EU Council Publishes Report on Status of Financial Transaction Tax

On 3 June 2016, the Council of the European Union published a report on the status of the ongoing enhanced cooperation procedure for the introduction of a Financial Transaction Tax (FTT). The enhanced cooperation procedure was started at the request of 11 EU Member States (Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain) after a Commission proposal for an EU-wide FTT was abandoned in 2012 due to a lack of consensus among all Member States. Sin…