Public will pay for FTT, say EU groups

by Andrew Hickley

Two leading European financial industry associations have expressed concern over the possible introduction of a financial transaction tax.

In an open letter to the European Commission, the Luxembourg Bankers’ Association accuses the EU executive of wanting to indirectly tax ordinary citizens.

It says any tax on the financial sector would simply see insitutions increase their rates on consumers, adding: “raising direct taxes… would clearly be more transparent.”

The ABBL argues the tax is based on the “vague idea” of punishing the sector.

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