Banks face double tax whammy
IMF lines up transaction tax and levy for financial institutions
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
Influencing
board appointments puts FSA in firing line
Accounting
convergence must not “detour”: ICAEW
