Majority of MEPs back EU-wide financial tax
A survey among MEPs and influential Brussels-based opinion makers shows that the majority support the controversial financial transaction tax even if this were restricted to Europe. The results of the survey, conducted by ComRes, an international...
A survey among MEPs and influential Brussels-based opinion makers shows that the majority support the controversial financial transaction tax even if this were restricted to Europe.
The results of the survey, conducted by ComRes, an international polling and research consultancy based in the UK, were published in Brussels amid growing opposition to the tax from various member states, including Malta, EU functionaries, lobby groups, business organisations and NGOs.
Among MEPs, politicians from the European People’s Party and the Socialists were the strongest supporters of the tax. The only political grouping against is that of the Liberals.
Interestingly, the majority of MEPs in the Economic and Monetary Affairs Committee also support an EU-wide tax even though they agree that this would make Europe’s financial sector less competitive worldwide.
Among the opinion makers, Commission officials are some of the biggest supporters of the proposal and the only lobby group not convinced is the business community. The European Parliament has no power over the introduction of taxes in the EU and only enjoys a consultative role on the Commission’s proposal launched last year.
In fact, the key to the tax, promoted by France and Germany, remains in the hands of member states that have to give their unanimous support.
According to the latest research conducted by KPMG Europe, Malta, which opposes the tax if not introduced on a global level, seems to be making more and more friends on the matter.
KPMG, which analysed EU governments’ public comments on the proposed transaction tax and had informal talks with them, said that only France, Germany and Spain strongly favoured the tax. Seven other governments, including Austria, Italy and Hungary, support the tax subject to conditions, such as it being introduced across the EU or worldwide.
Malta, the UK, Cyprus, Denmark, Ireland, Latvia, Luxembourg and Netherlands were “less positive” about the levy, KPMG said.
Bulgaria, the Czech Republic and Sweden oppose it.
Last September, the European Commission suggested a tax of 0.1 per cent on equity and bond transactions and 0.01 per cent on derivatives, which, it said, could raise €55 billion a year.
European Union finance ministers are expected to discuss the tax in March.