Europe’s financial tax plan hits wall

Europe Tobin

The proposal, which has the backing of 11 Eurozone states including France, Germany and Spain, has lost momentum in recent months due to concerns over implementation and a legal challenge by the UK.

The legal service advice is not binding but claims that a key clause, which seeks to tax institutions according to the geographic location of their HQs rather than where the trade is completed, “exceeds member states’ jurisdiction for taxation under the norms of international customary law as they are understood by the union.”

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

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