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In September last year the European Commission published a draft of a directive that would set the levy at 0.1% on cash and securities transactions and 0.01% on derivatives, reckoning that the annual revenue could be as much as €57 billion ($72 billion).
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By June, a draft of a presidential directive authorizing an ambitious covert action plan was circulating through the upper echelons of the administration, but there seemed little urgency about putting the plan into effect.
However, following the measures that the European Commission (EC) began to implement in 1999, the third draft of a future Sludge Directive contained a proposal to place limits on several organic contaminants [ 21, 22].
An early draft of the directive included a requirement that the settlor's letter of wishes and the trust deed also be made public, but this was dropped during the horse-trading in committee.That concession has done little to pacify the trust industry.
In a draft of his new directive, President Clinton says, "I hereby direct the Department of Health and Human Services to revise Medicare program guidance to explicitly authorize payment for Medicare-covered services for clinical trials".
The Pentagon draft of the directive exemplified the hard-line approach, whereas State Dept.
An earlier draft of the directive was going to allow internalisation, although with strings attached.
The draft of the directive written by the European Commission says that retention of data beyond the billing time should be "appropriate".
The real reason may be political; one suggestion is that funds are being paid back for lobbying too hard against the original draft of the directive.
Juncker said he had just ordered the drafting of a new EU directive on automatic exchange of information on national tax rulings between member states, and argued he had supported tax harmonisation in the EU since 1991.
The commission has since drafted a directive that penalises dilatory and double-charging banks.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com