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Netherlands Set To Block EU FTT

by Ulrika Lomas, Tax-News.com, Brussels

16 May 2013


Dutch Finance Minister and Euro Group President Jeroen Dijsselbloem has recently warned that the Netherlands intends to oppose plans by 11 European Union (EU) member states to press ahead with a tax on financial transactions (FTT).

In his capacity as Dutch Finance Minister, Dijsselbloem argued that an FTT would hit the country’s pension funds very hard, which would not be "appropriate." The Netherlands also considers that revenues derived from the levy should flow to national governments and not directly to Brussels, the Minister said.

While emphasizing that the Netherlands is willing to discuss the issue, Dijsselbloem nevertheless made clear that the Dutch Government attaches "tough conditions."

The Netherlands has opposed the idea of a tax on financial transactions from the outset. This is the first time, however, that the country has declared outright that it aims to boycott plans by other EU member states to press ahead with the tax.

France, Germany, Austria, Belgium, Estonia, Greece, Italy, Portugal, Slovakia, Slovenia, and Spain intend to implement the FTT within the framework of enhanced cooperation.

Under current plans, a 0.1 percent tax would be imposed on trade in shares and bonds, while a 0.01 percent levy would be imposed on trade in derivatives. According to the European Commission, the tax would serve to yield between EUR30bn (USD38.9bn) and EUR35bn annually.

TAGS: Finance | tax | investment | European Commission | Belgium | Netherlands | Portugal | Slovenia | Estonia | Slovakia | tax rates | Austria | France | Germany | Greece | Italy | Spain | trade | European Union (EU) | Europe

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