New European taxes forecast by 2021

“Impeded from taking out loans, the EU is seeking a new way to finance the European project”, claims financial online Jornal Económico.

“Brussels wants to go-ahead with new taxes on consumption and energy, so that the current financial model is not solely based on contributions”, says the paper, suggesting the new taxes could come in force by 2021 and will not need ratification by any of the 27 member states.

Back in 2016, these ‘new taxes’ were suggested as both a plan to make-up for the shortfall caused by Brexit and a form of lessening the impact of migrations, terrorism and ‘other situations’ that have been costing the EU money it hadn’t bargained for over the last few years.

The ‘block’ on the getting the measures approved however was the ‘rule of unanimity’ – that is, not every Member State agreed to the idea.

Says Económico, Pierre Moscovici, the European Commissioner for Economic Affairs is among the “most active in the defence of the end of the rule of unanimity”.

Whatever happens, it will not be clear before 2021 when the next six year EU economic programme is presented.

The CDS party in Portugal has reportedly refused the notion outright, saying it puts individual countries’ sovereignty at risk.

A source for the European Commission however has told Económico that the idea is “not to reinforce EU powers, or reduce the competences of Member States.

“The path ahead will not affect the rights of Member States to define taxes to apply to individuals and companies. It will allow Member States to exercise their sovereignty so that mutual challenges can be resolved”, the source explained.

natasha.donn@algarveresident.com