The Chancellor of the Exchequer (Mr George Osborne)
A meeting of the Economic and Financial Affairs Council was held in Brussels on 7 November 2014. Ministers discussed the following items:
State of play of budget negotiations
The Council recognised the unprecedented scale of this year’s revisions to VAT and GNI balances and invited the Commission to propose a revision to the regulation on own resources enabling member states concerned to defer the required payment, without incurring any interest.
Parent subsidiaries directive
The Council discussed the proposal for a Council directive amending directive 2011/96/EU on the common system of taxation applicable in the case of parent companies and subsidiaries of different member states. The Council will aim to agree the text at the Council meeting on 9 December 2014.
Financial transaction tax
The Council held a state of play discussion on the proposal for a Council directive implementing enhanced co-operation in the area of a financial transaction tax.
Standard VAT return
The Council held a state of play update on the proposal for a Council directive amending directive 2006/112/EC on the common system of value added tax, as regards a standard VAT return.
EU statistics
Ministers adopted the annual set of Council conclusions on EU statistics.
Preparation of the 20th conference of parties to the United Nations framework convention on climate change (UNFCCC)
Ministers agreed a set of Council conclusions in preparation of the 20th conference of parties to the United Nations framework convention on climate change (UNFCCC), which will take place in Lima from 1 to 12 December 2014.