Financial-transaction tax under review, IMF's Lipsky says

12/1/2009 | Reuters

An International Monetary Fund study on how to pay for past and future bank bailouts includes a tax on financial transactions, said John Lipsky, the IMF's first deputy managing director. Although sometimes labeled the Tobin tax, the tax under review is different from the one proposed by Nobel laureate James Tobin in the 1970s, Lipsky said. That tax was limited to foreign exchange deals and was intended to suppress transactions, rather than raise revenue, he said. Lipsky said the IMF will present its findings in time for discussion at the Group of 20 summit in June.

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