EU Tax Commissioner Semeta announces good news for European Transaction Tax

Today, at a meeting of EU Finance Ministers in Luxembourg, Commissioner Algirdas Semeta announced that another four countries are in support of moving forward with a Financial Transactions Tax (FTT). This brings the total number of willing countries up to eleven, two more than is needed to progress with the tax under the enhanced cooperation mechanism.

Once formalized, this support will open the way to kickstarting the legislative process to finally implement an Financial Transaction Tax.

Nicolas Mombrial, Oxfam EU policy adviser, said:

"Four more European countries today took a significant step towards confounding the critics and making an FTT a reality. Other European Leaders should join and seize the opportunity to put the interests of citizens ahead of the interests of the financial sector.

"It is right that the financial sector pays its fair share of the costs of the economic crisis in Europe. But this FTT will only be a Robin Hood Tax if significant sums are used to help poor countries hit by the economic crisis and climate change. In this regard, Commissioner Semeta's comments are welcome."

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