The EU Council (member states head of states) has agreed upon the Corona recovery deal.
EU Institutions will borrow € 750 Billions on the financial markets and distribute it to the members states. France will receive € 40 billions for instance.
EU institution and not the member states will be responsible to repay the loan.
EU institutions will receive new fiscal competencies to enable repayment; including:
- EU digital tax (tax on big digital multinational companies)
- Environmental taxes:
- a Plastic Tax
- Carbon emission levy on EU imports.
The Plastic tax will be introduced as from 1 January 2021 and will be calculated on the weight of non-recycled plastic packaging waste “with a rate of €0.80 / KG.
Import of Indian and Chinese steel in the EU will probably be taxed.
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