Enacting of financial transactions tax

26.06.2013

The European Parliament adopted resolution approving the phased introduction of financial transactions tax. This resolution determines how this tax will get in force. So, until January 1 of 2017, it is proposed that government bonds and pension funds for securities taxed at rates of 0.05%, and the rates of 0.005% would be the subject to derivative financial instruments.

We should mention, that project of enacting this tax was firstly presented by European Commission in September of 2011.

Right now, there are eleven countries, which ready to enact financial transaction tax on their territories. These countries are: France, Germany, Belgium, Spain, Portugal, Italy, Austria, Estonia, Greece, Slovakia and Slovenia.

Expert’s opinion

Unfortunately, despite the annual debate, the financial tax is enacted. We should notice, that not all of the countries voted for this tax, and now they also trying to defend their position against this tax. For example, England did not support the decision of the European Parliament and voted against the enacting of new tax and new taxes for citizens. Definitely, insisting on additional taxes shows us the need of the European Union ta all, nit the need of separate states.

After such decisions and in nowadays situation, we should think a couple of times about the necessity and usefulness of the European Union

Irina Lomakina ( Director of Moscow office of “Honest&Bright” Company)