Brussels makes new push for financial tax

Series Title
Series Details 22.3.12
Publication Date 23/03/2012
Content Type

If adopted as a new own resource of the EU budget the financial transaction tax (FTT) would significantly reduce the contributions of Member States to the EU budget. According to estimates presented on the 22 March 2012 by the European Commission, Member States' contributions would be slashed by €54bn in 2020.

The suggestion was seen by commentators as a last-ditch attempt to undermine certain EU Member State opposition to both the specific European Commission FTT proposals and the general idea of the EU raising its own taxes.
Source Link Link to Main Source http://www.euractiv.com/general/brussels-new-push-financial-tax-news-511723
Related Links
ESO: Background Information: Euro Zone Split over Financial Transaction Tax http://www.europeansources.info/record/euro-zone-split-over-financial-transaction-tax/
ESO: Background information: Barroso backs transactions tax http://www.europeansources.info/record/barroso-backs-transactions-tax/
European Commission: RAPID: Press Release, IP/12/300: The financial transaction tax will reduce Member States' GNI contributions to the EU budget by 50% http://europa.eu/rapid/pressReleasesAction.do?reference=IP/12/300&format=PDF&aged=0&language=EN&guiLanguage=en
EUObserver, 22.3.12: Commission: 'Robin Hood' tax would save EU countries billions http://euobserver.com/19/115671
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