‘European Union efforts to create a hard-to-escape financial transaction tax are coming under fire from within the bloc for overstepping the plan’s 11-nation scope.
‘Luxembourg’s Finance Minister Luc Frieden said he “cannot exclude” a challenge to the EU’s proposal because of its impact on his nation and other non-participants. Last week, the UK, home to the EU’s largest financial center, went a step further and began legal action at the European Court of Justice to guard against future economic damage.
‘The proposed levy could be collected worldwide as soon as the start of next year by France, Germany and nine other EU nations that have so far signed up, if the effort stays on schedule. To stop traders from escaping the levy by operating outside the tax’s zone, the EU plan invokes “residence” and “issuance” ties to firms in participating nations. “I’m not sure whether this project of an FTT in Europe will go ahead,” Frieden said at an April 20 panel at International Monetary Fund meetings in Washington … “The world can only grow if we have cross-border activities.”’
‘European Union efforts to create a hard-to-escape financial transaction tax are coming under fire from within the bloc for overstepping the plan’s 11-nation scope.
‘Luxembourg’s Finance Minister Luc Frieden said he “cannot exclude” a challenge to the EU’s proposal because of its impact on his nation and other non-participants. Last week, the UK, home to the EU’s largest financial center, went a step further and began legal action at the European Court of Justice to guard against future economic damage.
‘The proposed levy could be collected worldwide as soon as the start of next year by France, Germany and nine other EU nations that have so far signed up, if the effort stays on schedule. To stop traders from escaping the levy by operating outside the tax’s zone, the EU plan invokes “residence” and “issuance” ties to firms in participating nations. “I’m not sure whether this project of an FTT in Europe will go ahead,” Frieden said at an April 20 panel at International Monetary Fund meetings in Washington … “The world can only grow if we have cross-border activities.”’
