At the EU’s ECOFIN meeting of economic and financial ministers on 6 May 2014 a joint statement was issued by ten of the member states that are going ahead with the financial transactions tax (FTT)

In all, eleven EU member states have decided to proceed with the implementation of the FTT despite the opposition of other EU member states including the UK, Ireland and Sweden. This is possible under the enhanced cooperation provisions whereby some states can proceed with a measure even though not all the EU member states are in agreement.

Slovenia which is one of the jurisdictions that have declared their willingness to introduce an FTT did not sign the statement, but a measure can proceed under the enhanced cooperation provisions if at least nine member states are backing it. The participating states are looking to focus initially on imposing the tax on shares and some derivatives. This is expected to be implemented at the latest by 1 January 2016.