Vilnius, Lithuania (4E) – Finance ministers of the European Union met on Saturday to tackle key issues such as cracking down on tax evasion and the Financial Transaction Tax, or the FTT, seeking to gain more consensus that will help stabilize the market.
The ministerial talks in Lithuania focused on pushing for a system of automatically sharing information on account holders that can be applied on all countries.
In attendance in the EU meeting is Organisation for Economic Cooperation and Development (OECD) Secretary General Angel Gurria. The OECD hopes that a global model of automatic exchange of information will be in place by 2014.
Progress made this year in the fight against tax cheats is evidence of what can be achieved when all member states of the EU take the same course, according to Algirdas Semeta, who is the European Commission’s member in charge of Taxation and Customs.
Another important topic discussed at the meeting is the FTT. Semeta expressed confidence on the legality of the proposed plan, rejecting the idea that it goes against the treaties or existing agreements.
The European Commission proposed a 0.1 percent tax on equities and bonds trading, and a 0.01 percent tax imposed on trade of derivatives. The revenue could be channeled to the central budget of the EU.