IMF expresses doubt about Europe's transaction tax

The International Monetary Fund is unsure about a tax on financial transactions proposed by a group of European countries. "According to the IMF, there are other levies that could be better than the financial-transaction tax," said Carlo Cottarelli, head of fiscal affairs. "A tax on transactions, in general, is not so sensible; it is something old-fashioned." Cottarelli said it would be more efficient to add a charge on bank assets or a tax on the value added of the financial sector.

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