July 26th, 2012

European Commission confirms probe into financial transaction tax

The European Commission is looking into the introduction of a financial transactions duty in Hungary, a spokesman confirmed on Wednesday.

“What I can confirm is that the Commission is looking at this but I have nothing further to add at this stage,” Commission spokesman Antoine Colombani said answering a question on the matter at a regular press briefing in Brussels.

The European Central Bank on Tuesday said the duty, which must be paid by central bank and the treasury, impairs the National Bank of Hungary’s (NBH) functional and institutional independence.

The Commission formally closed last week an infringement procedure over the independence of the NBH.


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