Important ‘financial jobs’ for Maltese MEPs

Labour MEP Louis Grech and his Nationalist counterpart David Casa will be working on two important economic dossiers in the coming weeks dealing with the first preparations for the next EU financial perspectives (a seven-year budget plan) and the minimum VAT to be charged across the EU.

Recently appointed member of a new special committee of the European Parliament on the EU Budget post-2013, Mr Grech will be looking at the policy challenges and budgetary resources necessary for a sustainable European Union after 2013.

This special committee has been given the task to define the Parliament’s political priorities for the post-2013 financial perspectives, both in legislative and in budgetary terms. It will also carry out an estimate of the financial resources necessary for the Union to obtain its budgetary objectives and ultimately establish the link between a reform in the EU’s financing with the review of expenditure.

On the other hand, David Casa has been appointed the EP’s rapporteur on the common system of value added tax, particularly where the duration of the obligation to respect a minimum standard rate is concerned.

The minimum standard rate that is set by the current VAT Directive is due to expire at the end of the year and will have to be extended. The current minimum standard rate is set at 15 per cent in all the EU’s member states.

The Commission is now proposing to extend the applicable period of the minimum standard rate by another five years, leaving it at 15 per cent.

As rapporteur, Mr Casa will be responsible for establishing the EP’s position and ensuring that his report will be supported by the majority of MEPs in plenary.