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Estonia rejects introduction of a financial transactions tax

Avaldatud 11. 2015.a.
On last December 8th meeting of finance ministers of the EU countries Estonia refused to introduce a tax on financial transactions, having explained the decision related to weak local stock market turnover. According to Estonian authorities, taxation of financial transactions can lead to complete "extinction" of Estonian securities market. 

Today, 11 countries of the European Union of the 27 originally proposed by the European Commission currently supportFTT. According to preliminary estimates of the European Commission, tax on transactions with shares and bonds in an amount of 0.1% and on derivative contracts in an amount of 0.01% would receive up to 57 billion euros per year. Herewith, tax was to affect only transactions between financial institutions.