The European Commission published the details of the Financial Transaction Tax (FTT) to be implemented under enhanced cooperation. The details are set out in a Commission's proposal that include certain limited changes compared to the original one, to take into account the fact that the tax will be implemented on a smaller geographical scale than originally foreseen.

The European Commission presented a proposal with the details of the Financial Transaction Tax (FTT) to be implemented under enhanced cooperation. According to the Commission, the proposed Directive mirrors the scope and objectives of the original FTT proposal put forward by the Commission in September 2011, as requested by the 11 Member States that will proceed with this tax. However, it also introduces certain limited changes that are mainly, according to the Commission, to ensure legal clarity and to reinforce anti-avoidance and anti-abuse provisions.

Algirdas Šemeta, European Commissioner responsible for Taxation, highlighted that the FTT will strengthen the Single Market by reducing the number of divergent national approaches to financial transaction taxation. Secondly, it will ensure that the financial sector makes a fair and substantial contribution to public revenues. He also stressed that the FTT will support regulatory measures in encouraging the financial sector to engage in more responsible activities, geared towards the real economy.

The proposed Directive keeps the original approach of taxing all transactions with an established link to the FTT-zone is maintained, as are the rates of 0.1% for shares and bonds and 0.01% for derivatives. The Commission highlights that this Financial Transaction Tax is expected to deliver revenues of €30-35 billion a year when applied by the 11 Member States.