German Finance Minister Olaf Scholz submitted a final proposal for a bill calling for a regional financial transaction tax to his counterparts in nine other EU member states, Reuters reported, citing the German daily Sueddeutsche Zeitung.

Scholz negotiated for months with finance ministers from France, Italy, Spain, Austria, Belgium, Greece, Portugal, Slovakia and Slovenia about implementing an EU-wide levy on financial transactions and is hoping to start the formal legislative process soon, according to a German Finance Ministry statement.

The draft bill calls for a 0.2% tax on purchases of stock in companies valued over €1 billion, which would apply to more than 500 companies in the 10 EU members states where the bill is under consideration, Sueddeutsche reported.

The German Finance Ministry said domestic proceeds from the financial tax would fund the country's basic pension.

The proposed levy would be implemented by 2021.

Talks of an EU-wide financial transaction tax have been going on since 2011, when an initial proposal was blocked.