EU Proposes Budget With New Company Levy, Tobacco Taxes (1)

The European Commission on Wednesday proposed €58.2 billion in new taxes annually as it looks to balance a nearly €2 trillion ($2.3 trillion) budget for the next seven years.

The commission is proposing to generate revenue through various new streams, including €11.2 billion from a portion of an EU hike on tobacco tax, €6.8 billion from a “lump sum contribution” on companies with a turnover of more than €100 million, €9.6 billion from the EU’s cap-and-trade scheme, €1.4 billion from the EU’s carbon border tax, and €14.3 billion from raised rates on current streams of revenue. The commission also expects ...