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Cyprus expresses reservations over FTT

Haris Georgiades

Finance Minister Harris Georgiades said Cyprus is cautious towards an EU proposal to introduce a financial transactions tax but was in favour of deepening the economic union.

Speaking at the Eurogroup meeting in Vienna, Georgiades said the European Union is at a key juncture in the course of its economic governance.

He added that there were issued related to Brexit but there are also the issues pertaining to the further deepening (of the EMU) with an emphasis on the next steps of the European banking union.

“We will be called upon to make decisions in the coming period,” Georgiades said, adding that “Cyprus is in favour of making these next steps, in a reasonable way in the Banking and the European Capital Markets Union.”

He said, however, that Cyprus had reservations over the FTT.

“Cyprus is cautious about the financial transactions tax, which is proposed as a new `own resource` for the next multiannual financial framework,” the finance minister said.

But Cyprus was prepared to discuss the digital tax on the digital economy.

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