EU Commission persistent on Financial Transactions Tax

Dr Anton John Mifsud | Published on 03 Oct 2012

EU Commission persistent on Financial Transactions Tax

In his 2012 state of the union address in September, José Manuel Barroso reiterated that the EU Commission will not give up on its efforts to achieve a “fair and ambitious” financial transactions tax (FTT) with the assistance of those member states that are willing to participate in the process.

Originally, the FTT proposed a 0.1% tax on all bond and share transactions as well as a 0.01% tax on derivatives products, instantly losing the support of most member states - including Malta - last July. Other countries, including France, Germany and Austria, were still willing to introduce the enforcement of the tax, with France going so far as to implement distinct initiatives on a national level. Malta, together with other financial centres such as England remain opposed to the proposal.

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