Scholz presented what he described as a final proposal for an EU FTT to the 10 member states participating in the initiative in December 2019. This year there is finally some European progress to report, as German Finance Minister, Olaf Scholz, in January 2020 said he is confident that an agreement can be reached on a European Union financial transactions tax and that the member states negotiating the terms of the proposed EU FTT are close to reaching a conclusion. The approach of the group was based on the idea that “A Financial transaction tax will strengthen the Single Market by reducing the number of divergent national approaches to financial transaction taxation and it will ensure that the financial sector makes a fair and substantial contribution to public revenues.” 2 (10 Member States Belgium, Germany, Greece, Spain, France, Italy, Austria, Portugal, Slovenia, Slovakia participated. However, this was suspended in 2013 when Spain joined the group of European Union Member States promoting the Enhanced Cooperation Procedure for the adoption of an EU FTT. It appears in Spain in 2012, when a draft bill for a Spanish Financial Transaction Tax was presented. The idea to introduce the tax has a long history in Spain and Europe: However, just in time for submission of this article, the scrutiny of the tax by the Spanish Senate, where amendments were proposed (ranging from rejection of the draft bill to technical amendments regarding what the taxable event should be, the taxable base, the taxpayer, the rate, and which also include a proposal for a longer implementation period) has been finalized and proposed amendments thrown out.
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