Reuters: Regulatory News: EU lawyers challenge legality of transaction tax

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EU lawyers challenge legality of transaction tax Sep 10th 2013, 09:14 LONDON, Sept 10 | Tue Sep 10, 2013 5:14am EDT LONDON, Sept 10 (Reuters) - A plans to tax financial transactions in 11 European Union member states is not compatible with the bloc's treaty and would likely distort competition, lawyers for member states said. The legal services for EU member states said in their opinion dated Sept. 6 that the transaction tax plan "exceeds member states' jurisdiction for taxation under the norms of international customary law". The plan is not compatible" with the EU treaty "as it infringes upon the taxing competences of non participating member states", the document obtained by Reuters said. A transaction tax only in some member states would also be "discriminatory and likely to lead to distortion of competition to the detriment of non participating member states".

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