EU lawyers say tax plan illegal


  • Business
  • Wednesday, 11 Sep 2013

LONDON: 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 140page 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 centre and is opposed to the tax. – Reuters

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