Skip to comments.EU top court throws out UK challenge to transactions tax
Posted on 04/30/2014 10:55:45 PM PDT by Olog-hai
The European Court of Justice on Wednesday (30 April) rejected a UK legal challenge to plans by eleven countries to set up a financial transactions tax (FTT).
The main thrust of Londons opposition to the tax relates to the so-called residence and issuance principle in the proposed bill, which means that some traders operating outside the FTT-11 would still be liable to pay the levy. The UK, which has the largest financial services sector in the EU, says that it would be hit by the tax as a result.
But since the proposal has not been agreed, the UK case was restricted to challenging the right of the eleven countries, led by France and Germany, to proceed with the bill.
However, in a statement on Wednesday (30 April), the Luxembourg-based court said that the Court considers that the two arguments put forward by the United Kingdom are directed at elements of a potential FTT and not at the authorization to establish enhanced cooperation, and consequently those arguments must be rejected and the action must be dismissed.
(Excerpt) Read more at euobserver.com ...
See how the EU works....their own little government.
Wonderful! A new tax, and a tax that is expected to reduce the EU GDP by 0.3%. Just what the FTT-countries need.
Those the Gods want to destroy, they first make mad, and much crazier than europoliticians isn’t to be found.