Banks 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

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