If adopted the financial transaction tax (FTT) will significantly reduce the contributions of member states to the EU budget. According to estimates presented last week by the European Commission, Member States’ contributions would be slashed by €54bn in 2020.

The Commission proposes that two thirds of the revenues of the FTT go to the EU budget, reducing by the same amounts Member States’ contributions based on their GNI, with the remaining one third being retained by Member States. Therefore, every euro levied with the FTT will ultimately benefit the Member States, whether through direct revenue collection or through a reduction of contributions to the EU budget.

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