The European Commission has opened a public consultation on additional taxation to be imposed on the financial services industry.
In the wake of the economic crisis, there have been many calls for additional taxation of the financial services industry. Indeed, some countries have already introduced transaction taxes or additional profits taxes on banking operations. The EU has not yet taken formal action, although the European Commission has been looking at the issues for some time. It has now opened a public discussion, partly to test its assumptions on the nature and public appreciation of the problem and partly to obtain access to a wider selection of views on proposed, or possible, solutions. All those interested are invited to contribute, be they from the financial services industry, from government, from other business, from the academic world or from the general public. The consultation is due to close on April 19, 2011. Further details including the questions asked and a discussion paper on the subject are available from the Commission’s website at http://ec.europa.eu/taxation_customs/common/consultations/tax/2011_02_financial_sector_taxation_en.htm