EU finance ministers to discuss financial transaction tax in Brussels

A financial transaction tax (FTT) will be one of the top issues to be discussed in the upcoming meeting of the European Union (EU)'s finance ministers in Brussels on May 6, an official statement said on Friday. The European Commission proposed a financial transaction tax in 2011, but several member states, including Britain, exercised their veto and blocked an EU-wide FTT proposal. Eleven member states, including France, Germany, Italy and Spain, decided in February 2014 to proceed with the FTT through enhanced cooperation. In addition to the FTT, other issues including macroeconomic imbalances procedure and a parent-subsidiary directive with an aim of closing loopholes in company taxation will also be discussed.