws on past experiences in administering Own Resources and aims to simplify the calculation of the Own Resource based on Value Added Tax. It also streamlines the practical arrangements. It is in the interests of the Union and its Member States to ensure that the system of Own Resources works well and the proposed Regulation is designed to facilitate cooperation between them.
|Subject Categories||Economic and Financial Affairs|
|Countries / Regions||Europe|