June 14, 2019 / 12:03 PM / 3 months ago

Financial transaction tax by 2021, says Germany's Scholz

FILE PHOTO: German Finance Minister Olaf Scholz attends a news conference during the G20 Finance Ministers and Central Bank Governors Meeting in Fukuoka, Japan June 9, 2019. REUTERS/Kim Kyung-Hoon/Pool

BERLIN (Reuters) - A tax on financial transactions in Europe should be implemented by 2021, German Finance Minister Olaf Scholz tweeted on Friday after a meeting of euro zone finance ministers, adding that the foundations for the tax would be laid this year.

He tweeted: “Financial transaction tax is on the way. We want to establish the foundation for the tax within this year – in order to implement it in 2021. Our aim: To raise revenue to finance our communities.”

He added, without giving details, that the ministers had also made a “decisive step” towards creating a budget for the euro zone.

Reporting by Thomas Escritt, editing by Michelle Martin

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