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Patrick van de Laar Benedicte Gravrand, Opalesque Geneva:
In January, The European Commission, the EU's executive arm, gave its accord to 11 member countries to go ahead with a planned Financial Transaction tax (FTT). The countries in question are Germany, France, Spain, Italy, Belgium, Estonia, Greece, Austria, Portugal, Slovenia and Slovakia. The proposal for an FTT was originally adopted by the European Commission in September 2011 but stalled due to an initial lack of support. Plans for the implementation of the FTT were outlined last month and follows the original plan, namely a 0.1% tax on trades in stocks and bonds and a 0.01% tax on derivative transactions. The proposal has to be unanimously approved by all 11 countries by September 30, 2013.
If it is, the FTT should become law in the 11 states from January 1, 2014. According to The FT, "widespread objections from many other countries, together with threats of lawsuits from financial institutions, may delay the pace and dilute the form of implementation. But there seems an urgent determination to proceed. Reducing the territoriality of the tax, narrowing the range of transactions covered and exempting some institutions such as pension funds are just some of th...................... To view our full article Click here
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