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 Publishes Implementing Rules for ViDA Single VAT Registration Changes
- Briefing document & Podcast: ViDA’s Single EU VAT Registration
- EU Commission Updates VAT E-Commerce Notes for ViDA Reforms
- General Court New VAT Case – T-548/26 (Finanzamt Freising) – No details known yet
- General Court New VAT Case – T-540/26 (Fumanko) – No details known yet
