Commission: Financial Transaction Tax in place “by the end of the year”

On Saturday 10 September, the European Commission expressed its commitment to completing negotiations on the European Financial Transaction Tax “by the end of the year”.  Negotiations were postponed after the last meeting of EU finance ministers, but will be resumed on 11 October. Advances on a common European tax base have been slow since 2012, with repeated disagreements between the ten Member States that work together on the FTT under the enhanced cooperation principle. The FTT might become and intergovernmental project, if the ten states fail to come to an agreement. However, the Commission denies this prospect and claims that “the work is on-going at a technical level”.