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EU plans new tax on big corporates to boost budget: Financial Times
BELGIUM, JUL 11 – The European Commission aims to raise about €1.5 billion annually by taxing companies with over €50 million turnover to reduce reliance on national contributions.
- The European Commission plans to introduce an annual tax targeting companies with a net turnover over €50 million operating within EU member states.
- This proposal addresses persistent budgetary issues and follows the abandonment of previous plans that aimed to impose a digital services tax specifically on major American technology companies such as Apple and Meta.
- Alongside the tax on large companies, the Commission plans additional revenue sources including levies on tobacco, electronic waste, non-recycled plastic, carbon emissions, and ecommerce package handling fees.
- The tax aims for equitable contributions with a progressive bracket system and must gain unanimous approval from all 27 EU member states to become law.
- If adopted, these measures would strengthen the EU's budgetary framework to support increased spending demands including defence, competitiveness, and repayment of €650 billion in covid loans from 2028.
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The European Commission, which is looking for sources of revenue for the new budget period, plans to propose introducing an EU-wide tax on companies with a turnover exceeding 50 million euros, the Financial Times writes.
The tax should apply to all large companies operating in the EU with a net turnover of more than EUR 50 million, reports the Financial Times.
EU eyes new corporate tax to boost budget revenues amid rising spending demands
The measure, still under internal discussion, is part of a broader push to diversify the EU’s sources of income as it faces rising expenditure demands, from defence and climate initiatives to mounting debt interest.
EU plans new tax on big corporates to boost budget -FT
Brussels will propose a new tax on companies with a net turnover exceeding 50 million euros ($58.44 million) as part of an effort to generate new financing streams for the European Union’s common budget, the Financial Times report on Friday.
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