Financial Transaction Tax Reach New Stage

November 13, 2012 Taxation in EU

European TaxBRUSSELS -The proposed financial transaction tax is coming closer to reality in Europe, as EU officials are poised to discuss the feasibility of the tax over the course coming weeks.

While addressing the Committee on Economic and Monetary Affairs (ECON) of the European Parliament on November 12th, the EC Commissioner for Taxation and Customs Union, Audit and Anti-fraud Algirdas Semeta said that on the following day he will urge all 27 EU finance ministers to make quick progress towards the implementation of a multinational financial transaction tax.

Algirdas Semeta explained that “… there is no question that going ahead with the FTT [financial transaction tax] file through enhanced cooperation is fully justified, but also strongly grounded and legally compliant.”

The Commissioner is scheduled to speak in front of the finance ministers of all EU countries at a meeting held to examine a proposal to launch enhanced cooperation procedures towards a financial transaction tax as requested by Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovenia, Spain, and Slovakia.

Discussions over the proposal for a financial transaction tax will be held by the Council of Europe over the next few weeks, and Algirdas Semeta said that “…no time should be lost in completing this procedural step, so that the real discussion on the substance can start,” and “…for my part, I will speed up the Commission’s work on the substantive proposal, so that negotiations between the 11 Member States can start immediately after the authorization is granted.”

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