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EU Pushes Tax on Bank Profits

   VOA News 07 October 2010

   The  executive  arm  of  the  European Union is voicing support for an
   EU-wide  tax  on  bank  profits,  saying  it  could  help  the  bloc's
   cash-strapped governments.
   The  European Commission outlined a plan to tax bank profits and wages
   Thursday.   EU  Tax  Commissioner  Algirdas Semeta said the tax could
   raise $35 billion a year.
   This  is  not  the  first time EU officials have proposed a tax on the
   financial sector.
   Some  members,  including  France  and  Germany,  have proposed taxing
   financial  transactions,  such  as  sales of stocks and bonds, to help
   rebuild economies damaged by the global financial crisis.
   Finance  ministers  are expected to consider the new plan at a meeting
   later this month.
   Any  EU-wide  tax  would  require  the  approval of the governments of
   member states.

   Some information for this report was provided by AP, AFP and Reuters.

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