The Commission has set out its views on taxes for the financial sector. It supports a Financial Transaction Tax (FTT) at a global level but also suggests a Financial Activities Tax (FAT) within Europe. This way, it says, it can target both those involved in transactions and the profits and remunerations of financial companies. It thinks there are good grounds for introducing the tax, including that the financial sector has taken a lot of public money and should pay for rebuilding public finances, that a bank tax would complement regulatory initiatives to reduce the volatility of the markets and that the tax would help ensure the banking sector is not under-taxed compared to other sectors. The Commission has drafted a Communication which it will present to EU Finance Ministers on 19 October, and an EU position paper to the G20 Summit in November.
Register Now As you are not an existing subscriber please register for your free daily legal newsfeed service.Register
If you have any questions about the service please contact email@example.com or call Lexology Customer Services on +44 20 7234 0606.
Commission outlines financial taxes
If you are interested in submitting an article to Lexology, please contact Andrew Teague at firstname.lastname@example.org.
Director, Legal Services
Cisco Systems, Inc