Finance ministers from 10 EU Member States have agreed to the implementation of a EU financial transaction tax by January 1st, 2016, according to a joint statement issued May 6th, 2014. The Member States include Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, and Spain, and the tax would only be enforceable in these 10 jurisdictions. Slovenia, previously a supporter of the tax, is considering withdrawing from the initiative.
The move forward to implement the tax comes despite strong opposition, including from Denmark, Sweden and the U.K., as well as from the UE banking sector. The U.K. filed a legal challenge with the European Court of Justice, but the challenge was recently rejected.
A proposal for a progressive implementation of the financial transaction tax is expected by the end of the year (2014). Once issued, the proposal will likely be further challenged on legal grounds.
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