Hello everyone, welcome to the PWC TaxWite podcast series.

And today we will talk about the just recently published, just an hour ago published

the Fit455 package of the European Commission.

My name is Peter Drey, director in the Brussels team,

and I welcome to my virtual studio, two people, Jean-Philippe Val-West, senior expert in

European law, and Jean-Philippe is part of the environmental tax group in PWC, and

Stefan de Bates, senior council, an expert in international tax and transfer pricing.

And together with both of you, I would like to explore already a little bit the big package,

and I say big because it's lots of pages of documents which have been published by the European

Commission today and which all deal with transition to a green economy and

yeah, delivering the Green Deal to say it with the words of the Commission.

And the ambition is important, so reducing cutting emissions by 55% by 2030 to realize a genuine net zero by 2050. Very ambitious goal.

And Jean-Philippe, let me start with a question to you. What has been announced today

and were you surprised by the announcement? Thank you, Peter, for that question. And hello, everyone um this uh this fit for 55 package it's yet again a very

important evolution in the area of taxation but as well beyond that it's a it's a much broader

evolution um this this this evolution and this package was expected as so the people

dealing with this issue were already looking forward to this communication a

lot for a long time it is said to be the biggest legislative package the

Commission ever presented so illustrating as well its importance.

What we see is what is in this package,

well, it contains several measures,

several measures updating on the one hand existing legislation on energy and climate together

...