EC proposal for an EU-wide FTT: CIDSE analysis

Over a decade of advocacy for a global Financial Transactions Tax (FTT) and widespread campaigning especially over the last two years seems to be finally bearing fruit. The European Commission finally proposed the implementation of an EU-wide Financial Transactions Tax, late in the evening of 29 June 2011. It proposed a FTT as one channel by which the EU could raise its ‘own resources’ to fund the EU budget. The second channel being proposed is a new EU Value Added Tax.