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World divergence on bank tax

08-26-2010 11:30 BJT

French budget minister says France and Germany have reached consensus on taxing banks' profits. But the proposal hasn't been popular, with major setbacks at the last G-20 meeting in June.

Germany, France and the U.K. strongly backed the new bank tax. As early as June, the U.K. passed an emergency budget plan, which includes a special banking tax. The measure is aimed at cutting deficit.

In the U.S., the Obama Administration proposed a responsibility tax on major financial institutions in early 2010, but it was deleted from the country's financial reform bill. In other parts of the world, Australia and India opposed the bank tax, saying their financial systems are sound enough to withstand another crisis.

Joining the debate, a Canadian government official said they need better regulation, not new taxes, to prevent a global financial crisis.

Editor:Xiong Qu |Source: CNTV.CN

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