At its meeting of 5 May 2006 the Economic and Financial Affairs Council (ECOFIN) took note of a presentation on the Commission's annual budget proposals for 2007.

The Council also took note of a presentation on the Commission Action Plan towards an Integrated Internal Control Framework.

ECOFIN approved a contribution to the European Council's review of the EU's Sustainable Development Strategy.

The Council held an exchange of views on the Presidency's package of VAT proposals, including on place of supply.

The Paymaster General, the right hon. Dawn Primarolo MP, represented the UK.