FSI Tax Alert (11/10/2012)
Breakthrough on EU Financial Transaction Tax (FTT)
The European Commission (“EC”) announced at the 9 October 2012 ECOFIN meeting that 11 Member States have announced their support for using the Enhance Cooperation Procedure (“ECP”) to implement a harmonised FTT in the EU. Seven Member States (Austria, Belgium, France, Germany, Greece, Portugal and Slovenia) have already written to the EC expressing their support for this initiative. Assuming that at least two of the additional four countries (Italy, Spain, Estonia and Slovakia) put their intention in writing to the EC, the formal process of adopting FTT legislation can begin.
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