Global Tax Adviser, January 12, 2016. The introduction of a Financial Transaction Tax (FTT) within the EU continues to be debated; ten of the original eleven participating EU Member States discussing the proposed FTT issued a statement in December setting out areas where agreement had been reached. They have also revealed areas of disagreement and Estonia has indicated that it no longer supports the proposal. The statement suggests that a decision on the open issues will be made by the end of June 2016.
The statement, issued by the ten remaining participating EU Member States-Austria, Belgium, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia, and Spain-provides details of expected features of the FTT and discusses ideas for dealing with shares and derivatives. The FTT is intended to apply to shares and certain derivatives, but further work remains to be done in areas concerning the scope of the proposed tax and the applicable FTT tax rates.
For more information, see "EU: Status of financial transaction tax (FTT), corporate tax proposals", or contact your KPMG adviser.
Information is current to January 12, 2016. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500