FSI Tax Alert (30/09/2011)
Commission adopts proposal on Financial Transaction Tax (FTT)
On 28 September 2011, the European Commission (“EC”) adopted a legislative proposal to introduce a Financial Transaction Tax (“FTT”) in the EU. A draft proposal for a FTT was released to the public and is likely to be supported by some prominent member states. If passed, the proposal indicates that the provisions would apply from 1 January 2014.
Although many hurdles remain before a FTT becomes a reality, this is an issue that could affect any person or business undertaking financial transactions where one party is located in the EU. Belgium is also supporting this FTT and is considering the introduction of this tax.
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