Partial agreement reached on EU financial transaction tax

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On December 8, 2015, 10 EU Member States have issued a joint statement on the proposal to introduce a financial transaction tax (FTT) setting out areas on which agreement has been reached and areas which are not yet agreed. Estonia, which was originally one of the 11 Member States that were looking to implement a common FTT, has now left the group. According to the statement final agreement should be reached by the end of June 2016. The statement was issued in the context of a meeting of the EU Finance Ministers at which the current state of play was discussed. The statement indicates that the scope of the tax could initially be limited to shares issued by companies from the 10 Member States in question. Further work will be required on the impact on the real economy and on pension schemes.

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