ECOFIN had a public session about the progress made on Financial Transaction Tax
The Economic and Financial Affairs Council of the EU (ECOFIN) received an update, from the ten Member States, including Slovakia, participating in the so-called enhanced cooperation procedure on the latest developments regarding the financial transaction tax.
A tax on the financial sector has been under discussion at European level for many years. Since the proposal did not secure a majority at EU level, further discussions continued in the framework of enhanced cooperation with 10 EU Member States. Currently, all participating countries agreed again on a Financial Transaction Tax based on the French model and on the possibility to distribute the revenues generated by way of a compensation mechanism among those states wishing to introduce the tax. Once a legal text is agreed upon by the ten participating countries, it will be submitted to ECOFIN for discussion in an inclusive manner.