EU Parliament pushes for new taxes

May 17, 20230

Type: Legislation Proposal

In order to fund the €800 million post-pandemic economic recovery and green and digital transformation plans for the EU, the European Parliament has supported a report calling for the implementation of a number of new taxes. The taxes consist of the following: 

  • Financial Transaction Tax; 
  • Digital services levy (if OECD Pillar 1 tax reforms fail); 
  • Excise duties on share buybacks; 
  • Common withholding tax framework; and
  • Taxes on crypto assets.

These taxes would add to the EU’s ‘own resources’ for spend and investment. Currently, a small portion of member states’ VAT collections serves as the primary source of funding for this. 

Effective date: N/A



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