Financial Resolutions, 1978: Financial Statement, Budget, 1978. - Contribution to Budget of the European Communities
From January 1978, in accordance with our Treaty obligations, Ireland is participating fully for the first time in the Own Resources system of financing the budget of the European Communities. This requires us to appropriate to the Communities an amount equivalent to our revenue accuring from the common customs tariff and from agricultural levies, as well as a financial contribution based on our relative share in Community GNP. The GNP element will be replaced in due course by a VAT-related contribution. As a result of successful negotiations in the second half of last year, our contribution, which might otherwise have been about £60 million, as proposed by some member states, was settled at a net £42.4 million.