EU countries seek September compromise on financial transaction tax

Ten EU countries remain committed to a financial transaction tax, agreeing to a compromise plan offered by Austria and setting September as the final date to iron out differences, reported Austrian Minister of Finance Dr Hans Jörg Schelling on June 17, following ECOFIN meeting in Luxembourg.

Austria, Belgium, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia, and Spain have been negotiating a financial transactions tax, operating under EU rules that permit a subset of members to pursue voluntary agreements.

The plan is to work out details and vote in September, Schelling said. A task force is attempting to resolve issues raised by Belgium and Slovakia, he said.

“The fact is, however, that if we do not find a solution in September, we also probably will not reach an agreement,” Schelling said.

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