The so-called bank levy—a tax levied on bank leverage—has been proliferated to date. They are the product of reacting to the global financial crisis that started in the autumn of 2008. Therefore, they can only be understood in the context of the crisis. Since one or two decades, the financial industry has produced much innovation that is to be reflected in taxation. The application of bank levy is thus the result of the reforms initiated in the sphere of financial regulation rather than tax law. Financial and tax laws are different from each other in many respects, however, as it will be discussed below where the constitutional background for the introduction of financial taxes will be explored.
Soros, G.: The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means. Public Affairs, New York, 2008.
Soros G., '', in The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means. Public Affairs, (2008) -.
Soros G.The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means. Public Affairs2008)| false
Review of current practices for taxation of financial instruments, profits and remuneration of the financial sector, PwC TAXUD Working Paper No.31, Brussels, 6 June 2012.
Hellgardt, A.: Comparing apples and oranges? Public, private, tax and criminal law in financial markets regulation. Max Planck Institute for Tax Law and Public Finance, Working Paper, No. 2012-04, Munich, June 2012.
Hellgardt A., '', in Comparing apples and oranges? Public, private, tax and criminal law in financial markets regulation, (2012) -.
Hellgardt A.Comparing apples and oranges? Public, private, tax and criminal law in financial markets regulation2012)| false
Corrective tax is a means of regulation that is connected to the estimated harm rather than to the harm actually done. See Shavell, S.: The optimal structure of law enforcement. Journal of Law and Economics, 36 (April 1993) 1, Part 2, 284.
Shavell S., 'The optimal structure of law enforcement' (1993) 36Journal of Law and Economics: 284-.
Shavell S.The optimal structure of law enforcementJournal of Law and Economics199336284)| false
A fair and substantial contribution by the financial sector, IMF final report for the G-20, June 2010.
The White House Office of the Press Secretary, January 14, 2010.
Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203 (H.R. 4173), 124 Stat. 1376
COM(2010) 549 final.
Proposal for a Council Directive on a common system of financial transaction tax and amending Directive 2008/7/EC, COM(2011) 594 final. The Commission submitted a new proposal under No. COM(2013) 71 final on 14 February 2013, now based on the enhanced cooperation in the area of financial transaction tax that is to be introduced in eleven Member States.
Understanding between the Hungarian Government and the Hungarian Bankers’ Association of 15 December 2011.
For the analysis of the current crisis tax of financial enterprises and the financial transactions tax, the law on which has been passed, but will be applicable from the next year no, see Deak, D.: Bizarr magyar pénzügyi adók (Bizarre Hungarian financial taxes). Figyelő, (2012) 31, 54–55.}
Prinz, A.: Moralisierung in der Steuerpolitik: Was taugen die jüngsten Steuervorschläge? Wirtschaftsdienst, 90 (Dezember 2010) op. cit. 822.
Debt Bias and Other Distortions: Crisis-Related Issues in Tax Policy; Prepared by the IMF Fiscal Affairs Department; Approved by Carlo Cottarelli; 12 June 2009, para. 21, p. 14, para. 29, p. 16, para. 32, p. 17, para. 49, p. 24 para. 53, p. 25, para. 57, p. 26, para. 63, p. 28, para. 68, p. 30.