EU Council asks for deferral of extra budget contribution payment

GMT 23:31 2014 Saturday ,08 November

Arab Today, arab today EU Council asks for deferral of extra budget contribution payment

EU Council
Brussels - XINHUA

 The Council of the European Union here on Friday requested the European Commission to submit a proposal to allow member states related to defer the required payment over a reasonable period of time.
According to the presidency conclusions of the meeting of EU Economic and Financial Affairs Council, which was held on Friday, the date when the relevant member states can defer their payment should be no later than Sept. 1.
"Due to the major revisions of the Gross National Income (GNI) of several member states, their additional contributions to the EU budget will be substantial," said the presidency conclusions, adding that the payment date of the first working day of December is short.
It said the original payment date in December "may result in exceptionally high fiscal implications for those member states," it said.
For the sake of equal treatment of all member states, deferral should then be an option for all if the overall sum of the GNI balances is exceptionally high. And taken into account the tight deadlines, this amendment should come into effect by Dec. 1 this year.
Britain and other member states were informed of the new budget calculations at an EU summit last month. The amount is based on a calculation of how well the economies of member states have fared since 1995.
Media reports had that British Prime Minister David Cameron responded angrily to the new budget, based on data showing that Britain was wealthier than previously thought, and that Britain owed more money to the EU.
Cameron insisted hat there was "no pressing need" for Britain to pay the extra budget contribution of 2.1 billion euros (2.67 billion U.S. dollars) to the EU by the Dec. 1 deadline.

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