|European Parliament adopts ambitious approach on financial transaction tax|
The opinion was approved with 487 votes in favour, 152 against and 46 abstentions and says the tax should go ahead even if only some Member States opt for it
The proposed financial transaction tax should be better designed to capture more traders and make evasion unprofitable, said the European Parliament.
The tax rates proposed by the Commission (0.1% for shares and bonds and 0.01% for derivatives) are considered suitable and pension funds should be the only sector exempted from the tax.
Parliament has been calling for a financial transaction tax (FTT), for close to two years and the Commission tabled a legislative proposal for one late in 2011. The latest Eurobarometer survey shows that 66% of Europeans favour such a tax.
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Published on our website on May 29, 2012