Meeting on the tobin tax is canceled due to Greece and Brexit call.

The meeting on Monday night for ten euro area countries that want to introduce a financial transaction tax was canceled because of the Greklandsdiskussionen and the considerations surrounding Brexit.

It said France’s newly appointed economy minister Bruno Le Maire told reporters as he arrived for the ecofin meeting on Tuesday.

”The meeting was postponed. It will be held at an appropriate time,” he said.

Eurogroup meeting on Greece’s reform programmes and debt relief was extended into Monday, then the meeting, if the so-called tobin tax, would have been held.

”A second important reason is that we have had the decision on the brexit. We must evaluate all the consequences before we make a decision on the financial transaction tax”, said Bruno Le Maire.

EU sources have claimed that the difficulty for the ten euro area countries to make progress also recorded. Admittedly, London is an important financial centres in Europe, but the uk referendum on the brexit took place in June last year and several meetings have been held since then.

Many EUROPEAN sources doubt that the ten countries will be able to agree. But the work can not be shut down before the German elections in september, according to the sources. May have nådatiden now been extended to the Austrian elections in October.

The ten countries themselves claim that progress is being made and that the solution is near.

Several meetings have been set in the past, most recently in January and december before the a meeting was held in February.

2012 decided eleven eurozone countries to introduce a financial transaction tax. In 2013, the commission put forward a proposal. Estonia has since left the group.

The ten remaining euro area countries are Germany, France, Italy, Spain, Belgium, Austria, Greece, Portugal, Slovakia and Slovenia.

These countries have agreed that the FTT-the tax shall apply to all equity transactions.

The tax base for derivatives is, for the optionsliknande derivatives is based on the option premium. For other derivatives, notional amount or market value be used as the base.

Germany has been the driving force in order to exempt the ”real economy” – trading in derivatives for non-financial companies, such as German automotive companies.

The ability of each euro area member state to exempt their pension funds have been run by Belgium.

In order not to make the states ‘ own borrowings to exempt repos, reverse repos and transactions for the management of the public debt (even for the us counterparts).

For the market makers shall the tax be reduced by 20%. It applies to market makers that are tied to a marketplace for some of the shares, and whether it applies to proprietary trading or market making.

Tradingportalen/Agency Directly.
Questions and comments always welcome in the newsroom[at]

Like this post? Please share to your friends:
Leave a Reply