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In a resolution, the Economic and Monetary Affairs Committee of the European Parliament intends to urge the European Commission to prepare an assessment on the introduction of a Financial Transaction Tax. Apart from that, the European Union shall support a contribution of the financial sector to overcome the burden, which caused the financial and World Financial and Economic Crisis, at G20 level. Next week the Committee will vote on the resolution.

The MEPs have prepared a resolution to put pressure on the European Commission to deal with the possibilities of introducing a Financial Transaction Tax. The Commission shall be asked to describe among others, which experiences have already been made with Financial Transaction Taxes, what tax volume could be expected and whether there might be a danger of capital outflow or tax evasion.

The draft also states that the volume of financial transactions, which have been caused by the derivative market, has rapidly grown over the last decade. Also mentioned is the fact that financial services respectively transactions are currently exempt from turnover tax.

The MEPs also point out that Belgium and France had already adopted legislation for introducing a Financial Transaction Tax. These rules, however, will only come into effect if there is such a rule at EU level.

Following the vote in the Economic and Monetary Affairs Committee, the text has to be confirmed by the European Parliament in the next plenary session. The resolution, however, is not legally binding for the European Commission.