Vienna, 01 October 2012 Tax on financial transactions: Fekter sends letter to EU regarding enhanced cooperation collaboration Proponents of the EU-level tax on financial transactions wish to deploy the political tool of “enhanced cooperation” in advancing this legislative

Vienna (BMF) – At the end of last week, the finance ministers of Germany and France – as lead proponents of a group of several EU countries, including Austria, who are seeking introduction of the EU tax on financial transactions – launched a new initiative in pursuit of this measure. In a letter sent today to the EU commission, Austrian minister of Finance Dr Maria Fekter stressed her support for this joint initiative.

"If at least 9 countries wishing to implement legislation to tax financial transactions decide to do so by means of “enhanced cooperation”, then they can do so in spite of resistance by other member states”, Austrian Finance Minister Dr Maria Fekter stated. In her letter, Dr Fekter requested that the European Commission submit a proposal on the EU-level tax under the procedures for “enhanced cooperation”. “The EU-level tax on financial transactions makes sense from a macro-economic perspective and would represent a substantial contribution by the financial sector towards mastering the consequences of the global financial crisis. Our proposal is intended to accelerate the speed by which these measures are brought forward, and to show that there are many who will be persevering in favour of these demands ", Finance Minister Dr Fekter said.

"Together with Germany and France, Austria’s letter to the Commission has once again put this matter on the agenda. We will be raising the matter again at the next ECOFIN meeting on 9 October; however, Austria’s support for this measure is unequivocal”, Dr Fekter stated in closing.