On the website of the Austrian Ministry of Finance a media release was published in which it is stated that according to the Austrian Minister of Finance significant progress has been made regarding a financial transaction tax. The Austrian Minister of Finance (Hans Jörg Schelling) is the political coordinator of those eleven EU member states which want to introduce a financial transaction tax in the framework of enhanced cooperation.

According to the press release significant progress has been made in the negotiations of eleven EU Member States on the introduction of a financial transaction tax depend. According to the media release the final outcome of the negotiations depends on Italy, Slovenia and Estonia. According to the media release while Italy wants to also tax derivatives that are used to hedge government bonds, Slovenia and Estonia have concerns because they fear an exodus of financial transactions from their countries.

"We have significantly progressed. I am in ongoing talks with the three countries. Under normal circumstances, it should be possible to find a compromise,” said Mr. Schelling.

The Austrian Minister of Finance intends to report at the Ecofin Council in December on the state of things. "I'm assuming that it is necessary that we have to have come to a solution by then," Mr. Schelling stated.

Click here to be forwarded to the media release as available on the website of the Austrian Ministry of Finance, which will open in a new window (the media release is only available in the German language).

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