Amending budget No 7/2020

Commission's proposal: Draft Amending Budget 7/2020, COM(2020) 424 – 6 July 2020
Council's position: 4 September 2020
Parliament's position: 6 October 2020

The purpose of Amending Budget (AB) No 7 for the year 2020 is to update the revenue side of the budget to take account of the latest developments:

• to revise the forecast of Traditional Own Resources (i.e. customs duties), value-added tax (VAT) and gross national income (GNI) bases, and to budget the relevant UK corrections and their financing, which all affect the distribution of own resources contributions from Member States to the EU budget.
• to update other revenue such as fines and exchange rate differences.