EU Tax May Kill 70% of Bloc’s Derivatives Trade, Commission Says
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A proposed European Union tax on stock trades may quash about 70 percent of the bloc’s derivatives trade by volume, according to European Commission projections.
The levy, which would be introduced in 2014, would generate about 55 billion euros ($73 billion) in revenue annually even as it dampens trades in stocks, bonds and derivatives, according to a 14-page document drawn up by the commission’s Taxation and Customs Union and presented today in Berlin.