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EU puts forward new financial transaction tax proposition

The European Commission announced a new proposition of the so-called Robin Hood tax on Thursday, which is to be imposed on financial transactions in eleven of the 27 EU Member States (Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia) and should raise 30-35 billion euros annually.

The modified plan assumes an introduction of a system which would prevent financial institutions from moving their operations in order to avoid the tax. On the other hand, the initial proposition of levying taxes on all the operations in which at least one of the institutions is from one of the eleven participating countries, will be maintained.

The new proposition established rates of 0.1% for stock and bond trades and 0.01% for derivatives trades. Nevertheless, each participating country would have the possibility of raising the tax. Day-to-day transactions carried out by individuals and non-financial companies, operations involving raising capital and those of central banks and EU financial institutions would be excluded from the scope of the FTT.

The US heavily criticized the proposition, claiming that the tax transgresses international treaties and that it “breaks the bonds that bind our global economy.” Also the UK and Luxembourg are against the FTT.

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