Commissioner Šemeta speaks in the City of London on benefits of EU tax coordination for financial sector
17/02/2012, London. "Coordinated tax policies within the EU mean better quality revenues for Member States, a more attractive environment for business and a more acceptable tax system for citizens. As Member States look for new resources, it is my duty to ensure that taxation helps, rather than hinders, our collective return to growth and prosperity," said Algirdas Šemeta, EU Commissioner for Taxation today.
Speaking at a stakeholders event in the City of London, organised by the Lithuanian City of London Club, Commissioner Semeta outlined recent tax policy initiatives of particular importance for the financial sector: CCCTB, the agreement with USA on FATCA, and the Financial Transactions Tax.
On the Financial Transaction Tax, the Commissioner said: "I am well aware that there has been some controversy over this proposal in the UK, focused mainly within this Square Mile. Let me reassure you: the FTT is not an attack on the City of London. As Europe's largest financial centre, the City is integral to the Single Market and it is in all our interests for it to be strong and stable. We have been extremely careful in the design of this tax. The competitiveness of Europe's financial sector will not be harmed."
To read the full speech click here.
The event was organised by the Lithuanian City of London Club, a non-profit members' club uniting Lithuanians working in finance, law, business consulting and other professional services within the City of London. Co-organisers included law firm K&L Gates LLP, the European Commission Representation in the UK, City of London promotion body TheCityUK and Embassy of Lithuania to the UK.