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Most Eurozone finance ministers OK FTT; Kažimír has conditions

On Tuesday, January 21, 11 eurozone countries, including Slovakia, approved the financial transaction tax (FTT). Only ministers from Luxembourg, the Czech Republic, Malta and the UK opposed the FTT, and these countries will not adopt it for now, the Sme daily wrote. The original rates – 0.1 percent for bonds and 0.01 for derivatives - should be preserved, although the proposal is to be re-elaborated, the daily wrote.

On Tuesday, January 21, 11 eurozone countries, including Slovakia, approved the financial transaction tax (FTT). Only ministers from Luxembourg, the Czech Republic, Malta and the UK opposed the FTT, and these countries will not adopt it for now, the Sme daily wrote. The original rates – 0.1 percent for bonds and 0.01 for derivatives - should be preserved, although the proposal is to be re-elaborated, the daily wrote.

Slovakia wants to be assured that the FTT will not affect the competitiveness of the financial sector, said Slovak Finance Minister Peter Kažimír, as quoted by the TASR newswire, after the session of EU finance ministers (Ecofin) in Brussels. According to Kažimír, the FTT has reached another level. "When it comes to our interests, there's still an effort to prepare such a type of tax ... which won't worsen the competitiveness of our financial sector and won't represent an additional burden that could consequently be transferred on to clients." He stressed that these precautions must be addressed.

Kažimír pointed out that the club of 11 countries, which support the introduction of the FTT, may be extended, as Poland and the Netherlands are still undecided. The other 10 countries that have given the green light to the FTT are Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovenia and Spain, according to TASR.

(Source: Sme, TASR)
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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