On December 22, 2021, the EC also issued a proposal for 3 new own resources to flow into the EU budget to help repay the EU’s jointly issued COVID recovery debt of EUR 750 billion. These new own resources are:
- 75% of the revenues generated by the carbon border adjustment mechanism (CBAM). Revenues for the EU budget are estimated at around EUR 0.5 billion per year over the period 2023-2030
- 25% of the revenues generated by EU emissions trading scheme (ETS). Revenues for the EU budget are estimated at around EUR 9 billion per year over the period 2023-2030
- 15% of the share of the residual profits of the largest and most profitable multinational enterprises, as defined in the OECD Pillar 1 agreement. Revenues for the EU budget could amount to up to EUR 2.5-4 billion per year
Source
Latest Posts in "European Union"
- EU Seeks Feedback on Revising VAT E-Invoicing Rules for Harmonization and Interoperability
- Incoterms and EU VAT: Essential Rules for Accurate Cross-Border Trade Compliance
- Control Is Becoming Real-Time
- Comments on C-513/24 (Oblastní nemocnice Kolín) – Obligation for the presence of goods in hospital not decisive for VAT deduction
- EPRS Report: Targeting VAT Fraud: How the Reverse Charge Mechanism Protects EU Revenues
