The European Parliament’s Committee on Budgets adopted, on Wednesday 26 October, its position on the European Commission’s proposal to create three new own resources for the EU budget.
The Commission has proposed a carefully calibrated basket of new sources of revenue in 2021, consisting of part of the revenues from the auctioning of the EU Emissions Trading System (ETS), the proceeds from the sale of certificates from the Carbon Border Adjustment Mechanism (CBAM) and an own resource based on the OECD/G20 global corporate tax agreement (‘Pillar One’) (see EUROPE 12859/3).
The report by José Manuel Fernandes (EPP, Portuguese) and Valérie Hayer (Renew Europe, French) on this dossier was adopted with 22 votes in favour, 1 against and 5 abstentions.
In particular, the European Parliament adopted some compromise amendments (https://aeur.eu/f/3sj ) on the following three own resources: 25% of the revenue from the ETS, 15% of the residual profit share of the largest and most profitable multinationals and 100% of the revenue from the CBAM.
The Parliament insists that this revenue must be used to pay back the EU’s Economic Recovery Plan, without “cutting successful programmes or increasing taxes at home to pay off the debt”, Ms Hayer commented. She supports the principle of making “big polluters, multinationals not paying their fair share and importers of foreign CO2 pay for the recovery”.
The report will be debated and voted on in the Parliament at the November II plenary session (21-24 November). After the plenary vote, the EU Council will be able to adopt the new Own Resources Decision (ORD) and start the process of ratification of the text in the 27 EU countries. (Original version in French by Lionel Changeur)