On December 9, 2015 the Austrian Ministry of Finance published a press release regarding the ECOFIN Meeting that took place on December 8, 2015. Majority of the press release regards the intended Financial Transaction Tax (FTT).

According to the Austrian Minister of Finance an important, perhaps even decisive step has been taken regarding the FTT. Despite the fact that Estonia does no longer participate, the Austrian Minister considers the agreement reached by the other ten countries on a FTT on the basis of a closer cooperation a breakthrough.

The Austrian Minister emphasizes that the agreement reached does not mean that the FTT is now introduced. According to the Austrian Minister the next step is to solve the outstanding issued by the summer of 2016. These include a.o. the tax rates. The goal is to if possible have the FTT apply to all the products and have low tax rates.

With Estonia gone the remaining ten countries are: Austria, Belgium, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain.

Click here to be forwarded to the press release (in the German language) as published on the website of the Austrian Ministry of Finance.

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