EU moves to tackle ‘under-taxed’ banks

Report of comments by European Commissioner for Taxation, Algirdas Šemeta, March 2011 on the subject of the merits of a financial transactions tax (FTT), a tax on high-value deals, and a financial activities tax (FAT), a tax on remuneration and profits.

At the same time the European Parliament said that the EU should promote the introduction of a financial transaction tax, even if it is alone in doing so 'as a first step', in a Resolution on innovative financing voted in plenary on the 8 March 2011.

The European Commission was expected to present plans for an FTT in the autumn of 2011, although there would be strong opposition to the proposal from the United Kingdom.

• Primary Source

ESO: Background information: Brussels backs financial activities tax http://www.europeansources.info/record/brussels-backs-financial-activities-tax/

European Parliament: Press Release, 8.3.11: MEPs call for the introduction of a tax on financial transactions http://www.europarl.europa.eu/pdfs/news/expert/infopress/20110308IPR15028/20110308IPR15028_en.pdf

EurActiv, 20.7.11: EU builds case for finance tax ahead of draft proposals http://www.euractiv.com/euro-finance/eu-builds-case-finance-tax-ahead-news-506654

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