ZPXFW Blog

Jan 24 (Reuters) - France outlined a blueprint for introducing its own tax on financial transactions on Tuesday, in a very fresh try to win backing business EU members to get a scheme that Britain has pledged to dam through the 27-member European.

Germany and France have revived a thought much like that of U.S. Nobel laureate James Tobin, who proposed a tax on currency transactions during the early 1970s to discourage speculation. His idea was largely ignored until recently.

In the run-up to presidential elections this season in France, and German elections in 2013, and amid widespread mistrust of banks after the financial meltdown, the controversy has gathered momentum. But introducing a tax on the subject faces hurdles.

Below are a handful of answers and questions for the possible tax.

HOW MIGHT A TAX ON FINANCIAL TRANSACTIONS Are employed in PRACTICE?

Last year, the European Commission proposed a scheme to tax stock, bond and derivatives trades from 2014, potentially raising 57 billion euros ($74 billion) with most of it from Britain, the region’s biggest trading centre.

It could be much like Britain’s current stamp duty of 0.5 % on the stock market shares, which raised almost 3 billion pounds within the financial year to April 2011.

Under the proposal, which needs the backing coming from all 27 member states for being law, stock and bond trades will be taxed in the rate of 0.1 percent, with derivatives deals at 0.01 percent.

The EU’s executive states the tax will be imposed on all financial transactions between financial institution where one are perfectly located at the Eu.

But it might prove challenging to realise such a tax, plans for which have drawn criticism in the European Central Bank while others, who say it may drive trading away from countries where it really is introduced.

WHAT Will be the HURDLES TO IMPOSING THE TAX?

Critics say this kind of tax drives away traders. Sweden, one of the most outspoken opponents of the idea, saw trading migrate from Stockholm to London if it introduced its levy inside the mid-1980s.

European Commission officials are attempting to build a formula to spread the impact of the tax if you take under consideration factors besides the position of the trade. A German bank carrying out a provide London which has a Spanish bank, by way of example, would generate tax bills not london, however in Spain and Germany. The banks’ headquarters and never their UK branches would pay.

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