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Belgium Planning to Drop its Support of an EU Financial Transactions Tax — Orbitax Tax News & Alerts

Belgium is reportedly planning to drop its support of the initiative to create a Financial Transactions Tax (FTT) in the EU. The FTT has been pursued by a number of EU Member States through the enhanced cooperation procedure following the European Council's inability to reach unanimity on an FTT proposal in 2012.

Initially 11 Member States took part in the enhanced cooperation procedure for the FTT. However, Estonia decided to drop its support of the initiative in December 2015. If Belgium decides to drop its support as well, only nine Member States will remain, including Austria, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain. This is the minimum number of Member States needed for the enhanced cooperation initiative to move forward.