Green light for EU financial transactions tax via enhanced cooperation

October 2012

Overview

European Union (EU) Tax Commissioner Algirdas Semeta issued a statement on October 9, 2012 informing the EU-27 Finance Ministers that 11 Member States are supporting the introduction of a common 'EU-wide' financial transactions tax (FTT) in their countries via an 'enhanced cooperation' legislative procedure designed to bypass unanimous consent usually required for EU tax initiatives. This means that the first hurdle to beginning the enhanced cooperation procedure will soon be met as at least nine Member States are legally required to formally submit a letter to this effect to the Commission.

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