(MENAFN- Saudi Press Agency) Brussels Safar 25 1437 December 07 2015 SPA -- Eleven EU countries failed Monday to overcome their last differences on the creation of a controversial tax on financial transactions but decided to continue their negotiations on Tuesday dpa reported.
Austria Belgium Estonia France Germany Greece Italy Portugal Slovakia Slovenia and Spain have been negotiating the tax for nearly three years. They had at one point planned to start implementing the levy in 2016.
EU Economy Commissioner Pierre Moscovici said the countries are just "a few centimetres" away from an agreement.
Remaining sticking points include the treatment of derivatives and the geographical application of the tax diplomats had said ahead of the talks on Monday evening. They lasted around two hours.
"We have suspended the meeting and will continue tomorrow morning" Austrian Finance Minister Hans Joerg Schelling who has been leading the negotiations told journalists afterwards.
--SPA
23:59 LOCAL TIME 20:59 GMT
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