Friday, January 25th 2013 - 04:54 UTC

Germany, France and nine other EU countries approved tax on financial transactions

France, Germany and nine other European Union states side-stepped British opposition this week and won approval for a tax on financial transactions, it emerged on Wednesday.

EU Taxation Commissioner Semeta said the tax, strongly rejected by the UK could yield up to 57 billion Euros a year

The Times reported that EU finance ministers gave their blessing to the scheme, which will apply to anyone in the 11 countries who makes a bond or share trade or bets on the market using derivatives.

The two big Euro states were able to bypass opposition from Britain and other states under an EU procedure known as enhanced co-operation. The system has been used previously for divorce law and in the field of patents.

Algirdas Semeta, the European Taxation Commissioner, called the decision a “major milestone for EU tax policies”. He had no immediate estimate of how much revenue the tax would generate, but noted that the Commission previously had calculated that such a tax across the 27-nation bloc could yield €57 billion a year.

The 11 nations, representing about two thirds of the EU economy, are Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain. The Netherlands, where a Government was elected in the autumn, may participate. The states now need the Commission to draft legislation enacting a tax.

18 comments Feed

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1 Idlehands (#) Jan 25th, 2013 - 05:37 am Report abuse
This story isn't what it might appear at a glance. In fact it is great news. They haven't imposed this tax on London - just themselves. More business for Britain should be the result.
2 Teaboy2 (#) Jan 25th, 2013 - 06:21 am Report abuse
there own greed will be there own downfall!!!
3 Redrow (#) Jan 25th, 2013 - 07:29 am Report abuse
Who said that Turkey's don't vote for Christmas. They just have - by a landslide!
4 expbrit (#) Jan 25th, 2013 - 08:36 am Report abuse
@1 I had to read it twice to make sense of it.

Surely ALL 17 Euro nations will be bound by this decision, not just those mentioned ... ?
5 Idlehands (#) Jan 25th, 2013 - 09:28 am Report abuse
The odd thing about this is that I can't find any mention of it outside here and the BA Herald.

If it had been imposed on London it would be front page news and I'm surprised it isn't even under these circumstances.
6 agent999 (#) Jan 25th, 2013 - 10:05 am Report abuse
What they have really done :-
“11 European Union countries clinched enough support to start drawing up plans for a financial transactions tax.”
7 Idlehands (#) Jan 25th, 2013 - 10:10 am Report abuse
As long as it's not implemented in the UK then I don't suppose we'll care. There isn't any mention of efforts to try to.
8 agent999 (#) Jan 25th, 2013 - 10:14 am Report abuse
A good analysis of the proposals:-
9 Idlehands (#) Jan 25th, 2013 - 10:30 am Report abuse to summarise - it's a stupid idea. I say let them get on with it.
10 Condorito (#) Jan 25th, 2013 - 01:22 pm Report abuse
“enhanced co-operation” - double plus good.
11 Fido Dido (#) Jan 25th, 2013 - 04:19 pm Report abuse
“EU Taxation Commissioner Semeta said the tax, strongly rejected by the UK could yield up to 57 billion Euros a year”

All you idiots here need to understand, trading of those (worthless) derivatives, is the main business of the city of london and it's main trading partners are in mainland Europe. This is all part of Germany who wants the UK out so that Frankfurt am Main will become the new financial capital of Europe and perhaps of the world.

Camaron is shitting is his pants and is desperate because he knows that it's people will get the UK out of the EU, while he needs Europe to bail out the zombie banks in the city of london.
12 Idlehands (#) Jan 25th, 2013 - 04:50 pm Report abuse
11 Fido Dido

There speaks an idiot who clearly doesn't understand himself. I work in an investment bank in the City of London, sat at my desk right now in fact. What do you do?
13 Think (#) Jan 25th, 2013 - 06:18 pm Report abuse
( 12 ) Idlehands

You say....:
“I work in an investment bank in the City of London, sat at my desk right now in fact.”

I say....:
”You work in an investment bank in the City of London and didn't know about Vale until yesterday?
May I ask.... What desk are you sitting at?
14 agent999 (#) Jan 25th, 2013 - 06:28 pm Report abuse
13 @Think
You again show your lack of knowledge, there is no reason foe everyone in an investment bank to have heard of Vale!!
15 Condorito (#) Jan 25th, 2013 - 06:58 pm Report abuse
The good news is that everyone is happy (except Fido, but he is never happy, kind of an Eeyore type)

- 11 EU nations get to tax financial transactions as they wanted
- London avoids the tax and wins more business

The Swedes applied a tax on equity trades in the 90s. Overnight the industry moved to London - after a few years they scrapped it. This too will be an own goal. The big EU banks will just shift taxed transactions to London (or Switzerland, or Singapur, or anywhere really).
16 briton (#) Jan 25th, 2013 - 07:55 pm Report abuse
Time will tell,
the european union will impload, good luck,

but we need to get out now, not in 5 years time, camaron is playing with matches again.
17 brasherboot (#) Jan 26th, 2013 - 01:38 am Report abuse
Its about time Deutsche Bank finally moved its headquarters from Frankfurt to London. They've been toying with it for years - Germany may have finally given them their marching orders.

The continentals are constantly finding new ways to give London their money. Even ex president Sarkozy is moving his Billion to London
18 briton (#) Jan 26th, 2013 - 08:04 pm Report abuse
they have had 40 years,
and all they have done is screw it up,

they cant even standardise a simple plug.
out now.

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