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11 European countries supported a tax on financial transactions (FTT)


				16.10.2012
						
The tax on financial transactions may be already introduced in 2013. European Commissioner for Taxation and Customs Union, Audit and Anti-fraud Algirdas Šemeta declares about this openly. 11 countries, namely, France, Germany, Estonia, Belgium, Portugal, Slovenia, Austria, Greece, Italy, Spain and Slovakia, have already supported this tax.

In accordance with the plans of the European Commission, the following tax rates will be established: 0,1% - on transactions in shares and bonds, and 0.01% on transactions involving derivative products.

One of the main purposes of the introduction of such a tax is a possibility of replenishment of the budget of the European Union. France and Austria also suggest using some of the revenues for the development Fund of efforts to combat youth unemployment

Some bankers that will be affected by the introduction of this tax fear relocation of financial activity, in particular, to London and to New York, and require that a tax will be implemented on a global level, which will allow avoiding distortion of competition. However, Šemeta completely deny such a possibility, substantiating this by the scale and complexity of the European market.

On the basis: http://europa.eu/rapid/press-release_MEMO-12-762_en.htm?locale=en

Expert’s opinion

It’s sad to realize that the European Union itself loses its advantages. Persistent desire to think of something else for the replenishment of the budget speaks exclusively about the economic instability. Paradoxically, the same Germany that one of the few stands firmly on their feet, advocates for the introduction of additional charges, including on financial transactions more than all. Probably only good old England, actually turns out to be good, and still refuses to support all other countries in this tax. And though its voice is currently not decisive, we understand that it’s necessary to think seriously before choosing a country for investment or properties, and I believe, no need to guess what will happen with the European Union in a few years. Their actions speak for themselves.

Irina Lomakina ( Director of Moscow office Company «Honest & Bright»)

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