Financial Transaction tax (enhanced cooperation)

Published 20.08.2019

Level 1 

State-of-play: Negotiations in enhanced cooperation procedure in the Council.

 

Commission

  • The new legislative proposal was published on 14 February 2013.
  • In early December 2013 the Commission published a non-paper to answer the Council’s legal opinion (see below).

 

European Parliament

  • Gave its consent to enhanced cooperation on 12 December 2012. The opinion on the legislative proposal was voted in the Plenary on 2 July 2013.

 

Council

  • Examination of the proposal is still going-on at the working group level and among the 11 participating Member States. At the Ecofin Council in December 2015, Estonia left the group of 11 and the rest agreed to set a deadline for June 2016 to finalise their work.
  • On 16 June 2016, a document with compromise principles has been presented and two taskforces have been created. The Ministers at the level of the participating Member States meet regularly but no breakthrough achieved yet.
  • On 7 December 2017 ECOFIN published a “Report to the European Council on Tax issues” that referenced the FTT (p25)
  • On 14 June 2019 the ECOFIN had an update on the works of participating Member States and a project based on the French FTT.
  • Work ongoing at the level of participating Member States.

ECJ

  • On 18 April 2013 the UK Government lodged a formal legal claim at the European Court of Justice against the introduction of the EU FTT under the Enhanced Cooperation Procedure. This claim is based on the grounds that the existing proposal will impact countries not taking part to the initiative. The Court rejected the claim on 30 April 2014.
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