“Tough taxes on financial transactions across Europe have devastated market activity and failed to raise as much as politicians hoped, according to new figures out yesterday. Hungary implemented a 0.1 per cent tax at the start of the year. But it raised less than half the revenue the state had hoped for, bringing in 13bn Hungarian Forints (£36m) in January. France forged ahead on its own, introducing a 0.2 per cent tax on sales of shares of major firms. But that only raised €200m (£169.4m) from August to November, well below to €530m expected. And Italy launched its FTT this month. Figures from TMF Group suggest it has cut trading volumes by 38 per cent already.”
http://www.cityam.com/article/transaction-tax-missing-its-targets
