Press conference by Algirdas Šemeta on Financial Transaction Tax
On 14 February 2013, Algirdas Šemeta, Member of the EC in charge of Taxation, Customs, Statistics, Audit and Anti-Fraud, presented the details of the Financial Transaction Tax (FTT) under Enhanced Cooperation. The details of the FTT to be implemented under enhanced cooperation have been set out in a proposal adopted by the European Commission on the same day. As requested by the 11 Member States that will proceed with this tax, the proposed Directive mirrors the scope and objectives of the original FTT proposal put forward by the European Commission in September 2011. 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.