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Friday, 20 September 2013

EC continues to push for a finance tax

The European Commission (EC) claims that it will continue to push for a proposed Financial Transactions Tax (FTT), despite a recent opinion from the European Council’s Legal Services which states that such a tax would be a violation of EU Law.
After meeting with EU finance ministers in Vilnius, EU tax commissioner Algirdas Semeta defended the FTT, declaring, “The European Commission is absolutely confident in the legality of the tax we have proposed. We reject any claims that it goes against the treaties or that it compromises the single market.”
The 14-page opinion crafted by European Council lawyers concluded that the transaction tax would exceed the tax powers of individual member states.
Only 11 countries are seeking to adopt the FTT plan under the enhanced cooperation procedure, but all 28 member-states must negotiate and agree on the legal text. Germany, France, Italy, Spain, Austria, Portugal, Belgium, Estonia, Greece, Slovakia and Slovenia have met strong opposition from countries like the United Kingdom, who are skeptical of the success of such a geographically limited proposal.

Source: EUobserver