25.1.2013 Official Journal of the European Union L 22/11 DECISIONS COUNCIL DECISION of 22 January 2013 authorising enhanced cooperation in the area of financial transaction tax (2013/52/EV) THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on the Functioning of the European Union, and in particular Article 329(1) thereof, Having regard to the requests made by the Kingdom of Belgium, the Federal Republic of Germany, the Republic of Estonia, the Hellenic Republic, the Kingdom of Spain, the French Republic, the Italian Republic, the Republic of Austria, the Portuguese Republic, the Republic of Slovenia and the Slovak Republic, Having regard to the proposal from the European Commission, Having regard to the consent of the European Parliament, Whereas: (1)  In accordance with Article 3(3) of the Treaty on European Union (TEU), the Union shall establish an internal market. (2)  Pursuant to Article 113 of the Treaty on the Functioning of the European Union (TFEU) the Council shall adopt provisions for the harmonisation of legislation concerning turnover taxes, excise duties and other forms of indirect taxation to the extent that such harmonisation is necessary to ensure the establishment and the functioning of the internal market and to avoid distortion of competition. (3)  In 2011, the Commission took note of a debate which was ongoing at all levels on additional taxation of the financial sector. This debate originates from the desire to ensure that the financial sector fairly and substantially contributes to the costs of the crisis and that it is taxed in a fair way vis-a-vis other sectors for the future, to disincentivise excessively risky activities by financial  institutions, to complement regulatory measures aimed at avoiding future crises and to generate additional revenue for general budgets or specific policy purposes. (4)  Against this background, on 28 September 2011, the Commission adopted a proposal for a Council Directive () ®) on a common system of financial transaction tax and amending Directive 2008/7/EC ('). The main objective of that proposal was to ensure the proper functioning of the internal market and to avoid distortion of competition. At the Council meeting of 22 June 2012, it was ascer- tained that there was no unanimous support for a common system of financial transaction tax (FTT) as proposed by the Commission. The European Council concluded on 29 June 2012 that the proposed Directive would not be adopted by the Council within a reasonable period. At the Council meeting of 10 July 2012, reference was made to persisting and essential differences in opinion as regards the need to establish a common system of FTIT at the Union level and it was confirmed that the principle of harmonised taxation on financial transactions will not receive unanimous support within the Council in the foreseeable future. In these circumstances, 11 Member States, namely Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia, addressed requests to the Commission by letters received between 28 September and 23 October 2012 indicating that they wished to establish enhanced cooperation between them- selves in the area of FTT. These Member States requested that the scope and objectives of the enhanced cooperation be based on the Commission proposal for a Directive of 28 September 2011. Reference was also made in particular to the need to avoid evasive actions, distortions and transfers to other jurisdictions. The enhanced cooperation should provide the necessary legal framework for the establishment of a common system of FTT in the participating Member States and ensure that the basic features of the tax are harmonised. To the extent possible, incentives for tax arbitrage and allocation distortions between financial markets, as well as possibilities for double or non-taxation, as well as evasive actions, should thereby be avoided. The conditions laid down in Article 20 TEU and Articles 326 and 329 TFEU are fulfilled. () COM(2011) 594 final of 28 September 2011.