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21 Apr 2010
Banks could face a tax double whammy, if new plans by the IMF come to fruition.
It proposes a bank levy and aa transaction-based tax, a move that will cause surprise in the business community which considered that just one of the ideas would have been introduced.
In a document seen by the Times, the IMF's proposals are set to be mooted at the next G20 meeting of finance ministers in Washington.
A Financial Stability Contribution would be introduced. This levy would fund future government support. A Financial Activities Tax on profits and remuneration would also be introduced.
The British Bankers Association said it had expected a tax or a levy.
Further reading:
Repo 105 was no accounting gimmick: Fuld
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