In November 2009 , two months after the G20 Pittsburgh summit , G20 national Finance Ministers met in Scotland to address the financial crisis of 2007 – 08 , but were unwilling to endorse the German proposal for a financial transactions tax : " European Union leaders urged the International Monetary Fund on Friday to consider a global tax on financial transactions in spite of opposition from the US and doubts at the IMF itself . In a communiqué issued after a two-day summit , the EU ’s 27 national leaders stopped short of making a formal appeal for the introduction of a so-called " Tobin tax " but made clear they regarded it as a potentially useful revenue-raising instrument . " While the IMF does not endorse an FTT , it concedes that " The FTT should not be dismissed on grounds of administrative practicality . " A " bank tax " ( " bank levy " ) differs from a financial transaction tax in the following way : A financial transaction tax is a tax on a specific type ( or types ) of financial transaction for a specific purpose ( or purposes ) . This term has been most commonly associated with the financial sector , as opposed to consumption taxes paid by consumers . However , it is not a tax on the financial institution itself . Instead , it is charged only on the specific transactions that are designated as taxable . If an institution never carries out the taxable transaction , then it will never be taxed on that transaction . Furthermore , if it carries out only one such transaction , then it will only be taxed for that one transaction . As such , this tax is neither a financial activities tax ( FAT ) , nor a financial stability contribution ( FSC ) ( or " bank tax " ) , for example . This clarification is important in discussions about using a financial transaction tax as a tool to selectively discourage excessive speculation without discouraging any other activity ( as Keynes originally envisioned it in 1936 . ) On June 27 , 2010 at the 2010 G20 Toronto summit , the G20 leaders declared that a " global tax " was no longer " on the table , " but that individual countries will be able to decide whether to implement a levy against financial institutions to recoup billions of dollars in taxpayer-funded bailouts
2010 G20 Toronto summit
2010 G20 Toronto summit
Bank tax