• Austria's news in English

Austria and France moot new FTT tax proposal

The Local · 22 Jan 2015, 16:38

Published: 22 Jan 2015 16:38 GMT+01:00

Facebook Twitter Google+ reddit

Talks on the EU FTT have been going on since the idea was first mooted by the European Commission in 2011, which would be applied uniformly across all 27 countries in the EU.

Financial transaction taxes are not new, with Britain introducing its own version as stamp duty on share purchases back in 1808. However, as London has grown to be one of the world's strongest financial sectors, the UK government fears driving businesses into the arms of countries where such taxes are not levied, such as Hong Kong or Singapore.

Until now discussions over an EU-wide implementation of the measure have been deadlocked, with countries being unable to agree on the transactions which would be taxed, and the level of taxation.

More than 40 countries currently levy some form of FTT, raising over €29 billion in taxes annually.

Austria and France have written a letter to the other EU members, suggesting that the taxes should be applied at a lower rate than previously proposed, but across a wider range of services. 

Many EU countries are currently opposed to plans which will target transactions that are popular in those countries.

Story continues below…

Austrian finance minister Hans-Jörg Schelling said: "This fresh direction would be based on the assumption that the tax should have the widest possible base and low rates".

France's finance minister Michael Sapin added that the tax would need to be carefully designed to ensure financial services industries did not move away to lower tax regimes such as Hong Kong or Singapore.

For more news from Austria, join us on Facebook and Twitter.

Facebook Twitter Google+ reddit

Your comments about this article

Today's headlines
Austrian far-right leader brands Merkel 'dangerous'
Heinz-Christian Strache. Photo: Facebook/Personal

The head of Austria's far-right Freedom Party has branded Angela Merkel Europe's most dangerous politician.

Austria 'horror clown' attacks leave several injured
Clown performers are not happy about the negative media stories. Photo: Graeme Maclean/Flickr

Several people have been injured in attacks by masked assailants dressed as 'creepy clowns' in the lead-up to Halloween.

Brunnenmarkt murder 'could have been prevented'
Locals remember the murdered woman. Photo: Wien Caritas

The random murder of a woman in Vienna could have been prevented if the homeless and mentally disturbed man who killed her had been admitted to a psychiatric institution.

Iraqi family ask ECJ to help them stay in Austria
Kumberg locals hold a vigil for the family. Photo: ORF

A group of people from Kumberg in Styria have asked the European Court of Justice (ECJ) for help in trying to stop the deportation of an Iraqi family.

The Local List
Five things you need to know about winter tyres
Photo: carmagazine.co.uk

It’s that time of year when temperatures start to plunge and drivers are advised to switch to winter tyres to avoid being caught out by snow and ice on the roads.

Radioactive uranium rocks on display in Austrian schools
Uraninite crystals. Photo: Rob Lavinsky, iRocks.com/Wikimedia

Education officials have carried out urgent checks in schools across the country after one of the stones on display in a classroom turned out to be radioactive.

Austrian churches slam far-right's 'God' slogan
Campaign poster for Norbert Hofer. Photo: Paul Gillingwater

Austrian church officials have denounced far-right presidential candidate Norbert Hofer for "instrumentalising" God in a new slogan.

'Scary clown' pushes 14-year-old off his bike in Salzburg
Generic photo: Graeme Maclean/Flickr

A 14-year-old boy in Salzburg has been injured after being pushed off his bike by an individual dressed as a scary clown.

Police puzzled by random stabbing of teenager in Vienna
Photo: Paul Gillingwater

A 15-year-old boy who was stabbed near his home in the Vienna district of Liesing on Friday morning by a complete stranger has spoken to the police.

'Sensational' 300-year-old Madonna found in Burgenland
The head of the statue was found beside the body. Photo: ORF

A 300-year-old statue of the Virgin Mary has been found hidden in a chapel next to a Catholic church in Loretto, Burgenland.

12 brilliant German words you won't find in English
Sponsored Article
Last chance to vote absentee in the US elections
Five films which will change your mind about Austrian cinema
Those surprising Austrians!
100 years since the last emperor's death
Afghani family's new home in Austria
Der you learn Deutsch?
Delighted by the light
Beware these passport scams
Of course we skipped Oarsch
Foodies rejoice at the choice!
Travel & Tourism
10 years after her escape from captivity
Surviving the Brexit for British expats
Day 2 of the World Bodypainting Festival 2016
Is Islam hostile to Western society?
Bodypainting festival in southern Austria
Europe's ice cream capital
Best Austrian beauty spots
Travel & Tourism
Three days in Vienna as a tourist
How to make friends in Austria
jobs available