An easy way of publishing your relevant EU press releases.

Tax the superrich individuals and unblock the Financial Transaction Tax to get new own resources for the EU budget


10 May 2023


Euro & Finance

The Socialists and Democrats in the European Parliament sent a strong message to the European Commission and the member states in the Council asking for a profound reconsideration of the system for own resources for the EU budget. The S&D Group led a majority in the plenary of the EP that adopted the report of the parliamentary committee on budget: ‘Own resources: a new start for EU finances, a new start for Europe’. This reform of the own resources system should include: the introduction of Financial Transaction Tax (FTT) currently blocked in the Council for more than a decade; a tax on superrich individuals; an extension of the EU windfall taxes to all sectors that have profiteered off the global crises and not just to energy companies; and an EU minimum Capital Gains Tax.

Eider Gardiazabal Rubial, S&D spokesperson in the EP committee on budgets and negotiator on the issue of own resources, said:

“In a Europe where families and small corner shops have to pay their taxes, we cannot let big multinational companies and superrich individuals get away with not paying their fair share. This could be a great source of fresh EU money for our budget. It is simply not possible to deliver on the policies promised to our citizens, tackle all the crises that follow one after another and, at the same time, fund the EU’s priorities.

“To those who say this is impossible, we say Next Generation EU was also unthinkable just a couple of years ago. Now it is a reality and one of the best things Europe has ever done, but we need funding to make sure Next Generation EU succeeds and contributes to the recovery and resilience of our economies.

“A new system of own resources means also making possible the creation of a permanent fiscal capacity at EU level, and the extension of the windfall tax on all big companies, not just on the energy sector. As for the Financial Transaction Tax (FTT), all eyes are on the Council. There is hardly any other initiative that went through so many impact assessments by the European Commission to then be blocked for so long in the Council by some member states. We just have to move forward and finally introduce the FTT and we encourage the national governments to endorse this great S&D initiative that dates back more than a decade.

“I regret that the right-wing group and the liberals in the European Parliament proved once again during the vote in plenary they stand firmly behind the rich. This encourages us even more to continue the fight for all Europeans and find the much needed own resources for the EU budget in the spirit of social justice and solidarity.”