1352

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Reform Support Programme 2021-2027

27-07-2018

The European Commission adopted the proposal on the establishment of the Reform Support Programmeon 31 May 2018, as part of the package for the upcoming multiannual financial framework for 2021-2027. The programme will provide financial and technical support for Member States to implement reforms aimed at increasing the resilience and modernising their economies, including priority reforms identified in the European Semester. The overall budget for the programme is €25 billion. It comprises three ...

The European Commission adopted the proposal on the establishment of the Reform Support Programmeon 31 May 2018, as part of the package for the upcoming multiannual financial framework for 2021-2027. The programme will provide financial and technical support for Member States to implement reforms aimed at increasing the resilience and modernising their economies, including priority reforms identified in the European Semester. The overall budget for the programme is €25 billion. It comprises three elements: a reform delivery tool (financial support); a Technical Support Instrument (technical expertise, building on the current Structural Reform Support Programme 2017-2020); and a convergence facility (preparation for adopting the euro). The Reform Support Programme will be open to all Member States on a voluntary basis, with no co-financing required. In the European Parliament, the Committee on Economic and Monetary Affairs (ECON) and Committee on Budgets (BUDG) will work jointly on this file under Rule 55 of Parliament's Rules of Procedure. The next step is the publication of the draft report, expected in autumn 2018.

The National Productivity Boards

26-07-2018

This document examines some features of the Competitiveness or Productivity Boards recommended in the context of “Completing the Economic and Monetary Union”.

This document examines some features of the Competitiveness or Productivity Boards recommended in the context of “Completing the Economic and Monetary Union”.

Latest on the digital economy [What Think Tanks are thinking]

20-07-2018

The digital revolution, which is reshaping the global economy and societies, offers numerous opportunities, but also poses many challenges, thereby putting governments in a dilemma on how to shape it. While empowering individuals in many ways and spurring impressive inventions, it poses threats of cyber-attacks and privacy abuse. It also raises concern about the future of the labour and social security markets. This note offers links to commentaries and studies on the digital economy by major international ...

The digital revolution, which is reshaping the global economy and societies, offers numerous opportunities, but also poses many challenges, thereby putting governments in a dilemma on how to shape it. While empowering individuals in many ways and spurring impressive inventions, it poses threats of cyber-attacks and privacy abuse. It also raises concern about the future of the labour and social security markets. This note offers links to commentaries and studies on the digital economy by major international think tanks. Earlier papers on the same topic can be found in a previous edition of 'What Think Tanks are Thinking', published in May 2017.

Introducing the definitive VAT system for B2B cross-border trade

18-07-2018

Value added tax (VAT) is an important source of revenue for national governments and the European Union (EU) budget and, from an economic point of view, it is a very efficient consumption tax. However, the existing rules governing intra-Community trade are 25 years old and the current common EU VAT system presents such problems as vulnerability to fraud, high compliance costs for businesses and also a heavy administrative burden for national authorities. The reform of the system is planned in several ...

Value added tax (VAT) is an important source of revenue for national governments and the European Union (EU) budget and, from an economic point of view, it is a very efficient consumption tax. However, the existing rules governing intra-Community trade are 25 years old and the current common EU VAT system presents such problems as vulnerability to fraud, high compliance costs for businesses and also a heavy administrative burden for national authorities. The reform of the system is planned in several consecutive steps, first for goods and then for services, and will take some years. This proposal introduces the basic features of the definite VAT system for business-to-business (B2B) transactions of goods and aims to harmonise and simplify certain rules of the current VAT system, by amending the VAT Directive (Directive 2006/112/EC).

Seven economic challenges for Russia: Breaking out of stagnation?

18-07-2018

This publication describes the current condition of the Russian economy, which has suffered recently from external shocks, such as a collapse in oil prices and Western sanctions. However, it argues that poor economic performance has more to do with long-term internal problems, including a lack of competitive markets, low levels of investment, an absence of innovation and excessive dependence on natural resources. Finally, it discusses President Putin's promises of economic reforms to tackle such ...

This publication describes the current condition of the Russian economy, which has suffered recently from external shocks, such as a collapse in oil prices and Western sanctions. However, it argues that poor economic performance has more to do with long-term internal problems, including a lack of competitive markets, low levels of investment, an absence of innovation and excessive dependence on natural resources. Finally, it discusses President Putin's promises of economic reforms to tackle such issues, and evaluates the prospects for major change.

Global Trendometer - Essays on medium- and long-term global trends - July 2018

18-07-2018

The EU faces challenges from the outside and the inside. Most of those are the symptoms of big underlying trends, and handling them needs foresight. The Global Trendometer tries to provide foresight for decision makers in the EU by analysing the changes in these long-term trends. This publication does not offer answers or make recommendations. It presents summarised information derived from a range of carefully selected sources. This issue of the Global Trendometer analyses long-term trends on India ...

The EU faces challenges from the outside and the inside. Most of those are the symptoms of big underlying trends, and handling them needs foresight. The Global Trendometer tries to provide foresight for decision makers in the EU by analysing the changes in these long-term trends. This publication does not offer answers or make recommendations. It presents summarised information derived from a range of carefully selected sources. This issue of the Global Trendometer analyses long-term trends on India, the labour-share of income, and democracy and artificial intelligence. It also features two-pagers on geoengineering, remittances, food security in China, economic waves, the US after Trump, public procurement and deep fakes.

More flexible VAT rates

17-07-2018

Value added tax (VAT) is an important source of revenue for national governments and the European Union (EU) budget and, from an economic point of view, a very efficient consumption tax. However, the rules governing value added tax as applied to intra-Community trade are 25 years old and the current common EU VAT system is both complicated and vulnerable to fraud. Businesses doing cross-border trade face high compliance costs and the administrative burden of national tax administrations is also excessive ...

Value added tax (VAT) is an important source of revenue for national governments and the European Union (EU) budget and, from an economic point of view, a very efficient consumption tax. However, the rules governing value added tax as applied to intra-Community trade are 25 years old and the current common EU VAT system is both complicated and vulnerable to fraud. Businesses doing cross-border trade face high compliance costs and the administrative burden of national tax administrations is also excessive. The reform towards the definitive system is planned in several consecutive steps and will take some years. In the meantime, this proposal will amend the VAT Directive (Directive 2006/112/EC) and reform the rules by which Member States set VAT rates. The reform will enter into force when the definitive system is in place; it will give more flexibility to Member States to set VAT rates and will end the current arrangements and their many ad-hoc derogations.

Interim digital services tax on revenues from certain digital services

16-07-2018

There is a consensus that the digital economy is relatively undertaxed when compared with traditional businesses. Certain inherent characteristics such as reliance on cross-border provision of services without physical presence, easy transfers of intangible assets, and novel ways to create value make it particularly easy for enterprises to limit their tax liabilities. In order to provide a solution to this problem, in March 2018 the Commission adopted the 'fair taxation of the digital economy' package ...

There is a consensus that the digital economy is relatively undertaxed when compared with traditional businesses. Certain inherent characteristics such as reliance on cross-border provision of services without physical presence, easy transfers of intangible assets, and novel ways to create value make it particularly easy for enterprises to limit their tax liabilities. In order to provide a solution to this problem, in March 2018 the Commission adopted the 'fair taxation of the digital economy' package, comprised of two proposals. One concerns a permanent reform of corporate tax regime while the second is a proposal for a directive on the common system of a digital services tax on revenues resulting from the provision of certain digital services, which would apply as an interim measure until the permanent reform has been implemented. The tax is to cover businesses above two thresholds: total annual worldwide revenues exceeding €750 million and annual revenues in the EU exceeding €50 million. The proposed single rate is at 3 %, levied on gross revenues resulting from the provision of certain digital services where user value creation is essential. The stakeholders and the Member States seem to be divided on the issue.

Levelling off European cross-border payments in euros

09-07-2018

While the overall argument in favour of cheaper cross-border payments across the euro and non-euro Member States appears sensible, this impact assessment could have been stronger in terms of discussing the specifics of the financial infrastructure in non-euro Member States and the shortcomings of the cross-border payments market related to these specifics. A more detailed comparison of options including the economic impacts (particularly as related to SMEs) would have been helpful, as would be a ...

While the overall argument in favour of cheaper cross-border payments across the euro and non-euro Member States appears sensible, this impact assessment could have been stronger in terms of discussing the specifics of the financial infrastructure in non-euro Member States and the shortcomings of the cross-border payments market related to these specifics. A more detailed comparison of options including the economic impacts (particularly as related to SMEs) would have been helpful, as would be a more substantiated analysis of the feasibility of the envisaged monitoring and evaluation mechanisms.

Economic dialogue and exchange of views with the Presidents of the Council (ECOFIN)

09-07-2018

Hartwig Löger, Minister of Finance of Austria, is participating in the ECON Committee on 11 July 2018 in his capacity of the incoming President of the ECOFIN Council during the Austrian Presidency (July - December 2018). Vladislav Goranov, Minister of Finance of Bulgaria, is participating in the ECON Committee on 12 July 2018 in his capacity of the outgoing President of the ECOFIN Council during the Bulgarian Presidency (January - June 2018). According to the Treaty of the Union “Member States shall ...

Hartwig Löger, Minister of Finance of Austria, is participating in the ECON Committee on 11 July 2018 in his capacity of the incoming President of the ECOFIN Council during the Austrian Presidency (July - December 2018). Vladislav Goranov, Minister of Finance of Bulgaria, is participating in the ECON Committee on 12 July 2018 in his capacity of the outgoing President of the ECOFIN Council during the Bulgarian Presidency (January - June 2018). According to the Treaty of the Union “Member States shall regard their economic policies as a matter of common concern and shall coordinate them within the Council”. This briefing note covers the 2018 CSRs proposed by the Commission, the implementation of CSRs over the period 2012-2017 and recent decisions related to the implementation of the Stability and Growth Pact and the Macro-economic Imbalance Procedure. It also includes elements related to the on-going work to strengthen the governance and the resilience of the Economic and Monetary Union.

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