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.
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.
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: http://robinhoodtax.org.uk/latest/group-european-countries-agrees-push-ahead-robin-hood-tax. 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.