Member States Tax

The proposal will be presented in a few days. The imposition of the Tobin tax would be starting in 2013. Any decision on taxation matters require unanimity. The European Commission decided on Thursday to propose the introduction of a tax on financial transactions to feed the European budget after 2013 and thus reduce dependence on the contributions that make the EU Member States, according to EU sources confirmed. The European Commission will this proposal on the occasion of the publication of its draft multiannual perspective, which will serve as a base to start negotiations between the EU countries and the European institutions with the aim of setting priorities and the ceiling of the European spending until 2020. Since the outbreak of the financial crisis, the idea of imposing a tax on financial transactions to reduce speculation and promote a fairer distribution of the burden of the crisis has been on the table at various international fora such as the G-20, but failed to gather sufficient support.

In the absence of consensus International, several European countries have warned that a unilateral EU advance in this sense could encourage a flight of capital, which did not prevent the President of the European Commission, Jose Manuel Durao Barroso, to advance recently their intention to submit a proposal in this regard. Requires unanimity today novelty consists in that Brussels wants to allocate the proceeds into the coffers of the European budget, to reduce dependence on the contributions of the Member States, which currently rise to 75 per cent of the total, which makes a hard battle approval European accounts, especially in times of fiscal consolidation and cutbacks in all countries. Any decision on taxation requires unanimity among the 27 Member States, which will make complicated its adoption in the Council – organ where all Member States are represented – face of opposition from countries such as United Kingdom to any type of tax that is considered European. The President of the European Commission and the budget Commissioner, Janusz Lewandowki, will give a press conference at 19: 00 GMT to explain the draft multiannual budget that the EU Executive has approved. Source of the news: the European Commission proposes a tax on transactions to defray the expense