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Semeta Denies FTT 'Scale Back'

by Ulrika Lomas,, Brussels

06 June 2013

Claims that the European Commission is considering a "scale back" of its financial transaction tax (FTT) plans "do not reflect what is currently going on," Algirdas Šemeta has said.

Last week, it was widely reported that the levy on trading bonds and shares would probably fall from the originally outlined 0.1 percent to just 0.01 percent. The result would be a drop in the revenue generated from EUR35bn (USD45.7bn) to EUR3.5bn. A climb-down over the timetable for implementation was also thought likely, with only shares to be affected from the planned January, 2014 date.

Speaking to EUObserver, Šemeta slammed the reports "as an attempt to create a sensation." He stressed that it "is really premature to say what will be the final outcome of the situation, because member states are currently in the phase of the first reading. … It's normal in the first reading that member states go through the proposal article by article and the Commission explains what each provision means."

Šemeta described the talks as "taking place in a constructive mood and there are various technical ideas on how to make it [the proposal] better."

TAGS: compliance | tax | European Commission | tax compliance | tobin tax | tax rates | tax reform | European Union (EU) | Europe

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