'Fat' tax on European banks?
To target pay and profits at financial institutions, the European Commission considers a financial activities or “Fat” tax in Europe. The commission thinks that banks are now not paying enough taxes and should contribute more to repair the damage they caused to the economy during the financial crisis. However , the tax could be difficult to execute on an EU-wide basis because member states are still responsible for this issue. To give you an idea of the size of the taxation, the FAT tax could bring in a gain of £ 4bn for the UK.
Jonas Plouvier
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