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The proposal would cover transactions relating to all types of financial instruments, including capital market and money market instruments (with the exception of instruments of payment), units or shares in collective investment undertakings and derivative agreements. The proposal is not limited to trade on regulated markets, but also over-the-counter and other types of trade.
Transactions with central banks are however excluded.
The Commission proposes that tax rates be set by each Member State, with a harmonised minimum rate of 0.1 per cent of the taxable amount, except for transactions related to derivative agreements, for which the rate would be 0.01 per cent. The tax would apply as from 1 January 2014.
The Commission estimates that, depending on market reaction, yearly revenues could amount to €57 billion on the basis of its proposal.
In line with its proposal for a decision on the EU's system of own resources, the Commission proposes that the revenue generated by a financial transaction tax be used, either wholly or partially, to gradually replace member states' contributions to the EU budget, thus alleviating the burden on national treasuries.
Article: Macro-economic imbalances