The Council of the EU (ECOFIN) on 8 December 2015 discussed the current state of a proposal pending in certain EU Member States to introduce a financial transaction tax (FTT).
In the context of this ECOFIN discussion, 10 of the original 11 EU Member States issued a statement setting out areas where agreement had been reached as well as areas that were still open. Estonia indicated that it no longer supports the proposal. The statement indicates that a decision on the open issues would be made by end of June 2016.
The statement issued by the 10 remaining EU Member States—Austria, Belgium, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia, and Spain—provides details of expected features of the financial transaction tax.
Read a December 2015 report prepared by the KPMG member firm in the Netherlands: 10 EU Member States agree on some principles for a financial transaction tax; others still under discussion
At the ECOFIN meeting, other items discussed concerning corporate taxation included:
Read a December 2015 report prepared by KPMG’s EU Tax Centre
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor 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 on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.