EU Lawmakers Back Digital, Financial Taxes to Fund Crisis Budget

Sept. 16, 2020, 4:25 PM

European Union countries should quickly agree on new bloc-wide taxes to fund the EU’s ballooning budgetary commitments brought about by coronavirus crisis, lawmakers said Wednesday.

In particular, revenues from an EU digital services tax should be paid into the budget from 2023 and an EU financial transactions tax should be implemented from 2024, members of European Parliament said in a 455-146 vote, with 88 abstentions. The EU has already agreed that its member countries will pay a charge into the bloc’s budget from 2021 based on the amount of non-recycled plastic they generate.

“Those that don’t pay ...

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