CSOs & Trade Unions Welcome EU’s New REvenue Proposals as “Much Needed” but Fail to Target the Most Profitable and Polluting Sectors
“The options included in the European Commission proposal on Own Resources, would bring much-needed resources to meet the EU’s financing needs. However, proposals gaining traction at the global level, such as taxing the super-rich, luxury air travel and the profits of fossil fuel giants, were not included. The proposal is missing the mark by not targeting the most profitable and polluting sectors, such as aviation and the financial sector. These measures could raise billions to invest in schools, hospitals and a greener, fairer economy, both at home and abroad – making Europe and our partners more resilient and prosperous.
EU Member States must agree to at least this level of revenue from new own resources and inject ambition into these proposals, ensuring the repayment of previous EU debt while simultaneously empowering the EU to build a stronger, more resilient and global Union.”
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Notes to editors:
The European Commission's proposal on new own resources would raise, according to EC estimations, €58.2 billion per year: €33 billion from three new own resources (non-collected e-waste, tobacco excise duty and annual lump-sum contribution from companies); €11 billion from already proposed own resources (ETS and CBAM); €14.3 billion from adjustments to current own resources. The revenues will be used to repay the Next Generation EU loans (€25 billion per year) and the additional cost of the EU budget.
