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France, Austria Seek EU FTT Breakthrough

by Ulrika Lomas, Tax-News.com, Brussels

26 January 2015


France and Austria have proposed the adoption of a broader financial transaction tax with a lower rate, in an attempt to push forward delayed plans for a European Union financial transactions tax with eight other member states.

11 member states had committed to develop an FTT, but Slovenia is thought to have dropped out of the talks, having not signed a joint statement in May 2014. This statement committed to the implementation of the levy, which was to be limited to shares and some derivatives, from January 1, 2016. The EU 11 group, however, missed a self-imposed deadline at the end of last year and the Finance Ministers of France and Austria have sought to spur efforts to agree a revised levy.

Michel Sapin, France's Finance Minister, and Hans Jörg Schelling, his Austrian counterpart, have addressed the other member states in a letter that calls for the appointment of one member state to steer the talks towards a consensus. "This fresh direction would be based on the assumption that the tax should have the widest possible base and low rates," the two ministers wrote.

TAGS: Finance | tax | Slovenia | Austria | France | European Union (EU) | Europe | Tax | Financial Transactions Tax (FTT)

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