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Coalition split over financial transaction tax
Photo: DPA

Coalition split over financial transaction tax

Published: 16 Feb 2013 19:34 GMT+01:00
Updated: 16 Feb 2013 19:34 GMT+01:00

Chancellor Angela Merkel is facing opposition to her plans to introduce a Europe-wide tax on financial transactions - from her own government coalition partner, the pro-business Free Democrats.

Volker Wissing, deputy chairman of the Free Democrats parliamentary group rejected the plan to bring in the new measure swiftly, claiming small investors and businesses would bear the brunt of the levy. Meanwhile Joachim Poß from the opposition Social Democrats urged Merkel not to put up with “politics of obstruction,” and the Greens said the tax was well overdue.

In her regular video broadcast, Merkel said the eleven countries that had so far signed up to the levy were “just a start, because it would be better if everyone took part.” The ten other countries who have agreed to introduce the financial transaction tax are France, Italy, Portugal, Spain, Austria, Belgium, Greece, Estonia, Slovenia and Slovakia.

Wissing told the Süddeutsche Zeitung newspaper on Saturday that banks and insurance companies were likely to push the projected €35 billion euro in annual levies to their customers. However Merkel said that in order to learn from the mistakes of the past, the goal must be “transparency.”

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Your comments about this article

22:32 February 16, 2013 by sonriete
They feel there are not enough taxes so there must be more and more, lets keep this going, how about a tax on aviation? Tolls on the autobahn, anyone else have ideas?
03:14 February 17, 2013 by Eric1
Tax, tax, tax, is there anything on Earth government doesn't extort money from? Why not a tax on politicians for expenses they incur. Say charge them 10% of every charge they charge to the government.
04:54 February 17, 2013 by wethepeople2012
How bout fart tax since they pollute the air the rest of us breath.
12:39 February 17, 2013 by Englishted
11 from 27 democracy E.U. style .
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