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S&Ds call for a reflection on a levy for a fairer single market

Date

05 Dec 2023

Sections

Global Europe

This year, as we mark the thirtieth anniversary of the EU single market, we celebrate the many benefits of this iconic European project. It grants access to a domestic market of 447 million consumers, creating or expanding business opportunities. Over the past three decades, exports of goods to other EU countries quadrupled from €0.7 trillion to more than €3.4 trillion, which was largely due to the existence of the common European market.

Now it is time to make the single market fairer. With this objective in mind, the Socialists and Democrats call for a reflection on introducing a single market levy that could yield up to €10 billion per year. The potential justification, design and estimated revenues of such a levy are outlined in the new study commissioned by the Group.

Biljana Borzan, MEP and S&D vice-president for economic matters, said: 

“Since its inception in 1993, the single market has made our lives easier and our economies stronger. It has brought substantial advantages to the EU as a whole. However, large companies tend to benefit most from a remarkable increase in trade. It would make sense if they contributed a small part of their gains to the common good.

That is why we call on EU leaders and institutions to explore the feasibility of introducing a single market levy, which would make the common market fairer. The revenues generated by levying the most influential multinationals, who have reaped the greatest benefits from the single market, would help the EU to repay its corona debt and finance its key priorities.”

Aurore Lalucq, MEP and S&D spokesperson on taxation, added:

“Our goal and our duty is to find reliable solutions to ensure enough resources for the EU budget in the future with fair contributions from the corporate sector. A single market levy could serve as an alternative to one of the currently impeded EU own resources or as a supplementary measure to generate the necessary revenues.

“According to the researchers’ estimates, such a levy could yield from €4 billion up to €10 billion a year. This would be a modest slice of the fortunes of the most powerful and the wealthiest, but a significant contribution to the common efforts of making Europe a fairer, more sustainable, and more prosperous place.”

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