The European Union will soon attempt to extend its revenue raising powers by imposing new taxes directly within all of its member states. Janusz Lewandowski, Budget Commissioner of the European Union (EU), revealed on August 9th, that a new proposal will be released in September, outlining a series of new “eurotaxes”. Initially, the EU will suggest the implementation of a uniform tax on air travel, and selected inter-bank transactions. A pan-Europe Carbon Tax will eventually be mooted, if the first two levies prove ... Read More

The Government of Germany and the Government of Canada are initiating separate international bank tax campaigns, although, the two nations are pursuing for opposing views. Ahead of the upcoming June G20 Summit in Toronto, Canada, the German and Canadian Governments are increasing efforts in swaying international Governments towards their views on the proposed introduction of an international bank tax system. At a conference on new financial regulations held in Berlin on May 20th, German Chancellor Angela Merkel stated "We will campaign for a ... Read More

The German Government has publicized its new tax revenue projections, showing a EUR 1.2 billion drop in collections. The new figures throw further doubts on feasibility of Chancellor Angela Merkel’s promised cuts to personal income taxes. On May 6th the Finance Ministry of Germany released new projections for the country’s current year tax revenues, along with early tax revenue estimates for the next three year. In 2010 the German Government expects to collect approximately EUR 510.3 billion, nearly EUR 1.2 billion below previous ... Read More

The highly debated issue of a new international tax imposed on banks has suffered a delay, after European Union (EU) Finance Ministers failed to reach a decision on how such a measure should be imposed, at a recent round of discussions. In a meeting of EU Finance Ministers held on April 17th in Madrid, discussions were hosted on the possible implementation of an international bank tax. Upon closing of the meetings it was revealed that no conclusion was reached regarding bank taxes, ... Read More

Governments worldwide are giving increasing indication that they will soon begin to instate some form of financial transaction tax or bank levy in an effort to bolster national budgets, reduce financial speculative activity and provide fiscal reserves for future bailouts and financial crises. Public pressure and media attention has helped the idea of a new set of bank taxes rise from a short discussion at the 2009 G20 Pittsburg Summit to a key consideration for major economies worldwide. France, Germany and the UK ... Read More