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The details of the Financial Transaction Tax (FTT) to be implemented under enhanced cooperation have been set out in a proposal adopted by the Commission today.


As requested by the 11 Member States1 that will proceed with this tax, the proposed Directive mirrors the scope and objectives of the original FTT proposal put forward

by the Commission in September 2011 (IP/11/1085). The approach of taxing all transactions with an established link to the FTT-zone is maintained, as are the rates of 0.1%
for shares and bonds and 0.01% for derivatives.
When applied by the 11 Member States, this Financial Transaction Tax is expected to deliver revenues of 30-35 billion euros a year.



The UN High Commissioner for Human Rights Navi Pillay on Wednesday applauded the upcoming entry into force of a key Protocol to an international treaty which will, for the first time, enable individual complaints on economic, social and cultural rights, thereby helping place all human rights on an equal footing.

From 1 January until 30 June 2013, Ireland holds the EU Presidency and will thus chair many of the discussions and negotiations held at EU level. Ireland will have a strong input into the agenda and priorities of the EU, including the Development Agenda, and indicated that development cooperation is among the priorities for the Presidency. Minister of State for Trade and Development, Mr. Joe Costello, focused in his speech before the European Parliament Committee on Development on 22 January mainly on humanitarian aid and relief in crisis situations.

Implementation of Financial Transaction Tax approved by EU Finance Ministers


Declaration by the ECOFIN Council of 9 October 2012:

The Council was informed of developments regarding the possible introduction of a financial

transaction tax (FTT), via enhanced cooperation, in a limited number of member states.

Extract from European Council Conclusions – 29 June 2012


Tax policy should contribute to fiscal consolidation and sustainable growth. Work and 
discussions should be carried forward on the Commission proposals on energy taxation, 
on the common consolidated corporate tax base and on the revision of the Savings Tax 
Directive. As noted at the Council on 22 June 2012, the proposal for a Financial 
Transaction Tax will not be adopted by the Council within a reasonable period. Several 
Member States therefore will launch a request for an enhanced cooperation in this area, 
with a view to its adoption by December 2012. The Commission is pursuing work on 
concrete ways to improve the fight against tax fraud and tax evasion and will soon 
present an Action Plan including options to that end. Rapid agreement must be reached 
on the negotiating directives for savings taxation agreements with third countries. 
Member States participating in the Euro Plus Pact will continue their structured 
discussions on tax policy issues, notably to ensure the exchanges of best practices. 


Delighted to inform you that on Friday (22 June) the campaign made an enormous stride forward with 9 countries agreeing to proceed with the FTT: France, Germany, Austria, Belgium, Slovenia, Greece, Spain, Portugal and Italy. 

There has been a reasonable amount of coverage, but please read this to get a quick reprise: There is still a lot to do to make sure the countries actually implement, that other countries are brought on board and that funds don't just go from one lot of banks to bail out another lot of banks. I will keep you posted with more news as I get it but as many of you will appreciate who have followed this campaign over a number of years, we've come a long way!

If at the upcoming EU-ECOFIN Council meeting one government would ask for vote on the EU 27 version, the procedure for Enhanced Cooperation could be triggered.  

German chancellor Merkel has spoken out in public for an FTT in the framework of Enhanced Cooperation. 

Also the German Liberal Party (FDP), which is in the government, has given up to insist on an FTT in the EU 27.

On 20-22 June 2012 NGOs, governments and businesses gather at the UN World Summit on Sustainable Development held in Rio de Janeiro. Simultaneously social movements from around the world organise an alternative meeting with focus on human rights and environmental justice on 15-23 June.

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