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EU Transaction Tax Falters as Austria-Imposed Deadline Nears

  • Participating nations haven't decided what trades to tax
  • Open questions include how to treat pensions, document says
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A proposed European financial-transactions tax is foundering as 11 participating nations try to meet a December deadline to decide how to charge levies on an array of financial products.

Nations still haven’t decided what trades to tax, how to calculate levies or how to treat pension funds and government bond-related transactions, according to a document prepared for technical talks Wednesday in Brussels. The slate of unsettled topics suggests nations will have trouble meeting the December deadline set earlier this month by Austrian Finance Minister Hans Joerg Schelling, who leads the negotiations.