Algirdas Šemeta, Member of the EC in charge of Taxation and Customs Union presented the communication on taxation financial sector, the European Commission just adopted on the occasion of its weekly meeting.
The text sets European Commission's recommendations on options for taxing the financial sector at global and EU level. The Communication addresses the contribution that the financial sector could make to repairing the financial system and feeding public budgets, and will look at what the best policy options could be.
The European Commission presented an objective analysis paper on taxation of the financial sector to EU Finance Ministers at the ECOFIN on 7 September, in order to give shape to the debate on this subject. This paper focused on two main tax instruments: the Financial Transactions Tax and the Financial Activities Tax, analysing both their advantages and drawbacks. The European Commission has also been active in promoting the idea of a Financial Transaction Tax at global level amongst its international partners, in particular at the G20 meeting in Toronto in June.
