The three legislative acts on own resources constitute one of the three parts of the MFF package, the other two being the MFF regulation (adopted by the Council on 2 December 2013) and the about 70 sector-specific acts the majority of which have been adopted by the end of last year. The political agreement on own resources reached today translates the European Council conclusions of 8 February 2013 into legal terms.
As under the MFF covering the period 2007-2013, the own resources rules for the 2014-2020 period provide for the following types of own resources:
- traditional own resources (i.e. mainly customs duties and sugar levies);
- own resources based on the value added tax (VAT);
- own resources based on the Gross National Income (GNI); it is used to fund the part of the EU budget which is not covered by other own resources, with the aim of balancing EU revenue with expenditure.