RegulationCorporate GovernanceBanks face double tax whammy

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

Related Articles

KPMG emerges victorious in battle for Barclays £44m audit

Accounting Firms KPMG emerges victorious in battle for Barclays £44m audit

2y Chris Warmoll, Writer
FX derivatives losses: What you need to know to help clients

Business Regulation FX derivatives losses: What you need to know to help clients

3y Stevie Loughrey
#AS2014: Banks hit with £3.5bn rap on knuckles

Corporate Governance #AS2014: Banks hit with £3.5bn rap on knuckles

3y Chris Warmoll, Writer
EY issues emphasis of matter note on Co-op Bank

Audit EY issues emphasis of matter note on Co-op Bank

3y Kevin Reed, Writer
Two major UK companies announce refinancing

Company News Two major UK companies announce refinancing

4y Kevin Reed, Writer
HSBC's Flint: "Important role for modern internal audit function"

Audit HSBC's Flint: "Important role for modern internal audit function"

4y Kevin Reed, Writer
FCA chairman Griffith-Jones under fire over HBOS audits

Audit FCA chairman Griffith-Jones under fire over HBOS audits

5y IFAonline
IASB changes overshadowed by break-away from FASB

Corporate Finance IASB changes overshadowed by break-away from FASB

5y Rachael Singh, Writer