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   Oct 24, 2012
 
  •  THE EUROPEAN UNION FINANCIAL TRANSACTION TAX
Poland is not among the countries that are going to accept the new tax, which has to be ratified by the European Parliament and European governments before being introduced.
France, Germany, Austria, Belgium, Greece, Italy, Portugal, Slovakia, Slovenia and Spain can continue to work on introducing the financial transaction tax.
'I am delighted that these 10 countries agreed to cooperate and introduce this new tax. In these difficult times it might even bring in a few billion euros,' said the European Commission's President José Manuel Barroso, as quoted by BBC.
The European Parliament and the governments of European countries are now to give consent. The European Commission announced that it would present a draft legislation on this matter by the end of the year. It will resemble the one from the previous year when Brussels for the first time suggested the introduction of an FTT tax, which will be imposed upon all transactions in financial instruments carried out between financial institutions if at least one of the sides is an EU member. The FTT is supposed to be low; shares and bonds trading would be taxed at a rate of 0.1%, whereas derivatives trading - at a rate of 0.01%.
There is a split in the EU concerning the new tax. Great Britain, due to the size of its financial market in the City of London, opposes uniform obligations for all countries. Sweden has also objected.
Hungary introduced its own FTT, without looking at other countries. It will come into force starting from next year. Under the new law, every financial operation carried out by commercial banks and the Hungarian Central Bank will be charged 6 thousand forints (around €20.7). Stock exchange transactions and transactions in the bond market will be taxed at a rate of 0.1%.
During the last summit of the EU Finance Ministers, which took place in October, Polish Minister of Finance Jacek Rostowski said that Poland was going to favorably observe the actions of the countries that decided to introduce the tax, the countries whose main goal is to have equal participation of financial institutions in the costs of the crisis. It also aims to avoid fragmentation of internal market for financial services in times of economic and financial crisis.

Author: Damian Kwapisiewicz / pr-controlled.com ©
Photo: Judyta Papp



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