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MFP's Georgescu: with the Brexit there will be at least a simplification in the system of own resources after 2020

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Romania is voicing hope that with the UK leaving the European Union, there will be a simplification in the post-2020 system of own resources as far as the EU budgetary revenues are concerned, State Secretary with Romania's Finance Ministry (MFP) Elena Georgescu told a debate on Monday called "Post-2020 multiannual financial framework, a response for EU's future" held in Bucharest by the European Institute in Romania. 

"Romania, like other member states, is voicing hope that with the Brexit there will be at least a simplification in the system of own resources after 2020, meaning the current Value-Added Tax (VAT) resource will be disbanded for after 2020. Right now, as far as the introduction of new genuine own resources in correlation with the repeal of the current VAT resources is concerned, Romania is open to discussions. But, the nationwide budgetary impact of the new proposal for own resources should be considered so that it may be comparable with the current VAT resources," added Georgescu. 

About the existing revenue correction mechanisms, she said Romania argues they fail to meet transparency criteria. 

"I would mention the existing revenue correction mechanisms: Romania believes they are failing to meet the principles of transparency, simplicity and efficiency. As far as we are concerned, the mechanisms should disappear in stages, to reflect the spending composition to be agreed upon for the next financial framework," said Georgescu.

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