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EU to Present Financial-Transaction Tax Proposal on Feb. 14

The European Commission will present plans on Feb. 14 for a financial-transaction tax to be applied by a group of interested member states.

The initiative will be based on a prior transaction-tax proposal for all 27 EU nations that failed to gain support, the Brussels-based commission said in a statement on its website. The proposal must be agreed on by participating governments before it can take effect.

The objectives of the tax are to “deliver important new revenues, ensure a fair contribution from the financial sector to public finances, contribute to more responsible trading and enable a coherent approach to taxing this sector in the single market,” the commission said.

To contact the reporter on this story: Jim Brunsden in Brussels at jbrunsden@bloomberg.net

To contact the editor responsible for this story: Anthony Aarons at aaarons@bloomberg.net

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