Global

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  • Service: Tax, International Corporate Tax, Global Indirect Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 1/22/2013

EU - Financial transaction tax proposal moves forward 

January 22:   The Economic and Financial Affairs (ECOFIN) Council today adopted a decision authorizing 11 EU Member States to proceed with the introduction of a financial transaction tax through "enhanced cooperation."

The 11 countries are Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia.


As noted in today’s EC release [PDF 74 KB], the European Commission will now make a proposal defining the substance of the enhanced cooperation, which will have to be adopted by unanimous agreement of the participating EU Member States.


Read a January 2013 report [PDF 65 KB] prepared by KPMG’s EU Tax Centre: ECOFIN gives green light to FTT enhanced cooperation initiative




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