Global

Details

  • Service: Tax, International Tax
  • Type: Regulatory update
  • Date: 3/7/2014

EU - Status update of financial transaction tax 

March 7:  The European Commission this week posted an update of the status of the proposed financial transaction tax.

According to the EC release (5 March 2014):


  • A February 2013 proposal for “enhanced cooperation” reflects the scope and objectives of original financial transaction tax.
  • A working group immediately started discussions after the proposal was “tabled.”
  • Only the 11 participating EU Member States will have the right to vote. However, other EU Member States can participate in the discussion.
  • Once the financial transaction tax is agreed upon at the EU level, all 11 participating EU Member States will have to transpose the tax into their national laws.



©2014 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


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.


Direct comments, including requests for subscriptions, to us-kpmgwnt@kpmg.com.
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.

 

Share this

Share this

Subscribe

Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)


Already a Subscriber? Login


Not a member? Subscribe now