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Europeans act alone on bank tax before G20

06-23-2010 14:07 BJT Special Report: Hu Visits Canada, Attend G20 Summit |

Germany, France and Britain say they'll introduce a bank levy to help meet the costs of the financial crisis. The announcement was made ahead of the G20 summit this week, underscoring a rift between key partners.

Europe's three biggest economies say they are "committed to the full implementation of the ambitious G20 financial sector reform agenda." But the early timing of the announcement suggests the European states aren't hopeful of striking a common tax agreement.

UK's chancellor of the exchequer says his country will try to reduce budget deficit, by cutting public spending and increasing tax revenue.

George Osborne, UK Chancellor of The Exchequer said "From January 2011, we will introduce a bank levy. It will apply to the balance sheets of UK banks and building societies and the UK operations of banks from abroad."

Germany says it will put a bank tax bill to the cabinet this summer. France plans to present details of the levy in the 2011 budget, due to go before parliament this autumn.

The European Commission had earlier suggested the new tax towards the financial sector. It proposed for the revenue to be used to prevent financial institutions' bankruptcy crises in the future.

The Commission hoped to launch the tax worldwide, but nations including Canada and Japan strongly opposed the proposal at the G20 finance ministers meeting held in early June. Canada said the levy will reduce loan liquidity and encourage over adventuresome acts. India has also opposed the move, saying emphasis should be on strengthening supervision, rather than levying tax.

Editor:Xiong Qu |Source:

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