Helen Lethaby reviews recent developments affecting the financial services sector
The case for a financial transactions tax (FTT) – popularly referred to as a ‘Tobin tax’ after the US economist James Tobin who first mooted the idea of one particular sort of FTT (on currency spot exchange transactions) in the seventies – or a financial activities tax (FAT) appears to be gathering political momentum at an EU level.
On 22 February 2011 the European Commission issued a Consultation paper seeking views from interested parties on the feasibility design and likely impact of an FTT or FAT. Each option was discussed at some length in the Commission’s Communication of 7 October 2010 on Financial Sector Taxation which describes the FTT as a turnover tax designed to tax single transactions by reference to their value regardless of the identity of the parties to the transaction;...
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Helen Lethaby reviews recent developments affecting the financial services sector
The case for a financial transactions tax (FTT) – popularly referred to as a ‘Tobin tax’ after the US economist James Tobin who first mooted the idea of one particular sort of FTT (on currency spot exchange transactions) in the seventies – or a financial activities tax (FAT) appears to be gathering political momentum at an EU level.
On 22 February 2011 the European Commission issued a Consultation paper seeking views from interested parties on the feasibility design and likely impact of an FTT or FAT. Each option was discussed at some length in the Commission’s Communication of 7 October 2010 on Financial Sector Taxation which describes the FTT as a turnover tax designed to tax single transactions by reference to their value regardless of the identity of the parties to the transaction;...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
