EU: Status of financial transaction tax (FTT), corporate tax proposals

EU: Status of FTT, corporate tax proposals

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).

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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

Corporate tax topics

At the ECOFIN meeting, other items discussed concerning corporate taxation included:

  • Formal adoption of several initiatives on automatic exchange of information
  • A directive on a common consolidated corporate tax base (CCCTB)
  • A potential “anti-BEPS directive”

 

Read a December 2015 report prepared by KPMG’s EU Tax Centre

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