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.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.