Thursday April 24, 2014 Search
Weather | Athens
23o C
15o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
EU lawyers say plan for financial transaction tax is illegal

By Huw Jones

A plan to tax financial transactions in 11 European Union member states from 2014 is illegal, the bloc's lawyers have concluded, dealing what could be a final blow to the measure as proposed.

The findings set out in a 14-page legal opinion obtained by Reuters will make it harder to press ahead with a measure aimed at making banks pay about 35 billion euros a year to make up for receiving taxpayer aid during the 2007-09 financial crisis.

The report is encouraging for Britain, which is the EU's biggest financial center and is opposed to the tax. Britain, and several other EU states, refused to participate, leaving the 11 to go it alone and raising questions about how it would work without full participation.

Germany, France, Italy, Spain, Austria, Portugal, Belgium, Estonia, Greece, Slovakia and Slovenia were planning to adopt the tax on stocks, bonds, derivatives, repurchase agreements and securities lending.

But the legal services for EU member states said in their opinion dated September 6 that the transaction tax plan «exceeds member states' jurisdiction for taxation under the norms of international customary law».

The plan is also not compatible with the EU treaty «as it infringes upon the taxing competences of non participating member states», the document obtained by Reuters said.

A transaction tax only in some member states would also be «discriminatory and likely to lead to distortion of competition to the detriment of non participating member states».

Britain is challenging the transaction tax plan in the bloc's top court saying it was concerned it would affect transactions carried out beyond the borders of countries that sign up for it.

Faced with warnings from the industry that the tax could snarl up financing for the economy, there were already moves to scale back the levy and delay its roll out.

[Reuters]

ekathimerini.com , Tuesday September 10, 2013 (13:10)  
Expanding the social dividend base
National Bank determined to remain in the Turkish market
Ferries to start using LNG
Investment fund off the ground
Free drugs for uninsured Greeks
There are between 1.9 and 2.4 million Greeks, or roughly 20 percent of the total population, without social insurance, Health Minister Adonis Georgiadis said on Wednesday as he announced pla...
SYRIZA´s preparation for elections upset again
SYRIZA's preparations for next month's local and European Parliament elections suffered another blow on Wednesday as Ahmet Kurt, one of the leftist party's candidates for the regional counci...
Inside News
BASKETBALL
Never underestimate the Greek hoopsters
Olympiakos and Panathinaikos, who between them have won the last three European crowns, won again at home on Wednesday to take their Euroleague play-off series with Real Madrid and CSKA Mosc...
BASKETBALL
Reds and Greens stay alive in Euroleague
Easter – and home advantage – worked wonders for Panathinaikos and Olympiakos who stayed alive in the Euroleague play-offs beating CSKA and Real Madrid respectively on Monday in Greece. Shak...
Inside Sports
COMMENTARY
It´s too soon for Europe to declare victory
There was a time not so long ago when the vast majority of experts agreed that a country could not emerge decisively from a financial crisis unless it solved problems of both “stocks” and “f...
COMMENTARY
Reality´s other side
There is plenty of evidence pointing to the fact that the country’s real economy has hit rock bottom and is currently entering a phase of growth. Those who know the market well tend to suppo...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Never underestimate the Greek hoopsters
2. Expanding the social dividend base
3. National Bank determined to remain in the Turkish market
4. Ferries to start using LNG
5. Investment fund off the ground
6. Stocks decline after three days of growth
more news
Today
This Week
1. FBI seeks to identify victims of suspected US child molester who worked abroad, including Greece
2. Greek debt swells again as Samaras looks to creditors for relief
3. Woman dies after falling off state building roof
4. Greece qualifies for new debt relief after 2013 budget surplus
5. Tunisian sought over employment scam
6. Greece sees 2013 primary budget surplus at 1.5 bln euros, says deputy finance minister
Today
This Week
1. Greece startup leaders say they can’t break jobless cycle alone
2. Ground-breaking Good Friday mass signals thaw in Cyprus
3. Mayoral candidates clash over Athens mosque plans
4. Government looks to kick on
5. Greece offers to help find Turkish F-16 lost in 1996
6. EU struggles to unpick the knot of Russia-Ukraine gas logistics
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.