Editorial: Taxing times
Asia's response to the EU's proposed financial transaction tax is a sign of the region's refusal to accept the extraterritoriality of western regulations willy-nilly
The European Union has undoubtedly brought some significant benefits to its members – the ease of travel across borders for its citizens being an obvious example. But the latest financial transaction tax proposal from 11 members of the union may not be wholly beneficial.
The decision by those 11 states to imperil their financial sectors with the FTT should only be of concern to those in Asia invested in eurozone bank stocks. However, the decision to levy the FTT globally potentially sucks Asia's
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