11985I374

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Article 374

The amount of duties established under own resources accruing from value added tax or from financial contributions based upon the gross national product pursuant to Article 4 ( 1 ) to ( 5 ) of the Decision of 21 April 1970 shall be due in its entirety as from 1 January 1986 .

The derogation referred to in point 15 of Article 15 of Sixth Council Directive 77/388/EEC shall not affect the amount of duties due under the first paragraph .

The Community shall refund to the Portuguese Republic , as an item of expenditure under the general budget of the European Communities , during the month following its availability to the Commission , a proportion of the amount of payments under own resources accruing from value added tax or from financial contributions based on the gross national product in accordance with the following procedure :

- 87 % in 1986 ,

- 70 % in 1987 ,

- 55 % in 1988 ,

- 40 % in 1989 ,

- 25 % in 1990 ,

- 5 % in 1991 .

The percentage of this graduated refund shall not apply to the amount corresponding to the share borne by Portugal in financing the deduction provided for in Article 3 ( 3 ) ( b ) , ( c ) and ( d ) of the Council Decision of 7 May 1985 on the Communities' system of own resources , in favour of the United Kingdom .