The European Commission has tabled its controversial financial transaction tax (FTT), despite the fact that only 11 member states out of 27 support it. The tax, proposed by Commissioner Algirdas Semeta in Brussels, has been adopted by 11 eurozone states, including France, Germany and Spain. The FTT aims to raise public funds and encourage more responsible trading by financial institutions. But there are fears it will catch non-participating countries in its net. The levy, set at 0.1% for shares and bonds and 0.01% for derivatives, will apply to all transactions "with an established link to the FTT-zone", theEuropean Commission said in a statement, and could raise 30-35bn euros (£26-30bn; $40-47bn) a year. Mr Semeta, commissioner responsible for taxation, said: "On the table is an unquestionably fair and technically sound tax, which will strengthen our single market and temper irresponsible trading." The tax will apply if any party to the transaction is based in a participating member state, regardless of where the transaction takes place - the so-called "residence principle" - and it is this provision that is causing the most controversy. http://www.bbc.co.uk/news/business-21457562
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