The divisive tax
By Ian Wishart - 21.02.2013 / 05:48 CET
Eleven countries support financial tax scheme but businesses are worried about impact on growth.
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© 2013 European Voice. All rights reserved.
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Member states concerned about the effect tax could have on their overall costs of borrowing.
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Commissioner frustrated at lack of progress. |
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But they agree mandate for Commission to negotiate on bank transparency with five non-EU countries. |
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Fact file
Countries taking part
Austria, Belgium, Estonia, France,
Germany, Greece, Italy, Portugal, Slovakia, Slovenia, Spain. Other EU
countries can join at any time.
The tax rate
0.1% for transactions of
shares and bonds. 0.01% for derivatives trades.
Revenue
€30
billion-€35bn a year (according to the European Commission).
Where the
revenue will go
Still to be decided. Member states must make that
decision. The Commission says that a portion of it should go into the
central EU budget, resulting in a reduction in contributions for
participating member states. Some countries believe they should keep the
money.
Next steps
The plans will now be discussed by member states. All
27 will take part in the talks and their input will be taken into
account but only the 11 countries taking part will be able to vote on
the final text – and they must all agree. The European Parliament will
be consulted, but MEPs cannot alter the proposal.
MEPs unite to criticise tax evasion.
EU leaders to discuss tax issues today, with Ireland under pressure over its tax rates.
Commissioner frustrated at lack of progress.
But they agree mandate for Commission to negotiate on bank transparency with five non-EU countries.
The European Union imposes greater levels of tax on its citizens and businesses than do most other areas of the world, writes Ian Wishart.
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