FTT not producing desires revenues

As reported by Europolitics:

Opponents to the introduction of a financial transaction tax (FTT) in Europe are not giving up the fight. Taking Hungary as an example, they maintain that it will never generate the hoped-for revenues – €30-35 billion – in the 11 eurozone states that have agreed to implement it.

In a statement, issued on 25 March, TMF Group, a multinational business consulting and services firm, denounces the meagre results of the financial tax introduced by Hungary on 1 January 2013. In February, it produced revenues of HUF13 billion (€40 million), a “great disappointment” as Hungary was counting on the equivalent of €90 billion. As a result, the state’s budget deficit rose in February, whereas Budapest had hoped to trim it.

The full article is here.

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