Eleven European nations are moving forward with a financial-transaction tax specifically designed to be global in its reach, SIFMA Acting President and CEO Kenneth E. Bentsen, Jr. writes in a blog post. Bentsen further noted that the formulation of this novel excise tax is both unprecedented and inconsistent with existing norms of international tax law and long-standing treaty commitments. He also argued that the need to prevent circumvention of the tax is not a pretext for extraterritoriality. Read SIFMA's Pennsylvania + Wall blog.
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