Moscovici Says EU Transactions Tax May Come Together Soon

European efforts to design a financial-transactions tax for 11 willing nations may come together soon, European Union Economic and Tax Commissioner Pierre Moscovici said.

“The number of options on the table has been significantly reduced and I expect that there will be a political choice made in the coming weeks to lead us to a successful conclusion,” Moscovici said on Friday in a statement to Bloomberg.

“Since the commission returned to the table and since the organization of work on this issue has been improved, discussions have been moving in a positive direction,” Moscovici said.

The 11 participating nations met in Luxembourg on Thursday to discuss the tax proposal. The effort has bogged down as countries disagree about which trades to tax and how much revenue the levy should raise. France has called for a phased-in approach that only covers a few types of trades at the start, while Austria and others have said the tax needs to collect substantial revenue to be worthwhile.

French Finance Minister Michel Sapin said he expected an announcement to be made on the matter next month. The proposal being worked on “corresponds with the French vision of the tax, which is to say very broad, on shares and derivatives, with a low rate. This is now a shared vision,” he told reporters.

The 11 nations that have volunteered to work on the joint transaction-tax plan are: Germany, France, Spain, Italy, Belgium, Austria, Portugal, Greece, Estonia, Slovakia and Slovenia.

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