Germany and France want a new attempt to introduce a Europe-wide financial transaction tax company. The Süddeutsche Zeitung reported, citing a joint position paper to present to the Minister of Finance Olaf Schulz (SPD) and his French colleague, Bruno Le Maire on Monday on the sidelines of the EU Finance Ministers ‘ meeting in Brussels.
A financial transaction tax could be “an important Element” in order to strengthen the European Union. In addition, the revenue generated could be “a contribution to a Euro-zone Budget”. You could also come directly to the EU budget as a Whole, as Germany is in favour of it.
used As a template for the proposed tax in France, tried and tested model is used. All the transactions of domestically issued shares will be taxed. Have to pay companies whose stock market value is more than a billion euros.
revenues from the tax are to be offset against payments to the EU budget
Already for years, discussing the introduction of a European financial transaction tax. Your introduction to the whole of the EU, however, was a failure so far, and also the efforts to levy such a tax among a smaller group of EU member States, have so far been inconclusive.
According to the position paper, the States that are against a financial transaction tax should be convinced, through a special incentive: The revenue from a financial transaction tax could be offset against the contributions to the EU budget. States that participate would therefore have to pay less to the community Fund.
Le Maire, and Scholz, want to discuss your proposal first, in the circle of all those States that strive for a financial transaction tax. In addition to Germany and France, Belgium, Greece, Italy, Portugal, Austria, Spain, Slovenia and Slovakia were included. In the case of the Austrian presidency of the Council is scheduled to Meet also the issue should be discussed, such as States that have already introduced themselves, a financial transaction tax, the German-French proposal could benefit.
the Policy response to the financial crisis
is working on an allocation key. This should be created according to the paper, a balance between the States and certain discounts offered. The joint tax revenue of all States could be merged and then among the participating States, that their contribution to the EU budget reduced in terms of economic performance. As a result, States already have a financial transaction tax would not create unnecessary burdens.
The financial transaction tax is regarded as a political response to the financial crisis of 2008. The tax on financial transactions credit should pay institutions for your transactions and at the same time, high-risk businesses such as seconds fast electronic trading in securities are contained. The Federal government has always been for the introduction of the tax once the approval of the SPD was even to the Euro-rescue packages.