LONDON, Oct 19 (Reuters) - 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 Wednesday.
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The EU document includes the findings of an unpublished study by consultants Capgemini for Germany’s finance ministry which showed that total costs in the first year would be an estimated 7.75 million euros.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