European Commission sets out detailed Tobin tax proposal

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The European Commission today set out the detail of its proposal to implement a financial transaction tax (FTT) in 11 member states of the European Union, aiming for the new tax to come into effect from January 1, 2014.

Algirdas Šemeta, the Lithuanian commissioner responsible for taxation in the EU, describes the tax as "unquestionably fair and technically sound" – though his home country is one of 16 EU members, including the UK, the Netherlands and Poland, that have decided against bringing in

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