On 14 November 2012 the Department of Finance in making a presentation to Parliament’s Joint Committee on Finance, Public Expenditure and Reform on FFT outlined Ireland’s position in relation to the tax. Ireland will not be among those countries participating in a FTT by enhanced cooperation. The Department noted that enhanced cooperation (under which at least nine countries must participate) has only been used by the EU on three occasions and this is the first time in the field of taxation. The Department has concerns about (i) the enhanced cooperation procedure being used in the area of tax and (ii) the lack of clarity with the procedure given that once the Council authorises enhanced cooperation to proceed the eleven countries involved could potentially change the scope of the FTT so long as any revised proposals meet the general principle of imposing levies on financial transactions.

Ireland’s position is that if a FTT cannot be introduced on a global basis it would be better for it to be introduced on at least an EU-wide basis rather than only in the Eurozone if a distortion of activity in the European Union is to be avoided. Such an approach would avoid the danger of activities gravitating to jurisdictions where taxes are not levied on financial transactions.