TAX NEWS - June 2010

Global transaction tax: EU urges G20 to explore global transaction tax

June 23, 2010 - The European Union formally requested in a letter on Wednesday that the world's largest economies explore the introduction of a global tax on financial transactions.

Writing to the G20 before a summit in Toronto on June 26-27, Herman Van Rompuy, the president of the EU Council which represents EU member states, said the world needed a level playing field on bank levies and transaction taxes.

"We consider that international work on levies and taxes on financial institutions should continue to maintain a worldwide level playing field," he said in the letter, written jointly with European Commission President Jose Manuel Barroso..

"Also the introduction of a global financial transaction tax should be explored and developed further in that context."