The Commission, however, said the revenue potential of crypto taxes is hard to estimate due to the lack of data.
Tough budget equation
The Commission’s new analysis adds an additional layer of complexity to budget negotiations among EU governments. Cyprus, which holds the Council’s six-monthly rotating presidency, is set to present a new budget breakdown with revised numbers and spending allocations around June 10.
The EU’s taxes — known as “own resources” — require unanimous approval among the bloc’s 27 governments.
The additional revenue is designed to finance the EU’s common cash pot from 2028 to 2034, which totals almost €2 trillion, including repayments of the EU’s post-Covid joint debt program.
The Commission’s original proposal from July included a tax on carbon imports into the EU, known as CBAM, as well as taxes on carbon emissions, non-recycled electronic waste, tobacco revenues and corporate profits.
In a setback for the EU executive, each proposed new tax — with the exception of CBAM — has faced strong opposition in Council. France has signaled that it will not agree to a budget deal that does not include significant new own resources.
To break the deadlock, several EU leaders asked the Commission to explore Parliament’s options during an informal summit in Cyprus in April.
This article has been updated.