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Parliamentary questions
8 March 2017
E-000403/2017
Answer given by Mr Moscovici on behalf of the Commission

The participating Member States continue to negotiate on the Commission's proposal and have already reached partial informal agreement on some of the elements of the tax. Discussions continue on issues such as the treatment of pension funds, impact on the real economy, list of taxable financial instruments, tax rates etc.

In its proposal the Commission has already proposed to tax financial transactions on a gross basis, i.e. all transactions concluded during the trading day and not at the end of the trading day. Currently, there is an informal agreement between the participating Member States to apply the tax on a gross basis. High frequency trading is also captured by this approach.

After the initial Commission proposal, addressed to all Member States, failed to reach the required support, following the request of 11 Member States and a second Commission proposal, the Council authorised the establishment of enhanced cooperation in the area of financial transaction tax. According to the relevant provisions in the Treaty on the Functioning of the European Union, enhanced cooperation is open to all Member States. Any Member State which wishes to participate in enhanced cooperation in progress shall notify its intention to the Council and the Commission.

Last updated: 14 March 2017Legal notice