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Spindelegger says FTT in Austria by 2016

Finance Minister Michael Spindelegger (OeVP) has announced that a financial transaction tax will be introduced in Austria by 2016.

Austria is one of 11 out of a total 28 European Union countries who have signed up to the tax, which has proved controversial in some countries such as the UK.

The tax, dubbed by some as the Robin Hood tax, is on financial transactions between financial institutions in the EU - charging 0.1% against the exchange of shares and bonds and 0.01% across derivative contracts.

Spindelegger said that the countries are now looking to finalise the legislation by the end of 2014, ready to introduce in 2016.

Germany, France, and Italy are also among the countries who have also got behind the tax, although the UK is staunchly against the idea and has tried to argue that it would not be good for London's financial reputation. They have launched a legal case against the tax - although European Court of Justice (ECJ) recently threw out the legal challenge, ruling that something that has not been introduced yet cannot be contested.

Calls for the tax first came following the financial crisis in 2008-09 to help return some of the money from government bailouts of the banks. The EU estimates a broad levy could yield 30 billion EUR in annual tax revenues.

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