Schulz welcomes support for EU Financial Transaction Tax

09 October 2012

EP President Martin Schulz made the following statement welcoming the indications that the EU Financial Transaction Tax (FTT) is receiving enough support to be set up under enhanced cooperation.

"The Financial Transaction Tax is a matter of justice and I am pleased it is receiving enough support from the Member States to go forward under enhanced cooperation. The European Parliament has been calling for and supporting the FTT for more than two years and I am satisfied it will soon see the light of day with up to 11 countries ready to press ahead. Although we would have preferred an EU-wide FTT, enhanced cooperation with up to 11 Member States is a good beginning. I salute those countries who are leading the introduction of the FTT.

The FTT will be a valuable source of new revenue coming from an undertaxed sector, and a way of encouraging more responsible financial trading. I warmly welcome that with the FTT the sector that primarily caused the economic crisis will contribute to economic recovery in a direct manner. The financial sector should contribute to containing the debt crisis at a time the poorest in society are making great sacrifices. It is unacceptable that when people go to the market to buy apples for example, they pay VAT, but transactions made in the financial sector are not liable to a direct tax."

Press release

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