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Ministry for Foreign Affairs

Screening meeting on Financial and Budgetary Provisions concluded

Screening meeting with the European Union on Chapter 33 – Financial and Budgetary Provisions – was concluded in Brussels yesterday. At the meeting, which was the latter one of two, experts from Iceland and the EU compared the legislation falling under the Chapter. The Icelandic team was headed by Ms. Marianna Jonasdottir, chairperson of Financial Affairs negotiation team.
Chapter 33 covers the rules concerning the financial resources necessary for the funding of the EU budget and contributions from each Member States. Most of the regulations which fall under the Chapter are meant to secure the appropriate administrative capacity to ensure the correct calculation and payment which the EU depends on, and consistence between Member States.
Financial contributions from the Member States or own revenues of the EU can be divided into three: Firstly from customs and import duties on imports from countries outside the EU. Secondly contributions to the EU is calculated as a specific proportion of a Member State's value-added tax base. Thirdly the financial contribution is a certain proportion of gross national income of each Member State.
Calculating the actual cost of EU membership bears some difficulties, based on the fact that various factors on the revenue side are not known until negotiations are completed.

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