In line with the Greek Council Presidency objectives, France and Germany have announced a renewed effort to strike a deal on the Financial Transaction Tax. The tax should be introduced as a rarely-used institute in EU law, the enhanced cooperation. So far 11 countries announced their plan to participate, along Greece, Germany and France also Spain, Italy, Austria, Slovakia and others. The tax should be about 0,1% of all shares, bonds and derivatives transactions, however, the specific characteristics are to be agreed by the 11, along with the fate of the tax revenues. Some would like to see the FTT as a new EU budget income, some would use the revenues on research and innovation. The United Kingdom opposes strongly the FTT initiative and has brought the case before the EU Court of Justice. The Commission supports the plan, as well as the European Parliament. Further steps are expected very shortly between France and Germany and the Greek Presidency would like to have the deal during their presidency period.
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11th January 2018
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