Warnings have been raised by Austrian coalition parties that they might need to take new tax measures so that a budget gap likely to occur next year could be capped.

This is due to increasing opposition in Germany and bearing in mind the uncertainty to be entered into force by the European financial transactions tax (FTT). The same has been mapped for January 1, 2014.

The FTT proposal of the European Committee was adopted in the month of February. The proposal offers a tax of 0.1% to be inflicted on share as well as bond transactions. Also, the same provides for a 0.01% tax to be imposed on derivative transactions.

As per the findings, the tax is being hoped to make annual revenues of around EUR 30bn (USD 39bn) to EUR 35bn. Annual revenues being expected by the Austrian Government are from almost EUR 500m tax from 2014.

It is being said by Kai Jan Krainer, a financial spokesman for Austria's Social Democrat (SPÖ), that the FTT plans would need to be rationalized amid warnings of delays.

"Depending on the speed of progress from here, it is still feasible that the common FTT could be implemented in 2014, although January 2014 is looking less likely", said an EU Tax Commissioner Algirdas Semeta's spokesperson.