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Transaction tax - OECD European solo attempt

Published: July 12, 2010; 00:00 · (Vindobona)

According to Jeffrey Owens, head of the OECD's tax department, a transaction tax only makes sense if it relates to the financial centres on a global scale.

A European solo attempt can not work.

The Organization for Economic Cooperation and Development (OECD) warned against the introduction of a financial transaction tax on Europe. "If there really is a financial transaction tax dealing with sums that are worth mentioning, then it would not work if introduced only in Europe" said Jeffrey Owens, head of the OECD's tax department, according to "Frankfurter Rundschau". Such a tax would have to include "other important financial centres of the world" such as the U.S. And Japan, "he said.

The leaders of the G-20 group at a summit in Canada did not agree on a global financial transaction tax. Therefore, Germany's Chancellor Angela Merkel (CDU) announced to push for a European solution.

Austrian politician’s such as Chancellor Fayman had pronounced their intentions to push for a European Transaction cost on a sub-regional or even national level.