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The divisive tax

By Ian Wishart  -  21.02.2013 / 05:48 CET
Eleven countries support financial tax scheme but businesses are worried about impact on growth.
 

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Fact file
Countries taking part
Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia, Spain. Other EU countries can join at any time.

The tax rate
0.1% for transactions of shares and bonds. 0.01% for derivatives trades.

Revenue
€30 billion-€35bn a year (according to the European Commission).

Where the revenue will go
Still to be decided. Member states must make that decision. The Commission says that a portion of it should go into the central EU budget, resulting in a reduction in contributions for participating member states. Some countries believe they should keep the money.

Next steps
The plans will now be discussed by member states. All 27 will take part in the talks and their input will be taken into account but only the 11 countries taking part will be able to vote on the final text – and they must all agree. The European Parliament will be consulted, but MEPs cannot alter the proposal.

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Member states have adopted legislation on exchanging tax information, but the rules are likely to be superseded by an OECD standard before ever being applied.

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