VIENNA Feb 14 Austrian Chancellor Werner
Faymann suggested on Thursday raising the levy on derivative
trades once 11 euro zone countries have implemented a new tax on
The European Commission is supposed to present its draft
version of the tax on Thursday, and Faymann said it could
generate more than 500 million euros ($672 million) a year for
Austria alone and 31 billion in all starting in January 2014.
The draft calls for the imposing of a 0.1 percent surcharge
on most stock and bond transactions and 0.01 percent on
"For me it is a good start but I could imagine taking
perhaps 0.015 percent for derivatives instead of 0.01. I would
absolutely be open to an increase," he told Austrian broadcaster
ORF in an interview.
Faymann, a Social Democrat who governs with conservative
coalition partners, said he could imagine capturing foreign
exchange trades as well with the tax but noted this had to be
worked out in negotiations that aim to include as many countries
in the scheme as possible.
Eleven euro zone countries won approval last month for the
tax on financial transactions that seeks to shift more
responsibility for the region's crisis onto banks despite fears
it could drive business out of Europe.