EU Seeks Broad Transaction Tax to Curb Rules ‘Patchwork’
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The European Union proposed a tax on financial transactions that could be collected worldwide as soon as the start of next year by the 11 EU nations that have so far signed up to participate.
The proposal, which marks a new stage in the EU’s efforts to raise revenue from the financial industry, came under immediate fire. The EU plan would harm the German economy as a whole, eight lobby groups that represent industries ranging from the country’s commercial banks to skilled tradesmen said in a joint statement today.