EU Floats Financial Transaction Tax To Raise €57B Annually

Law360, New York (September 28, 2011, 2:25 PM EDT) -- The European Commission on Wednesday proposed a financial transaction tax for the 27 European Union member states that it said could raise about €57 billion ($77.5 billion) a year to go toward economic recovery efforts.

Under the proposal, which would take effect Jan. 1, 2014, the exchange of shares and bonds would be taxed at a rate of 0.1 percent, and derivatives contracts would be taxed at a rate of 0.01 percent. The tax would be levied on any transaction on instruments between financial institutions in...
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