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Schelling Says EU Needs December Decision on Transaction Tax

  • Italy, Slovenia and Estonia have strong concerns on tax plan
  • Schelling says proposal may be dropped if no deal by December

European Union nations need to decide by next month on whether a financial-transactions tax is possible among participating countries, Austrian Finance Minister Hans Joerg Schelling said.

Schelling, who leads the group of 11 nations that have signed up to design a joint FTT, said he’ll aim to submit a report in December to all 28 EU nations. So far, he said, talks among participating nations have yielded “clear progress” but also no deal.