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France and Germany proposed the tax in 2012, but talks among the
11 countries that have agreed to levy it have stalled over what
financial instruments should be covered and at what rate.
Speaking at a financial sector conference in Paris, Moscovici
said that the aim was to have a widely applicable tax but at a
low rate.
"I have the impression that all of that (the talks) is going to
wrap up during the autumn of 2015 with application at the start
of 2017," Moscovici said.
French Finance Minister Michel Sapin told journalists at a news
conference on Wednesday the tax could be applied in a first
phase as early as January 2016 as it would be too complicated to
have it fully up and running until later.
"We've made good progress on the basis sought by France," Sapin
said. He added that that meant a widely applicable tax with a
low rate that could be collected in a way that would discourage
financial firms from shifting business to countries where the
tax did not apply.
BNP Paribas deputing chief operating officer Alain Papiasse said
that financial companies in the countries covered by the tax
were considering moving operations to London, which has spurned
the levy from the start.
"The big risk for the European Union and the finance ministers
concerned is to have a tax that doesn't bring anything in and
causes business to leave for a financial center respected by all
but which is asking itself whether it wants to be in the
European Union," Papiasse said in response to Moscovici.
(Reporting by Leigh Thomas; additional reporting by Yann Le
Guernigou; Editing by Toby Chopra)
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