The E.U. Financial Transaction Tax
Author: Sandy Bhogal .; Ben Fryer.
Source: Volume 27, Number 01, September/October 2013 , pp.47-53(7)
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Abstract:
The proposed European financial transaction tax—due to come into effect next year in Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia, and Spain—holds the threat of increased costs for U.S. financial institutions and private investors alike. This article examines the background to the proposed tax, the criticism that has been leveled at the proposal (particularly with respect to its anticipated economic effect and extraterritorial reach), and why it is of concern to—and should spark advance planning by—U.S. as well as European persons and institutions.Keywords: FTT; Financial transaction tax; financial transactions; European Union; enhanced co-operation procedure
Affiliations:
1: Mayer Brown International LLP; 2: Mayer Brown International LLP.