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EU to lower the tax on financial transactions

FXstreet.com (Barcelona) - According to Reuters, the EU is considering considerably scaling back the financial transactions tax, in the light of the banking sector's and the UK's firm opposition towards the measure.

European officials plan to impose a small levy of 0.01% (compared with the previous proposition of 0.1%) initially only on share transactions. After assessing the first impact of the FTT it will be decided whether other types of products should be taxed as well.

Under the current proposition, the EU would raise only up to 3.5 billion euros a year, instead of 35 billion euros, as initially planned.

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