Commission welcomes European Parliament’s positive vote on financial transaction tax

On 23th May, the European Parliament voted in favour of a financial transaction tax (FTT), which had been proposed by the Commission as a measure to generate additional own resources for the EU budget. For further reading click here.

The outcome of the vote was welcomed by Algirdas Semeta, Commissioner in charge of Taxation and Customs Union. According to him, the vote of the European Parliament is a recognition of the benefits, a FTT has to offer: a fairer tax system, greater stability of the financial sector as well as a new source of revenue without additional burdens for the everyday taxpayer. In a speech in the European Parliament he emphasized that an FTT “will help re-built the damaged relationship between the financial sector and the ordinary citizen.”

More about the Commission’s reaction and the speech by Commissioner Semeta can be found here.

Different proposals for a FTT have already been reviewed in a previous article on our page: FTT-The answer to all problems?

About Andreas Schubert

Andreas Schubert studied Economics at the University of Bayreuth. His fields of interest are political economics, development and transformation economics as well as economic history.