Friday, April 09, 2010 IMF To Propose Banking Taxes
The International Monetary Fund (IMF) is likely to propose two taxes when it presents its report on the best method to recoup taxpayers’ money used to bail out the international banking system.
Without citing its sources, the Daily Telegraph said that the IMF’s report will primarily advocate a tax on banks’ balance sheets, similar to that proposed by the Obama administration in the United States which is designed to discourage the build-up of excessive leverage in the banking system.
It is understood that other levies, such as a Tobin tax, have been deemed problematic by the IMF.
According to the Telegraph, the IMF will also put its weight behind a landmark new tax on banks’ profits above a certain level known as an ‘excess profits tax’.
The International Monetary Fund is to present its recommendations at its spring meeting later this month.
