Italy to announce decision on transaction tax

Italy is expected to make a decision on the implementation of a financial transaction tax later today, as confirmed by Italy’s finance minister Vittorio Grilli.

Speaking in Luxembourg at a Eurogroup meeting, Grilli said the country’s position will be announced after discussions with other European partners.

France and Germany are the proposing countries for the initiative, and support has been shown also by Portugal, Slovenia, Belgium and Austria.

According to Grilli, Italy’s position isn’t “completely negative” but the proposal needs to be outlined more clearly.

Germany  and France have been driving diplomatic efforts to set up a EU-wide financial transactions tax.

A minimum on nine countries should adopt the transaction tax for it to become operational.

According to some commentators, despite the interest shown for the proposal, Italy and Spain have appear unlikely to be ready to commit to the new policy.

Reporting on the latest tax news, Sweden’s Dagens Industri said that with the new expressions of interest from additional member states, the European Commissioner responsible for Taxation, Customers, Anti-Fraud and Audit Algirdas Šemeta had been able to announce that the minimum threshold of nine member states had been met.

Support from nine or more members is required for tax changes in line with EU Treaty rules, the paper added.

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