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On 13 March 2012 the Economic and Financial Affairs Council took stock of the work done on the proposal for a directive on the EU-wide financial transaction tax. The ministers identified the outstanding issues and discussed the next steps. The Danish Presidency concluded that the first technical reading of the proposal had been completed.
In its report to the ministers the Presidency noted that a whole range of sensitive issues remains to be addressed. Among those issues are specific questions regarding:
- the tax base (coverage of currency derivatives and government bonds and its impact on the costs of hedging and government borrowing; coverage of pension schemes and its impact on business models used in various member states, etc.);
- structure...
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