BRUSSELS: The European Union (EU) has proposed a far-reaching tax on financial transactions which could be collected worldwide as soon as Jan 1 next year by the 11 nations that have so far signed up to participate.
The EU plan invokes “residence” and “issuance” ties to firms in participating countries, in a bid to prevent traders from escaping the levy by trading outside the tax’s zone, according to the proposal unveiled by EU Tax Commissioner Algirdas Semeta in Brussels.
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