Germany and France want to introduce a financial transaction tax in the EU – and that after eight years of litigation. According to the “SZ” have developed the Finance Ministers of both countries in smart ideas for a settlement.
The proposal by the Federal Minister Olaf Scholz and his French counterpart Bruno Le Maire for the introduction of a financial transaction tax to be presented on the sidelines of the Euro Finance Ministers ‘ meeting in Brussels. The challenge: In some EU countries, including France and Italy, is already such a tax. Why should not these countries on the lucrative national revenue in favour of an EU tax?
A proposal by the two Ministers of Finance: countries that participated in the so-called “Euro zone Budget”, can offset their tax revenues with their contributions to this Budget. A financial transaction tax could be “an important Element” in order to strengthen the European Union, cited the “Süddeutsche Zeitung” from a draft of a common position paper. As a model, this is already in France, tried and tested model is used. All the transactions of domestically issued shares will be taxed. And of companies whose market capitalization is more than a billion euros.
EU countries need to be convinced of the Euro-zone Budget
At the same time France and Germany to advertise in order for your project from the “Euro zone Budget”. In the Euro-zone Budget, this is a matter of the heart of the French President, Emmanuel Macron, is a part of the EU budget, which will be exclusively for the 19 countries that have the Euro as their currency. With this Budget, the economic gap between the Northern and southern Euro-countries should be mitigated.
The EU Commission had failed in 2010 with the introduction of a financial transaction tax
In order to convince countries of the see such Extra-budgetary critical, there is therefore a special incentive: The revenue from a financial transaction tax could be offset against the contributions to the EU budget. Who is involved, would have to pay less to the community Fund. While Paris insists that the tax revenue should only be used for the planned Euro-zone Budget is used, it is in Berlin, as to imagine that they could come from the EU budget as a Whole. This question was between France and Germany is a controversial issue.
British had rejected the financial transaction tax always
After the European Commission in 2010 had found no majority for the introduction of a financial transaction tax, the Minister of Finance Scholz, and Le Maire, so now a new initiative. Germany, France, Belgium, Greece, Italy, Portugal, Austria, Spain, Slovenia and Slovakia – these are the ten EU-countries, which have a keepsake of such a tax or are already on a national level.
The biggest critics of the introduction of a financial transaction tax were to have been in the past few years, the British. Your fear: such A tax could weaken the important financial centre of London. Now, in accordance with the UK’s exit from the EU, new possibilities.
New tax to hit speculators
The principle of the financial transaction works tax like a sales tax on over-the-counter and off-exchange financial transaction, wherein the state of painting evidenced in the trading of financial products with a minimum tax of between 0.01 and 0.1 percent. Short-term speculation, for example, when automated, Computer-high-speed trading, would be advanced thereby, a very powerful bolt, as these transactions margins usually are based on minimum profit with maximum stakes. Especially the bankers say that the proposed tax would not meet the speculators, but the small investors. The capital was a “shy deer”, is everywhere to hear, the search of other financial centres. Supporters of the stock exchange tax, as the economist Professor Max Otte, in contrast, argue that a financial transaction tax to make up for small investors with only a fraction of the Bank charges.
nob/kle (afp, dpa)