EU eyes global tax deal revenue to boost next budget

BRUSSELS — The European Commission is exploring whether to use revenue from a global tax agreement on multinational companies to finance the EU’s next seven-year budget, four EU diplomats with knowledge of the proceedings told POLITICO. The idea could facilitate an agreement on new EU-wide taxes, known as own resources, which has emerged as a major stumbling bloc in the ongoing budget negotiations. The European Council President António Costa has urged countries to approve the new taxes to reduce national contributions to the bloc's budget, which is worth €1.82 trillion according to the latest proposal from earlier this month.