EU Commissioner Fights Opposition To Transaction Tax

Law360, New York (October 6, 2011, 3:33 PM EDT) -- Europe's taxation commissioner on Thursday urged members of European Parliament to adopt a controversial financial transaction tax, calling push-back against his proposal unsurprising and reiterating that the new tax could generate €57 billion ($77.5 billion) per year for the 27 European Union states.

At a meeting of the Economic and Monetary Affair Committee, Algirdas Semeta balked at the suggestion, made by some conservative members of European Parliament, that the new tax would drive financial firms to areas outside the European Union.

The tax, first proposed by...
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