Draft Treaty establishing the European Union

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Part Five THE FINANCES OF THE UNION

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Article 71 Revenue

Article 71 Revenue

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1. When this Treaty enters into force, the revenue of the Union shall be of the same kind as that of the European Communities. However, the Union shall receive a fixed percentage of the basis for assessing value added tax established by the budget within the framework of the programme set out in Article 74 of this Treaty.

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2. The Union may, by an organic law, amend the nature or the basis of assessment of existing sources of revenue or create new ones. It may by a law authorize the Commission to issue loans, without prejudice to Article  75(2) of this Treaty.

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3. In principle, the authorities of the Member States shall collect the revenue of the Union. Such revenue shall be paid to the Union as soon as it has been collected. A law shall lay down the implementing procedures for this paragraph and may set up the Union?s own revenue-collecting authorities.

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