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09. 02. 12. - 20:30

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09. 02. 12. - 20:30

Set up tax on financial transactions soon, says Katzian

The head of the Association of Private Employees (GPA-djp) has called for a quick introduction of a tax on financial transactions.

Social Democrat (SPÖ) Wolfgang Katzian said today (Thurs) his party’s team of ministers should try to agree with the board of the People’s Party (ÖVP) about setting up such a levy in the coming years. He told the Kurier: "A tax on financial transactions must be a discussion topic now as talks concern a savings package with effects until 2016."

Katzian claimed that there is widespread accord about such a measure in Europe. The politically muscular unionist said all European countries but Great Britain were ready to implement such a measure. SPÖ Financial Affairs Councillor Andreas Schieder recently stressed that the Austrian and European Social Democrats were applying "an extreme amount of pressure" at meetings in Brussels to introduce financial transactions taxation.

Public opinion research agency Oekonsult found last month that 89.1 per cent of Austrians approved the idea of a tax on financial transactions, a measure more and more politicians see as a reasonable measure against reckless stock market speculation and risky financial deals.

Especially left-wingers call for an introduction of a tax on financial transactions. However, it was France’s conservative President Nicolas Sarkozy who announced in a recent interview on French television that his country would set up such a taxation measure in August. This step would make France the first country in Europe with a fee of that kind.

SPÖ Chancellor Werner Faymann, who has called for a tax on financial transactions across the European Union (EU) or within the Eurozone for years, welcomed Sarkozy’s decision. Faymann told radio station Ö1 he assigned a team of experts to check how much money Austria could generate by creating a charge for financial transactions.

Speaking about the current austerity measures negotiations within the SPÖ-ÖVP government, Katzian stressed today he was not informed about the details. The coalition plans to finalise the talks within the coming days. Katzian claimed he learned about alleged measures only by reading the papers. The GPA-djp boss admitted that an increase of Austria’s tax on assets would be linked with immense political friction, but also said: "The rich must contribute."

Katzian told the Kurier that the wealthiest Austrians must be asked to pay higher taxes. He said: "You cannot argue towards a shopkeeper why she has to do their bit in this concern – in contrast to the multimillionaire."

Speaking to magazine profil, Katzian labelled higher taxes on assets as a "question of fairness." The president of Austrian Bundesliga football club FK Austria Vienna said: "I do not begrudge anyone’s assets but they also have to participate."

The Austrian government decided around one and a half months ago to increase its efforts in restoring the state budget. SPÖ and ÖVP plan to reduce Austria’s budget deficit and debts significantly by 2017 to fulfil the EU’s criteria on member countries’ financial situation by 2020. The Social Democrats are expected to call for an end to tax privileges for farmers while the ÖVP may have the final say on taxes on inheritance and assets. The conservative party of Vice Chancellor Michael Spindelegger is against both measures while the Labour Chamber (AK) and the Federal Trade Union (ÖGB) keep campaigning for an introduction.

Austrian Times

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