Academics question effectiveness of EU transactions tax
01 November 2011
||Clemens Fuest has identified six objectives for the FTT |
Academics from Oxford University's Centre for Business Taxation (CBT) have shown little support for the European Commission's plans for a European financial transactions tax (FTT).
Clemens Fuest, research director at the CBT, and his colleagues identified six key objectives of the Commission's proposed tax:
1) To raise revenue.
2) To ensure the financial sector makes a fair contribution to the cost of the recession.
3) To disincentivise risky transactions.
4) To ensure a level playing field with the wider economy.
5) To prevent internal market fragmentation.
6) To demonstrate how the FTT can be effectively expanded globally.
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