Daily Management Review

EU: Tax on financial transactions will bring € 19.6 billion


05/15/2018


A tax on transactions with derivatives at a rate of 0.01% will provide more than half of the projected income, follows from documents prepared for a meeting of officials from 10 countries to be held this week. A tax on transactions with exchange contracts is expected to bring € 6.2 billion a year, another € 6.1 billion will be received from a tax on over-the-counter transactions.



maxpixel
maxpixel
It is also proposed to levy a tax of 0.1% on transactions with shares and bonds.

Eurozone finance ministers will meet in Brussels next week and may discuss the tax on financial transactions on the sidelines.

The European Commission proposed the tax in 2011, so that the industry made a "fair contribution", after money from taxpayers saved banks in the crisis.

Initial assessments of the European Commission assumed that the annual tax revenues to the EU budget would amount to about € 57 billion. The initiative provoked social and political discussions. First of all, it is about the likelihood that the financial sector will move its business outside the EU, to countries that do not levy such a tax.

Some European countries opposed introduction of the collection. Austria, Belgium, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain are still negotiating the tax.

The tax is planned to be introduced with respect to transactions with financial instruments, in which at least one financial organization that is located in the EU participates.

The tax may also be levied in the UK after Brexit. Negotiations on the tax on financial transactions were suspended in September 2017, so that experts could work out possible consequences of Britain's withdrawal from the bloc.

In the case of a hard Brexit, if the UK leaves the EU without a trade deal and transitional arrangements, 10 countries that intend to impose a tax may face a "more difficult problem" in collecting it.

source: reuters.com






Science & Technology

What trends will be affecting the health sector in the coming years?

Deloitte identifies main cyber threats for power industry

Zenuity To Take Self Driving Car Road Test In Sweden With Permission

Researchers: Half of Facebook users is fake

Amazon’s Ring gets in a privacy scandal

Facebook Is Creating A Stablecoin For Its WhatsApp Users

IBM offers to use the first quantum computer

Passport Numbers Of 5 Million Customers Hacked: Concedes Marriott

China Lifts Approval Freeze On New Video Games Launch

Concentrated Solar Plant System To Dispatch Electricity To The Grid On Demand

World Politics

World & Politics

AirHelp expects up to 33 th of cancellations and flight delays per day all over the world in 2019

Far-right and Catalonia: New elections in Spain

Trump is losing rating because of shutdown

Hanoi, Vietnam Chosen As Place For 2nd Summit Between Trump And Kim Jong-Un

US, China to hold new negotiations in Beijing

Human Rights Not To Be Dissociated From Stability, Macron Tells Sisi

Brexit Hijack Is Not The Parliament’s Right

Macedonia ignites political crisis in Greece