24/7 Newsfeed

Put Reason 24/7 on Your Site

RSS

Follow Reason 24/7 on Twitter and via RSS

EU Lawyers Say Proposed Financial Transactions Tax is Illegal

Imposing a financial transaction tax (FTT) in 11 European Union member states would be illegal, according to the bloc's lawyers.

The controversial tax aims to discourage risk-taking by taxing transactions of shares, currencies and bonds.

The 14-page legal opinion concludes the move would exceed member states' tax powers.

It adds that the measure is also incompatible with the EU treaty.

Source: BBC. Read full article. (link)

Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of Reason.com or Reason Foundation. We reserve the right to delete any comment for any reason at any time. Report abuses.

advertisement