LONDON Oct 19 Implementing the planned tax on
financial transactions could cost up to 8 million euros ($8.78
million) in Germany alone, a European Union document showed on
Ten EU countries, including Germany, want to tax
transactions stock, bond and derivatives transactions as a way
for the sector to raise funds after the huge taxpayer bailouts
it received during the financial crisis.
The financial industry has been waiting to see how the tax
would be collected and likely costs.
The EU document includes the findings of an unpublished
study by consultants Capgemini for Germany's finance ministry
which showed that total costs in the first year would be an
estimated 7.75 million euros.
"In the long-term, the personnel and material costs might
not exceed 1.6 million euros," the document said.
($1 = 0.9107 euros)
(Reporting by Huw Jones; Editing by Rachel Armstrong)