G20 ditches controversial global bank tax

Hand shake

G20 finance ministers were unable to agree on a global banking levy at the group's summit on Friday and Saturday in Busan, South Korea, throwing the future of the controversial tax into quandary.

In a communiqué issued after the summit, finance ministers agreed only to "develop principles reflecting the need to protect taxpayers, reduce risks from the financial system, protect the flow of credit in good times and bad, taking into account individual countries' circumstances and options, and helpi

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