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Herman Van Rompuy wants FTT revenue earmarked for EU budget

20 November 2012

Salman Shaheen - ITR

EU Council President Herman Van Rompuy has said that he wants most of the revenue from the financial transaction tax (FTT) to go directly to the EU budget.

Now that 11 countries have requested to move ahead with the FTT under enhanced cooperation, the new tax is looking like an increasing certainty.

But Van Rompuy's paper sent to European governments ahead of the EU budget summit this week, calling for two-thirds of FTT revenue to be set aside for the EU budget, may cause fresh frictions.

The Netherlands, for...

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