European Commission will begin drafting new EU financial transaction tax text

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An Austrian proposal for a compromise text for the proposal to introduce a financial transaction tax by 10 EU Member States has been agreed in principle according to a Reuters report, at a meeting of the Finance Ministers in question on October 11, 2016. The new text would require the tax to be applied to shares originating from the Member States in question but after a transitional period would extend to all shares. There would be exemptions for repos and sovereign debt trades.

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