Enforcement of financial transaction tax in EU

25.06.2013

European Parliament has adopted the resolution, which approves step by step enforcement of financial transaction tax (FTT). This resolution indicates haw the rates of FFT will be imposed. Thus, up to 1 January 2017, it is suggested that government stocks and retirement funds in the part of securities will be charged at the rate of 0,05% and derived financial instruments will be charged at the rate of 0,005%.

It is important to notice that the project of FFT was suggested by European Commission as early as September 2011.

For today the eleven countries were named, which are ready to impose FTT on their territories – France, Germany, Belgium, Spain, Portugal, Italy, Austria, Estonia, Greece, Slovenia and Slovakia. 

Expert’s opinion

Sadly, but nevertheless the long lasted debates the financial transaction tax is enforced. I want to highlight that not many countries voted for FFT and some of them are still trying to stand fast. Thus, England did not support the decision and voted against the introduction of regular extortion of its citizens. Definitely, insisting on additional taxes points out the unhealthy situation not only in separate country, however in the EU as a whole.

More than once or twice flashed the thought, casting doubt of the need for the EU and its inviolability.

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