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Ec (Vat Resource Base)

Volume 87: debated on Friday 29 November 1985

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asked the Chancellor of the Exchequer, on current projects, in which year the value added tax resource base of the European Economic Community will have to be increased beyond 1·4 per cent. to make provision for the projected United Kingdom refund provided for by the Fontainebleau agreement.

The Commission's latest financial forecast indicates that the 1·4 per cent. VAT ceiling should be sufficient to finance all the Community's needs, including the abatement, up to the end of the forecast period in 1988. No forecast has yet been made for later years.