Posted on 09/12/2013 5:46:28 AM PDT by Olog-hai
A financial transactions tax (FTT) for 11 EU countries would be illegal as it affects the tax sovereignty of others, according to an opinion by the legal service of the EU Council in Brussels.
The European Commission says the tax is in line with EU law, however.
In the leaked document, seen by Reuters and Financial Times, the lawyers serving EU member states say the proposed financial transactions tax “exceeds member states’ jurisdiction for taxation under the norms of international customary law as they are understood by the Union.”
The 14-page legal opinion concludes that the proposal is “not compatible” with EU law “as it infringes upon the taxing competences of non-participating member states” and is “discriminatory and likely to lead to distortion of competition.” …
(Excerpt) Read more at euobserver.com ...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.