| Author (Person) | Proaño, Christian, Theobald, Thomas |
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| Series Title | Social Europe |
| Series Details | 11.08.17 |
| Publication Date | 11/08/2017 |
| ISSN | 2046-9810 |
| Content Type | Journal | Series | Blog |
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Background The European Commission initially published a legislative proposal in 2011 for an EU-wide FTT. However, after considerable opposition to this from certain EU Member States, the Commission tabled a proposal in February 2013 aimed at introducing an FTT in eleven Member States through the instrument of 'enhanced cooperation'. The participating countries were initially Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia. Following Estonia's formal withdrawal on 16 March 2016, ten Member States continued their work in the negotiations on enhanced cooperation procedure on the proposed directive. The adoption of the directive required unanimous agreement of the participating countries (within the Council), after consulting the European Parliament. The European Commission had suggested in September 2016 that it hoped that the proposal could be adoipted by the end of 2016. However, this proved not to be possible. A ECOFIN report submitted to the European Council in June 2017 reiterated that further work at the Council and its preparatory bodies was still required, before a final agreement on the dossier can be reached. President Macron himself however said that he still supported the concept of a EU FTT but it needed to make sense and be effective in a Brexit context. |
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| Source Link | https://www.socialeurope.eu/macron-eu-financial-transaction-tax |
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| Subject Categories | Taxation |
| Countries / Regions | Europe, France |
