Paolo Gentiloni

    • EU countries lost €140bn in VAT revenues in 2018

      EU countries lost €140bn in VAT revenues in 2018

      The EU Member States lost an estimated €140bn in Value-Added Tax (VAT) revenues in 2018, a new report released by the European Commission on Thursday shows. Though still extremely high, the overall VAT Gap, or the difference between expected revenues in EU countries and the revenues actually collected, has improved marginally in recent years. However, figures for 2020 forecast a reversal of this trend, with a potential loss of €164bn in 2020 due to the effects of the coronavirus pandemic on the economy.

      190
    • Brussels: MFA programmes with eight EU partners agreed

      Brussels: MFA programmes with eight EU partners agreed

      As of today, the European Commission, on behalf of the EU, has agreed Memoranda of Understanding (MoU) on macro-financial assistance (MFA) programmes with eight partners, the Press service in Brussels reported on Tuesday. The agreements are part of the €3bn MFA package for ten enlargement and neighbourhood partners, aimed to help them limit the economic fallout of the coronavirus pandemic.

      206
    • Recovery fund payments to start in 2021

      Recovery fund payments to start in 2021

      Payments of the massive coronavirus stimulus approved by EU leaders will start in the second half of next year, Economy Commissioner Paolo Gentiloni was quoted as saying on Friday. In an interview with Italian newspaper La Repubblica he pointed out that countries could use a tenth in anticipation of the plan’s approval.

      183
    • Future economy commissioner calls for less restrictive EU budget policies

      Future economy commissioner calls for less restrictive EU budget policies

      The EU needs looser budgetary policies and an overhaul of its fiscal rulebook, Paolo Gentiloni, who is going to become the bloc’s new economic affairs commissioner said in an article published on Sunday. In Italian financial daily Il Sole 24 Ore he said that while the EU’s deficit and debt rules must not be ignored, they needed to be “reviewed and updated”. “It’s time for countries which have fiscal space to use it, in an overall context of less restrictive budgetary policies,” Gentiloni, due to replace Pierre Moscovici as economic and financial affairs commissioner, said.

      295