It has been in decline for decades, but once touched the lives of millions of Indians every year.
Parliament kept up the pressure on Wednesday for a comprehensive financial transaction tax in 11 EU countries with a wide scope and rates of 0.1% for trades in stocks and bonds and 0.01% for those in derivatives. Lower rates should apply until 1 January 2017 for trades in sovereign bonds and pension fund industry trades. Finally, a new legal ownership principle was inserted to make tax avoidance more costly.
Anni Podimata (S&D, EL), Parliament's lead MEP on the matter welcomed Parliament' s tenacity. "Parliament has stayed true. We have taken a consistent line. We strongly believe that such a tax is the way the sector can contribute to emerging from the crisis and returns to its proper job of serving the real economy", she said. The resolution was passed by 522 votes to 141, with 42 abstentions
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