The European Commission released a communication on 27 May 2020, setting its plan for recovery in Europe. This includes:
- Proposing a new €750 billion recovery instrument, Next Generation EU. This would be initially funded through unprecedented borrowing on the part of the Commission. To repay this debt between 2028 and 2058, the Commission has suggested new taxes may be levied on:
- Carbon emissions
- The operation of large companies
- Digital economy
- Non-recycled plastics
- A review by the Commission of the EU competition framework. Notably, in the communication, the Commission emphasises the importance placed by its recently announced Digital Services Act on a ‘fair marketplace’ for the provision of digital services.
- Increased efforts in the tackling tax fraud. As part of this, the Commission suggests that a common consolidated corporation tax base would assist by providing a single rulebook in computing corporation tax across the EU.
