Green light for Financial Transaction Tax Europe

European Union finance ministers gave their approval at a meeting today in Brussels, allowing eleven EU member states to pursue the implementation of a financial transactions tax (FTT). At present the 11 states  - including Germany, France, Italy, Spain, Austria, Portugal, Belgium, Estonia, Greece, Slovakia and Slovenia - have agreed to move forward with joint introduction of the FTT but additional countries could join the initiative.

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EU states to get go-ahead for tax on trading

“… Following Tuesday's decision, the European Commission will put forward a new proposal for the tax, which if agreed on by those states involved, would mean the levy could be introduced within months. […] Although critics say such a tax cannot work properly unless applied world-wide or at least Europe-wide, some countries are already banking on the extra income from next year, which one EU official said could be as much as 35 billion euros annually.”

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