Financial Transaction Tax (FTT)

Published 06.12.2019

State of play: negotiations in enhanced cooperation procedure in the Council

Level 1 

Commission

  • 14 February 2013, the proposal was published.
  • December 2013, the Commission published a non-paper to answer the Council’s legal opinion.

Parliament

  • 12 December 2012, the Parliament gave its consent to enhanced cooperation.
  • 2 July 2013, the Parliament adopted its opinion on the legislative proposal in plenary.

Council

  • 9 December 2014, the ECOFIN Council agreed to set a deadline for June 2016 to finalise their work.
  • Estonia left the group of 11 participating Member States.
  • 16 June 2016, a document with compromise principles has been presented and two task forces have been created.
  • The Ministers at the level of the participating Member States meet regularly but no breakthrough achieved yet.
  • 7 December 2017, the ECOFIN Council published a “Report to the European Council on Tax issues” that referenced the FTT (p25).
  • 14 June 2019, the ECOFIN Council updated on the works of participating Member States and a project based on the French FTT.

European Court of Justice

  • 18 April 2013, the UK Government lodged a formal legal claim before the ECJ against the introduction of the EU FTT through the enhanced cooperation procedure. This claim is based on the grounds that the existing proposal will impact countries not taking part to the initiative.
  • 30 April 2014, the Court rejected the claim.

Next steps

  • Agreement among the participating Member States on a text of the Directive.
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