On February 21, 2017 the Belgian Minister of Finance gave the following update regarding the working group on the Financial Transaction Tax:

“The ministers of Finance of the 10 European member states taking part in the negotiations on the financial transaction tax have gathered again this morning to discuss the current state of affairs. Minister of Finance Johan Van Overtveldt represents the Belgian government in these discussions.

Minister Van Overtveldt: “We had a constructive meeting. A number of technical issues were discussed, such as the exemption for pension funds. The safeguarding of pension funds is one of the provisions of the coalition agreement of the Belgian federal government. It remains of great importance to me that people’s pensions are preserved to a maximum.”

One of those discussions regarded the question whether such an exemption should apply in general or if member states should be able to work with a so-called individual “opt-out clause”. A number of member stated also pointed out the international economic context which is very volatile at this point, due to the Brexit and possible new financial regulations in the U.S. for example.

There will be a further technical analysis of the effects on the real economy and the pension funds by the next meeting, which will take place end of March.”

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