CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. EU Parliament Considers Change To EU Funding

EU Parliament Considers Change To EU Funding

by Ulrika Lomas, Tax-News.com, Brussels

24 April 2014


Members of the European Parliament have backed proposals to reduce the share of member states' value-added tax (VAT) receipts that are used to fund the operations and projects of the European Union.

Proposals adopted by lawmakers on April 16, 2014, would reduce the amount of revenue fed to the European Union that is calculated as proportion of member states' gross national income from 64 percent to 40 percent.

Value added tax-based revenues currently provide about 11 percent of the EU budget. Members of the European Parliament agreed that this funding mechanism is in need of "drastic" reform.

Parliament has consistently called for the EU budget to be wholly funded from the European Union's own resources. It agreed that the current system is " "non-transparent, unfair, not subject to parliamentary control, highly complex and totally incomprehensible to European citizens."

TAGS: tax | value added tax (VAT) | VAT legislation | law | budget | legislation | European Union (EU) | Europe

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »