Statement by Commissioner Šemeta on the European Parliament's vote on innovative financing, including financial transaction tax

I see the European Parliament as an important ally for the Commission in pushing forward our work on financial sector taxation. As outlined in the Communication on the taxation of the financial sector, which I presented last October (IP/10/1298 and MEMO/10/477), I am convinced that this sector must make a fairer contribution to public finances. Mrs Podimata's report on innovative financing also reflects this view.

We need a financial transactions tax at global level to help fund our international challenges, such as climate change and development. Europe must be a leader in pushing for this, and I will discuss how to promote a global financial transactions tax with the G20 Presidency when I am in Paris tomorrow.

With regard to a financial transactions tax at EU-level only, I firmly believe that it is premature to commit to such an option. In fact, taking into account the potential impact that this could have on European competitiveness, it would be irresponsible to proceed with such a tax without first analysing and fully understanding all the implications.

The Commission is currently preparing an in-depth analysis of all the options for taxing the financial sector, which it will present by the summer. Taking into account the divergent views that we have seen on this issue, it is my duty as Commissioner for Taxation to also examine in detail other potential options, such as a Financial Activities Tax. This will ensure that we find the best solution for taxing the financial sector within the EU.

Last update: 24/04/2013 |  Top