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BRUSSELS (Dow Jones)--The proposed European Union tax on financial transaction would have an impact of roughly 0.5% on the bloc's gross domestic product in the long run, but the tax would also boost government revenue and should be seen in comparison with alternatives, the EU tax chief said Wednesday.
"When measuring an impact we have to look at alternatives, there is no secret that any taxation if introduced has negative impact on growth," Algirdas Semeta, European commissioner for taxation, said during a press conference in Strasbourg.
He added that the proposed tax would raise roughly EUR57 billion annually, to be shared between national governments and the EU budget.