Double taxation row as Brussels unveils transactions levy

The European Commission was under fire Thursday (14 February) over claims that its planned tax on financial transactions (FTT) would lead to double taxation.

Unveiling the plans for an FTT backed by 11 EU countries, Taxation Commissioner Algirdas Semeta said that it was a "fair, technically sound and legally robust tax."

The proposal puts a 0.1 percent levy on bonds and shares and 0.01 percent on derivative products. Measures have also been put in place to prevent traders from c...