Dombrovskis: There is a lot of work to do on national recovery plans

The Commission is continuing preparations for proposing an EU digital levy

Photo: EU Valdis Dombrovskis.

At their informal meeting, EU economic and finance ministers discussed among other topics the state of play with the national recovery and resilience plans, which Member States are drafting as to benefit in loans and grants by the €672.5bn Recovery and Resilience Facility.

According to EC Executive Vice-President Valdis Dombrovskis the Commission already has a fairly clear view of what the vast majority of countries intend to include.

Commenting on the situation, he pointed out that there is “a lot of work to do”, specifically mentioning the need to get the right balance between reforms and investments and translating them into milestones and targets to guide disbursements.

The EVP warned that this task should not be underestimated. He also explained that in the coming weeks discussions will continue with each country at full speed and in line with the country-specific recommendations.

Ministers supported the Commission's retail payments strategy, in particular the roll-out of instant payments and development of pan-European payment systems.

This will make our retail payments market competitive and innovative, EVP Dombrovskis emphasises announcing that the Commission will soon launch a public consultation with a view to promoting the uptake of instant payments. “As our economies turn progressively digital, we want to make it easier for consumers to pay in shops everywhere and make e-commerce transactions widely available, safe and convenient.”

On digital taxation he underlined that is still needed a global agreement on reforming the institutional system at the level of the OECD and G20. 

We welcome the change of position by the new US administration and remain confident of reaching a consensus by mid-2021, he said adding that the Commission is continuing preparations for proposing an EU digital levy, to serve as an EU own resource by 2023. We will ensure that this will complement the OECD process and be WTO-compatible, he remarked.

As he stated, the crisis makes it even more important to agree on the taxation of digital businesses and other issues such a minimum tax rate. This is both in order to secure much-needed tax revenues and to make sure that everyone pays their fair share of tax, EVP Dombrovskis outlined.

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