The 10 Member States that wish to apply an EU financial transaction tax (FTT) through enhanced cooperation should be allowed to do so, because all the legal conditions for such a move are met. This is the conclusion of the proposal for a Council Decision adopted by the Commission tuesday, on October 23, 2012 .

The Council will have to decide after consent of the European Parliament. A subsequent Commission proposal for a Directive implementing the enhanced cooperation in the area of financial transaction tax should follow in due course.  See the press release (IP/12/1138), the questions and answers (MEMO/12/799) and the proposal (COM/12/631).

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Commissioner Šemeta said:

„A core group of Member States are keen to move ahead with a common FTT, on the basis of what I proposed last year. And I applaud this. Because I firmly believe that an EU FTT has great benefits to offer, even if applied by less than 27 Member States. And I also believe that now is the right moment to move ahead with it.

Because in difficult times, fairness matters. And the FTT is the epitome of a fair tax. Importantly too, a common FTT – even if applied by less than the full 27 Member States – will reduce the fragmentation of the Single Market. And in doing so, will make life easier for operators throughout the EU.”

For the full video statement by Commissioner Šemeta: http://ec.europa.eu/avservices/video/player.cfm?ref=I074957&sitelang=en

For full test speech  see : SPEECH/12/757

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