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European Commission

MEMO

Luxembourg, 9 October 2012

Statement by Commissioner Šemeta on an EU Financial Transactions Tax – ECOFIN Council

"Today we have received a clear – and very welcome - signal that there will be enough Member States on board for an EU Financial Transactions Tax.

The requests are to move ahead on the basis of what the Commission proposed last year.

I proposed this tax as a source of new revenue from an under-taxed sector, and a means of encouraging more responsible trading. It would also prevent a patchwork of national bank taxes from creating difficulties for businesses in the Single Market.

The Financial Transactions Tax is about fair taxation, smart taxation and a stronger, more coordinated approach to taxing the financial sector.

These objectives remain valid and fully achievable.

So now it is the time for swift progress. I already have seven letters – from Germany, France, Belgium, Austria, Slovenia, Portugal and Greece.

And today we got clear assurances that Italy, Spain, Estonia and Slovakia will send theirs very soon.

I am ready to do everything possible to deliver a draft Decision to the November ECOFIN, in order to facilitate very quick progress on this file."


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