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Financials

Germany sees 1.5 bln euro annual take from new financial transaction tax

BERLIN, Dec 10 (Reuters) - Finance Minister Olaf Scholz expects a planned new financial transaction tax to generate annual revenues of around 1.5 billion euros ($551.10 million) initially in Germany, much of which will offset the cost of a new basic pension, a Finance Ministry document showed.

Plans for an EU financial transaction tax (FTT) have stumbled over the past years. After an initial proposal in 2011 was blocked by member governments, a group of states pressed ahead, while the majority of the 28 EU states backed down.

Under plans drawn up by Scholz and sent to ministers from nine other European Union states, they would levy a tax of 0.2% of the transaction value of purchases of shares in large companies.

The shares affected would be in companies valued at over 1 billion euros, meaning the tax would apply to purchases of shares in more than 500 companies in all 10 countries - Germany, Belgium, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia.

“We are now close to reaching our goal,” Scholz wrote to ministers from the other states involved in the plan in a letter seen by Reuters. ($1 = 0.9073 euros) (Reporting by Holger Hansen and Christian Kraemer Writing by Paul Carrel Editing by Michelle Martin)

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