LV: Introducing financial tax to decrease Latvia's EC budget contributions.

By bne IntelliNews March 26, 2012
Should EU introduce new tax on financial transactions, the contributions of the EU-member states to EC budget are going to half, Dienas Bizness paper reports. For Latvia the contribution would decline by EUR 81mn a year, for Lithuania by EUR 131mn, for Estonia by EUR 67mn. Two thirds of this tax's revenues would be transferred to EC budget, instead. The tax question is planned on transaction of all financial institutions registered in EU, at a rate of 0.1% on trade with shares and securities and 0.01% for other operations. This would result in about EUR 57bn annually. Should introducing the tax be approved, it will become effective as of January 1 2014.

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