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It is still unclear where the revenue from the FTT will go (Photo: Ahmad Nawawi)

Double taxation row as Brussels unveils transactions levy

The European Commission was under fire Thursday (14 February) over claims that its planned tax on financial transactions (FTT) would lead to double taxation.

Unveiling the plans for an FTT backed by 11 EU countries, Taxation Commissioner Algirdas Semeta said that it was a "fair, technically sound and legally robust tax."

The proposal puts a 0.1 percent levy on bonds and shares and 0.01 percent on derivative products. Measures have also been put in place to prevent traders from c...

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Author Bio

Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.

It is still unclear where the revenue from the FTT will go (Photo: Ahmad Nawawi)

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Author Bio

Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.

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