European Fund and Asset Management Association: EFAMA expresses serious concerns regarding European Commission’s Financial Services Tax
( October 18, 2010, 12:37 GMT | Official Statement) -- MLex Summary: The European trade association for mutual funds said that a financial-service tax would hurt investors and put funds at a disadvantage versus direct investment in securities.EFAMA considers that the policy reasons advanced by the Commission are seriously flawed in the case of the funds industry. For example, there is no acknowledgement of the fact that the funds industry has not benefited from government support and would not expect to rely on state bailout as a safety net. Moreover, taxing measures could have a significant impact in the context of individual investors’ retirement provisions....
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