ECOFIN makes progress on Financial Transaction TaxSouce:Xinhua Publish By Jane B. Hatcher Updated 23/01/2013 8:44 am in Business / no comments
BRUSSELS, Jan. 22 — The first ECOFIN meeting in 2013 did make some substantial progress regarding Financial Transaction Tax (FTT), said Irish Fiannce Minister and newly appointed presidency of ECOFIN Michael Noonan Tuesday.
Noonan said that the European Commission would hold discussions on details of enhanced cooperation of FTT with 11 member states that opted in, “those who decided not to involve in the program would also be able to take part in the discussion,” He added.
Algirdas Semeta, Commissioner responsible for taxation and customs union, audit and anti-fraud, said the deal was a milestone, both for European Union (EU) tax policy and for the world, since it was the first time such a tax would be applied at a regional level.
Neither Noonan nor Semeta disclosed exactly how much money could be raised via FTT, but Semeta gave some estimation if such a tax would be levied in all 27 member states of EU, which was about 53 billion euros (about 70.5 billion U.S. dollars).
“The 11 member states comprise about 67 percent of EU economy and about 90 percent of eurozone economy, so you can make some estimates on how much it could be raised,” Semeta added.
Olli Rehn, Vice President and Commissioner for economic and financial affairs, listed three priorities of Irish Presidency, which were to reinforce EU industry and boost export, to help Ireland and Portugal to return to financial market and to rebuild the Economic and Monetary Union (EMU).