23 Oct 2014
EUROPEAN COMMISSION DAILY NEWS – 23 OCTOBERBrussels Daily
An estimated €177 billion in VAT revenues was lost due to non-compliance or non-collection in 2012, according to the latest VAT Gap study published by the Commission today. This equates to 16% of total expected VAT revenue of 26 Member States. The VAT Gap study sets out detailed data on the difference between the amount of VAT due and the amount actually collected in 26 Member States in 2012. It also includes updated figures for the period 2009-11, to reflect a refinement of the methodology used. The main trends in the VAT Gap are also presented, along with an analysis of the impact that the economic climate and policy decisions had on VAT revenues. For more information, see IP/14/1187 and MEMO/14/602 .
Tripartite Social Summit / European Council
This morning, President Barroso will participate in the Tripartite Social Summit which takes place twice a year. Today, discussions will focus on investment needs in the employment sector as well as the Europe 2020 strategy.
In the afternoon, President Barroso will participate in his final European Council. He will urge member states to find agreement on the climate and energy package put forward by the Commission including the 40% cut in greenhouse gas emissions by 2030, and leaders will also discuss the situation in Ukraine as well as the economic situation in the European Union.
Leaders will also focus on the European response to Ebola. In this context, President Barroso and Commissioner Geoghegan-Quinn today announced €24.4 million from the EU budget for urgently needed Ebola research. The funding will go to five projects, ranging from a large-scale clinical trial of a potential vaccine, to testing existing and novel compounds to treat Ebola.
The European Commission has today announced €24.4 million from the EU budget for urgently needed Ebola research. The funding will go to five projects, ranging from a large-scale clinical trial of a potential vaccine, to testing existing and novel compounds to treat Ebola. The money from Horizon 2020 , the EU research and innovation programme, will be provided via a fast-track procedure in order to start work as soon as possible. The Commission is also working with industry on the further development of vaccines, drugs and diagnostics for Ebola and other haemorrhagic diseases within the Innovative Medicines Initiative .
Eurostat publishes for the first time quarterly government debt figures based on the European System of Accounts 2010 (ESA 2010) methodology. The data in this Release include revisions due both to the implementation of ESA2010 and to the incorporation of other statistical adjustments.
At the end of the second quarter of 2014, the government debt to GDP ratio in the euro area (EA18) stood at 92.7%, compared with 91.9% at the end of the first quarter of 2014. In the EU28, the ratio increased from 86.0% to 87.0%. Compared with the second quarter of 2013, the government debt to GDP ratio rose in both the euro area (from 91.7% to 92.7%) and the EU28 (from 85.1% to 87.0%).