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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.