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Thursday, 23 January 2014

Council agrees on own resources package

The Permanent Representatives Committee today reached a political agreement on the three legislative acts forming the own resources package related to the European Union's multiannual financial framework (MFF) 2014-2020, on the basis of a compromise proposal of the Hellenic presidency. Own resources constitute the European Union (EU) revenue, which has to completely cover EU expenditure.
The three legislative acts on own resources constitute one of the three parts of the MFF package, the other two being the MFF regulation (adopted by the Council on 2 December 2013) and the about 70 sector-specific acts the majority of which have been adopted by the end of last year. The political agreement on own resources reached today translates the European Council conclusions of 8 February 2013 into legal terms.
As under the MFF covering the period 2007-2013, the own resources rules for the 2014-2020 period provide for the following types of own resources:
traditional own resources (i.e. mainly customs duties and sugar levies);
own resources based on the value added tax (VAT);
own resources based on the Gross National Income (GNI); it is used to fund the part of the EU budget which is not covered by other own resources, with the aim of balancing EU revenue with expenditure.
Once the European Parliament has given its consent and its opinions the Council will formally adopt the three legislative acts. This will be followed by the member states' approval of the own resources decision. As for previous MFF periods, the new own resources rules will enter into force retroactively on 1 January 2014.  The Permanent Representatives Committee is composed of the ambassadors of the 28 EU member states. Its role is to prepare decisions of the Council.

Source: Council of the EU