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Franco-German Council Renews Drive For EU FTT

by Ulrika Lomas,, Brussels

30 January 2014

During the latest French-German Economic and Financial Council (FGEFC) meeting, France and Germany pledged to drive forward a number of outstanding key tax initiatives at European level, including plans for a European financial transactions tax (FTT).

The 46th gathering of the FGEFC agreed that France and Germany will make joint proposals to reach a compromise on a common scheme of taxation for financial transactions, within the next months, with their partners in Europe and within the framework of enhanced cooperation.

The target is to ensure a fair contribution from the financial markets to tax revenues, improving financial stability and harmonizing national legislations, while fully preserving monetary policy mechanisms and funding to the economy.

Furthermore, the Franco-German Council united on plans to work together actively and constructively in the following months on tax harmonization and convergence, including joint proposals on the Directive on a Common Consolidated Corporate Tax Base and the Parent Subsidiary Directive.

Finally, the body underlined the need to continue to work actively on the common efforts by France and Germany to tackle base erosion and profit shifting and the need to adopt within the next months and implement further and without delay the future standard on automatic exchange of information, in order to increase transparency and improve significantly the fight against tax fraud and evasion.

The FGEFC aims to report its conclusions and objectives to French President François Hollande and to German Chancellor Angela Merkel ahead of the upcoming French-German Council of Ministers meeting, due to take place in Paris on February 9.

TAGS: compliance | tax | tax compliance | tax avoidance | corporation tax | tobin tax | legislation | transfer pricing | France | Germany | individual income tax | Europe | Tax | Tax Evasion

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