| inbluevt | Date: Wednesday, 2013/09/11, 1:41 AM | Message # 1 | DMCA |
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Lawyers for the European Commission and EU member states have become embroiled in a public disagreement over the legality of the financial transaction tax.
In a leaked legal opinion dated 6 September, the legal service of the EU Council, which represents the EU's 28 member countries, made clear that it deemed the FTT incompatible with EU law and that it was likely to distort competition within the bloc.
The FTT, also known as the Tobin tax, is set to be adopted by 11 EU states (Germany, France, Italy, Spain, Belgium, Austria, Portugal, Greece, Slovenia, Slovakia and Estonia). Legal proposals to launch the tax were tabled by the European Commission two years ago under the so-called “enhanced cooperation” procedure, which allows a small vanguard of at least nine EU countries to move forward on matters of common interest.
But the proposed enhanced co-operation "exceeds member states' jurisdiction for taxation under the norms of international customary law", the Council's lawyers said. The plan is not compatible with the EU treaty "as it infringes upon the taxing competences of non-participating member states,” they argued, adding that the proposal was "discriminatory and likely to lead to distortion of competition to the detriment of non-participating member states.”
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Message edited by inbluevt - Wednesday, 2013/09/11, 1:44 AM |
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