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Divergences over the taxation of derivatives and whether the tax would pay for the cost of collecting it in smaller countries caused talks on the matter to break down late last year. The group is now asking the European Commission for technical advice and wants the levy to apply as widely as possible.
“We decided that the tax should be based on the principle of the widest possible base and low rates, while taking full consideration of the impact on the real economy and the risk of relocation of the financial sector,” the group said.
Participating nations have been working on the tax after efforts collapsed to design a measure for all 28 nations. Greece, which had elections over the weekend, has also been part of the transaction-tax plan but did not sign Tuesday’s statement.
Austrian Finance Minister Hans Joerg Schelling said that there had been “clear progress” on including derivatives in the tax. He said Austria would coordinate political talks on the plan and Portugal would take the lead on technical work.
“We remain of the view that if we agree now, parts of the financial transaction tax could enter into force on Jan. 1, 2016, and parts on Jan. 1, 2017,” Schelling said.