Confederation further against the FTT

The intention of some countries to introduce a financial transactions tax should be abandoned.

The Confederation of Industry of the Czech Republic opposes, in the long-term, the intention to introduce the FTT and has thus supported a recent letter of the BUSINESSEUROPE criticizing it. The letter addressed to chosen institutions and finance ministers of the EU countries shows the risks and problems linked to the FTT.

The official position of the Czech Republic on this issue is the same as the Confederation’s one. The Czech Republic doesn’t belong to the 11countries of the so-called enhanced cooperation, but the introduction of the tax would influence its economy as well, directly or indirectly.

In the opinion of the Confederation, the FTT would take shape, in a negative way, in the costs of non-financial companies as well as the possibilities to use various tools involved in managing risks and could put some restrictions to the EU‘s intention to support the investment environment.

The FTT is still supported by certain European politicians, although some of them are ready to postpone the whole debate as the supporters of the plan want first to ensure an automatic FTT process and development of a software solution related to it. More than a simple postponement of the intention to introduce the FTT, the Confederation of Industry, similarly to the BUSINESSEUROPE, would welcome a plan abandonment.

The BUSINESSEUROPE's letter