TAX NEWS - JUNE 2010

French Finance Minister: France, UK Want Future Bank Tax In Budgets

02 June 2010 -- France and the U.K. want a future bank-crisis tax to be included in budgets, rather than in dedicated funds, French finance minister Christine Lagarde said Wednesday.

"France and the U.K. think this tax should go into the budget, not into a fund," Lagarde said at a briefing.

The European Commission last week proposed that each European Union government levy a tax on its banks and use the proceeds to create a fund dedicated to ensuring the "orderly failure" of troubled banks.

Lagarde said discussions over sovereign debt are planned at G20 level, adding that these talks won't only concern Europe.