EU eyes €50bn bank tax

The EU could reap up to €50bn by imposing a special tax on banks. Proposals for such a levy could be used for bailouts in the event of another banking crisis and are broadly backed by France and Germany, mirroring a new US scheme. The European Commission has suggested member states should consider imposing a financial transactions tax.

Meanwhile, carbon taxes, in addition to allowances sold under the EU emissions trading system, could help raise revenue and should be better co-ordinated in the EU, the paper says.

The report says that billions of euros more can be raised through fees on bankers' bonuses and co-ordinated increases in corporate tax rates.

For more: EU eyes €50bn bank tax - World News, Frontpage - Herald.ie