The tax, proposed by Commissioner Algirdas Semeta in Brussels, has been adopted by 11 eurozone states, including France, Germany and Spain.

BBC: Financial transaction tax tabled by European Commission

Anti-Fraud Commissioner Algirdas Semeta pointed out that the the fact that the overall error rate remained below 4% should be welcomed.

BBC: Auditors raise concerns over EU accounts

"While member states must toughen national measures against tax evasion, unilateral solutions alone won't work, " said Commissioner for Taxation Algirdas Semeta.

BBC: Tax avoidance targeted by European Union

Algirdas Semeta, the commissioner for taxation, says the deals must be renegotiated.

ECONOMIST: Swiss banking secrecy

The Commissioner with responsibility for VAT reform, Algirdas Semeta said there needed to be increased harmonisation of VAT laws to tackle cross-border fraud.

BBC: MEPs urge reform of VAT rules

"I think these cases which were widely reported clearly demonstrate weaknesses in the corporate taxation situation internally and at EU level, " said EU Tax Commissioner Algirdas Semeta.

BBC: Republic of Ireland calls for international tax action

"A little more effort by member states to control projects properly and retrieve misused funds could go a long way, particularly in this time of economic difficulty, " said the EU's Audit Commissioner Algirdas Semeta.

BBC: EU criticised for wasting funds

Taxation Commissioner Algirdas Semeta has claimed that the move would save businesses 700m a year in reduced compliance costs, and has stressed that individual rates of corporation tax would remain a matter of national sovereignty.

BBC: Corporate tax debate

"These novel and unilateral theories of tax jurisdiction are both unprecedented and inconsistent with existing norms of international tax law and long-standing treaty commitments, " the groups argue in a letter to Algirdas Semeta, the EU tax commissioner.

CNN: US banks warn over planned EU 'Tobin tax'