France Plans to Implement Financial Transaction Tax

France plans to implement a tax on financial transactions at the end of 2014 and believes the levy to be rolled out by 11 European countries will raise “tens of billions of euros” a year, its finance minister said.

The 27-member European Union gave the go-ahead on Tuesday to 11 countries pledging to impose a tax that was proposed 40 years ago by American economist James Tobin but never got off the ground internationally.

Paris will give itself a year or so to think about how the tax will work and aim to have a law in place by the end of 2014, Moscovici said in an interview on BFM TV.

“It’ll take about two years, most probably,” Finance Minister Pierre Moscovici said. “The calendar is deliberations in 2013 and implementation from the end of 2014 undoubtedly.

via Reuters

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.