Activities of Joachim SCHUSTER related to 2022/2172(INI)
Shadow opinions (1)
OPINION on own resources: a new start for EU finances, a new start for Europe
Amendments (19)
Amendment 2 #
Draft opinion
Recital -A (new)
Recital -A (new)
-A. whereas the legally binding Interinstitutional Agreement of 16 December 2020 foresees the implementation of a roadmap of new own resources, including a second basket of own resources to be proposed by June 2024;
Amendment 4 #
Draft opinion
Recital A
Recital A
A. whereas the first basket of new own resources is based on the future EU Emissions Trading System, the future Carbon Border Adjustment Mechanism and Pillar I ofon a share of revenue collected under Pillar I new set of rules designed by the Organisation for Economic Co-operation and Development (OECD) and to be finalized by the Inclusive Framework;
Amendment 8 #
Draft opinion
Recital B
Recital B
B. whereas thea second basket of new own resources is expected by the end of 2023; whereas the Interinstitutional Agreement of 16 December 2020 stipulates that the Commission could include a fFinancial tTransaction tTax and a financial contribution linked to the corporate sector or a new common corporate tax base in this second basket;
Amendment 13 #
Draft opinion
Recital B a (new)
Recital B a (new)
B a. whereas the revenue side of the Union budget must be aligned with central EU objectives and policies addressing the grand societal challenges the EU is facing; whereas the system of own resources in its current form contributes to a rather limited extent only to this objectives;
Amendment 16 #
Draft opinion
Recital B b (new)
Recital B b (new)
B b. whereas the need to repay Next Generation EU (NGEU) and mounting long-term challenges for the EU underline the need to reassess the EU system of own resources, by exploiting the full potential of genuine own resources to assure sustainable financing of the EU budget in the long-term;
Amendment 17 #
Draft opinion
Recital B c (new)
Recital B c (new)
B c. whereas new own resources will ensure the NGEU repayment plan’s sustainability and strengthen the EU’s credibility on the financial markets, thus securing the best possible borrowing terms for the Union;
Amendment 18 #
Draft opinion
Recital B d (new)
Recital B d (new)
B d. whereas innovative own resources promote important EU objectives and strategies, such as fair taxation, competitiveness, or stabilising financial markets;
Amendment 19 #
Draft opinion
Recital B e (new)
Recital B e (new)
Amendment 20 #
Draft opinion
Paragraph -1 (new)
Paragraph -1 (new)
-1. Emphasizes that the collection of genuine European new own resources is not an end in itself, but is closely linked to the success of the RRF and the climate- neutral and digital transformation; underlines, therefore, that the amount of additional EU own resources must be sufficient to not only cover the debt service of the EU-bonds, including the incurring interest charges, but also to sustain and facilitate needed European investments beyond 2026 to finance the transformation of the EU economy;
Amendment 21 #
Draft opinion
Paragraph -1 a (new)
Paragraph -1 a (new)
-1 a. Underlines that own resources are a key enabler for the Union to implement its policy priorities; stresses that the introduction of new own resources would assure sustainable financing of the EU budget on a long-term basis in order to avoid new EU priorities being financed to the detriment of valuable EU programmes and policies, thus avoiding cuts to Union programmes in the future that would undermine the very purpose of long-term planning;
Amendment 22 #
Draft opinion
Paragraph 1
Paragraph 1
1. NotWelcomes that, according to the roadmap in the Interinstitutional Agreement of the 16 December 2020, the Commission needs to put forward a proposal for the second basket of new own resources by June 2024;
Amendment 36 #
Draft opinion
Paragraph 2
Paragraph 2
2. NotWorries that none of the new own resources from the first basket are yet in place;
Amendment 44 #
Draft opinion
Paragraph 3
Paragraph 3
3. Is concerned that the first basket of own resources will not generate the revenues expected for several reasons; worries in particular that the expected resources from the Pillar I reform at global stage remains blocked; observes further that beyond the funding needed for NextGenerationEU, the Union may need additional resources to assist Ukraine financially and, to further mitigate the impact of Russia’s war against Ukraine on the Union and to finance the digital and green transitions;
Amendment 45 #
Draft opinion
Paragraph 3 a (new)
Paragraph 3 a (new)
Amendment 49 #
Draft opinion
Paragraph 4
Paragraph 4
4. Concludes that the second basket of own resources therefore needs to be ambitious and yield sufficient revenues commensurate with the Union’s needs and based on measures- taxes and levies- that require a European coordinated approach;
Amendment 54 #
Draft opinion
Paragraph 5
Paragraph 5
5. Calls on the Commission to consider, for its second basket of own resources, an EU-wide tax on the financial sector; recalls that a financial transaction tax based on its 2011 model, which should yield around EUR 41.5 billion per year; billion per year; draws attention to the growing repurchase of corporate stock (share buyback) in the EU; notes that the US Inflation Reduction Act foresees a tax equal to 1 percent of the fair market value of any stock of the corporation which is repurchased by such corporation during the taxable year and that it is expected to generate $79bn in ten years; calls on the Commission to assess the feasibility of a similar excise duty for the EU;1a _________________ 1a An excise duty on the repurchase of share, a practice called share buyback, would allow the EU to decentivise this growing practice that rewards shareholders while generating new resources. Returning value to shareholders can be done through a dividend payment or by repurchase the shareholder’s stock/shares. By increasing the cost of share buybacks, the objective is to ensure that firms invest their surplus in economic activities, rather than returning this value to shareholders. Before the pandemic, the repurchase of shares represented 32% of amounts distributed to shareholders, while it represented 68% in the US. This phenomenon is growing inside the EU.
Amendment 69 #
Draft opinion
Paragraph 6
Paragraph 6
6. Calls on the Commission to come forward with an own resource linked to eitherthe corporate sector and in particular either a share of revenues determined by the upcoming ‘Business in Europe: Framework for Income Taxation’ proposal or a share of revenues generated by to the proposal for a minimum tax directive1 implementing the OECD-led global tax deal, most in particular Pillar II; _________________ 1 Commission proposal for a Council directive on ensuring a global minimum level of taxation for multinational groups in the Union (COM(2021)0823).
Amendment 70 #
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
Amendment 81 #
Draft opinion
Paragraph 8
Paragraph 8
8. Suggests that the Commission and Member States come up with new own resources with similar design features as for to the non-recycled plastic contribution with the aim to fight inequality in the Union, to enhance the circular economy, and help to catalyse the implementation of the Green Deal. , as well as ensure a socially fair and just green and digital transition;