Where: Brussels, Belgium
Topic: Economy, finance, tax and competition
Organiser: European Commission
On 14 February, the European Commission will adopt the substantive proposal for a Directive on the Financial Transactions Tax (FTT) to be implemented under enhanced cooperation.
In September 2011, the Commission tabled a proposal for a common system of financial transactions tax (IP/11/1085). The objectives were to deliver important new revenues, ensure a fair contribution from the financial sector to public finances, contribute to more responsible trading and enable a coherent approach to taxing this sector in the Single Market. Despite intense discussions on this proposal, there was no unanimity amongst the 27 Member States. However, eleven Member States (Germany, France, Austria, Belgium, Estonia, Greece, Italy, Portugal, Slovakia, Slovenia and Spain) sent letters to the Commission requesting enhanced cooperation on an FTT, based on the Commission's original proposal. The Commission presented a Decision to this effect, after carefully analysing the requests to ensure this would be compliant with the Treaties. This Decision to allow a FTT based on enhanced cooperation between the 11 Member States was adopted by the EU's Council of Finance Ministers in January 2013.
Commissioner Algirdas Semeta will present the proposal at the beginning of the Midday briefing in the Berlaymont press room in Brussels. Technical briefing off the record – after the Midday briefing.
A press release will be available on the day.