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Alternative Market Briefing

France and Germany try to revive EU-wide financial transaction tax

Monday, October 01, 2012

Benedicte Gravrand, Opalesque Geneva – France and Germany are aiming to revive a financial transaction tax (FTT) within the European Union, reported AFP two days ago.

German Finance Minister Wolfgang Schaeuble and French counterpart Pierre Moscovici wrote to European Taxation Commissioner Algirdas Semeta and their EU colleagues seeking permission for an "enhanced cooperation" accord, which could be implemented if one third of all EU states back it, the report says. The undated letter solicits the Commission to ask the 27 EU member states to decide whether they want to cooperate on a common FTT. This idea which sprang from Sarkozy’s government more than a year ago, already failed to go through this summer.

The FTT would consist of 0.1% levied on share and bond trades and 0.01% on other transactions, and would be implemented by year’s end if there is support from at least nine states and approval from the European Parliament.

The European Commission released the initial proposal for a FTT in September 2011. According to EuroActiv.com, Brussels said the FTT would be levied from banks, stock exchanges and financial service providers according to a residency principle, excluding any transaction recorded by a fin......................

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