"There are EU wide benefits to a common FTT, even if it is not applied EU wide. It will create a stronger, more cohesive Single Market and contribute to a more stable financial sector," said Semeta, after the European Council adopted the proposal.
“Meanwhile, those Member States that have signed up for this tax will have the added bonus of new revenues and fairer tax systems that respond to citizens' demands."
To date, ten countries have formally informed the European Commission of their support for a European FTT: Austria, Belgium, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain. Estonia will join the group after consultation with its parliament.
The ten countries could raise an estimated 37 billion euros of new revenue through the new tax, according to the German Institute for Economic Research.
A qualified majority of member states must now adopt the decision to proceed and the European Parliament must give its consent before the supportive member states can put the tax in place. The European Commission will take these next steps later this year.
Advice PSI http://www.qpsactionnow.org/news/ftt-one-step-closer-europe
