EP Ambitious Towards Financial Transaction Tax


Parliament has been calling for a financial transaction tax (FTT), for close to two years and the Commission tabled a legislative proposal for one late in 2011. The latest Eurobarometer survey shows that 66% of Europeans favour such a tax.

Financial transaction tax

In its opinion adopted on Wednesday, The European Parliament said that the proposed financial transaction tax should be better designed to capture more traders and make evasion unprofitable.

The opinion was approved with 487 votes in favour, 152 against and 46 abstentions and says the tax should go ahead even if only some Member States opt for it. Tax rates proposed by the Commission (0.1% for shares and bonds and 0.01% for derivatives) are considered suitable and pension funds should be the only sector exempted from the tax.