Reuters reported this morning that the EU's executive European Commission formally adopted on Wednesday plans for a financial transaction tax from January 2014, which it hoped would be extended worldwide.
The measure will need approval from EU states to become effective. "With this proposal the European Union becomes a forerunner in the global implementation of a financial transaction tax," EU Tax Commissioner, Algirdas Semeta, said in a statement.
"Our project is sound and workable. I have no doubt this tax can deliver what EU citizens expect -- a fair contribution from the financial sector. I am confident that our partners in the G20 will see their interest in following this path." Stock and bond trades would be taxed at the rate of 0.1 percent, with derivatives at 0.01 percent. The EU executive said the tax would be imposed on all transactions in financial instruments between financial firms when at least one party to the trade is based in the bloc.
EU-Digest
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