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8.In particular, in many jurisdictions, no value added tax (VAT) was imposed on financial transactions, distinguishing them from many other services that did have to pay VAT.
9.Unilateral financial transaction taxes were at that time introduced in EU countries, such as Austria, Greece, Luxembourg, Poland, Portugal, Spain and the UK.
10.Tax legislation is mainly decided by each country in the EU at the national level. The European Commission can present proposals for tax legislation where it considers EU-wide action is needed for the Internal Market to work properly.
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13. A tax (proposed by the International Monetary Fund), raised on the sum total of a bank’s profits and the remuneration packages of bankers.
14.It led to financial institutions relocating to surrounding countries. The spectacular failure of the Swedish experience with a ‘unilateral’ FTT is nowadays attributed mainly to its poor design. The tax rates were very high. The taxation mechanism was easy to evade. While government bills and bonds and some associated derivatives were made subject to taxation, substitutes such as debentures, variable-rate notes, forward rate agreements and swaps were not. For the EU, the Commission subsequently advocated lower rates and a very wide scope, with all financial transactions covered, see G. Färm (2014) Forget Sweden, FTT should fly. In: G. Färm, www.socialdemokraterna.se/Webben-for-alla/EU/EU/Modulerny/EU/Ledamoterna-/Goran-Farm1/Mediany/Artiklar/Forget-Sweden-FTT-should-fly/ (accessed 20 February 2016).
16.There is a requirement of unanimous decision-making in the Council in the field of taxation.
20.Participating member states (PMS) were: Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain.
21.Greece was one of the PMS, but did not sign the statement, given the recent national elections (much like the absence of Slovenia from the joint statement, issued in May 2014).
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27. Belgium, Benin, Brazil, Burkina Faso, Congo, Ethiopia, France, Guinea, Japan, Mali, Mauritania, Norway, Senegal, Spain and Togo.
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34.Several Congressional proposals for FTTs have been introduced by Representative Peter DeFazio and Senator Tom Harkin, and by Representative Keith Ellison, all of them from the Democratic Party, and also by Democratic presidential candidate Bernie Sanders (L.E. Burman, W.G. Gale, S. Gault, B. Kim, J. Nunns and S. Rosenthal (2015) Financial Transaction Taxes in Theory and Practice, Discussion Draft, 31 July, p. 2). On 12 January 2015, the Democratic leadership in the US House of Representatives announced support for FTT as a core element of a new tax reform plan. (L.E. Burman, W.G. Gale, S. Gault, B. Kim, J. Nunns and S. Rosenthal (2015) Financial Transaction Taxes in Theory and Practice, Discussion Draft, 31 July. Available at: www.taxpolicycenter.org/UploadedPDF/2000287-Financial-Transaction-Taxes-in-Theory-and-Practice.pdf (accessed 24 February)).
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39.The multilevel governance model (L. Hooghe and G. Marks (2001) Multi-level Governance and European integration (Oxford: Rowman and Littlefield)) provided a first attempt at capturing more accurately interactions between European institutions and national governments as actors at different governance levels. Michael Zürn applied it to the study of global governance, see M. Zürn (2010) Global governance as multi-level governance. In H. Enderlein, S. Walti and M. Zürn (Eds), Handbook on Multi-level Governance (Cheltenham: Edward Elgar), pp. 80–99.
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