Skip to comments.French bid to boost aid by taxing finance stirs hornets nest
Posted on 10/17/2013 6:46:24 AM PDT by Olog-hai
The French National Assemblys finance committee has green-lighted an amendment to the countrys draft 2014 budget law, significantly increasing the amount of aid funds that can be generated from the upcoming financial transactions tax (FTT), EurActiv.fr reports.
An unexpected proposal for taxing financial transactionsamendment 23was adopted on Tuesday (15 October) by the French Parliaments finance committee during its examination of the countrys draft budget law for next year.
But the proposal is viewed less positively by the French Finance Ministry, which wants to protect the interests of French banks.
Financial market operators, such as NYSE Euronext and Paris Europlace, have opposed the proposal, arguing that it would slow the pace of trade. According to NYSE Euronext, trading volumes have already been affected by the French tax, which declined by 15%. Extending the base, they argue, would affect the market making which establishes, the purchase and sale prices.
(Excerpt) Read more at euractiv.com ...
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