We have rich conversations with our clients every day, and increasingly these conversations are happening online. We encourage you to ask questions, share your views, and connect with like-minded professionals.
The International Annual Review demonstrates our achievements and reflects the insights and expertise professionals bring to client relationships.
KPMG's Global IFRS Institute provides information and resources to help Board and Audit Committee Members, Executives, Management, Stakeholders and Government Representatives gain insight on the evolving global financial reporting framework.
KPMG’s global network of climate change and sustainability practices helps you build long-term value in a rapidly changing world.
Mining organizations need to adapt across the mining asset lifecycle, from expansion to closure, as changing economic, political and regulatory environment demand greater flexibility.
The Chemical industry’s landscape is changing fast - global companies are developing or launching new products and services – and appear optimistic - setting sights on geographic expansion.
Over the last two decades many industries have changed their value proposition by developing their customers’ capacity to create value.
KPMG Global Manufacturing Outlook 2014 surveyed 460 executives worldwide, and offers practical and provocative insights to help organizations evaluate future strategies.
The global job search tool allows you to search available career opportunities within many of our 150 member firms worldwide.
KPMG's International Case Competition (KICC) is a chance for students to challenge yourself to solve a real business issue and an opportunity to meet new people across the globe.
cutting through complexity
An overviewJune, 2013
What is the EU FTT?
A proposed tax based on EU law
To be levied by (currently) 11 ‘FTT zone’ EU Member States
On ‘financial transactions’
Involving one FTT-zone party
And one FTT-zone ‘financial institution’
Note: (a) Due to the “Issuance principle” and “residence principle” non-FTT zone parties/financial institutions may also be covered.
The FTT Zone
The EU jurisdictions that are participating in the enhanced cooperation process are:
Other countries may join
Key features (1)
Key features (2)
Draft FTT directive issued (28 Sept 11)
EU Council authorizes FTT for 11 EU Member States (23 Oct 12) under ‘enhanced cooperation’
Revised draft directive issued for 11 EU Member States (14 Feb 13)
EU Commission reviews comment and issues final draft directive
EU Council (11 Member States) to approve final directive
Planned entry into force (1 Jan 14)
Note: (a) there is a general feeling that this timetable is too tight to enable the 11 FTT zone Member States to implement the Directive into their national legislation by 1 January 2014, so there is the possibility that the start will be postponed.
Why is FTT important for the FS sector?
FTT will either have to be absorbed, mitigated or passed on
Product substitution, relocation, etc.
Systems and processes
Will require new or adjusted information, tax collection, payment and reporting systems and processes
FTT exposure (including secondary liability) needs to be identified, mitigated where possible, and residual risk managed
Why is FTT important for the FS sector? (2)
Creates multiple charges
FTT affects every step in chain with only limited exemptions
Unlevel playing field
E.g. FTT zone bank’s non-FTT zone branch at competitive disadvantage with local (non-FTT zone) bank
Will affect non-FTT zone FS businesses
Issuance principle means even non-FTT zone parties will be liable for FTT
Impact not limited to FS
Wide scope means even corporate entities can be liable to FTT (e.g. corporate hedging)
Which businesses may be affected by FTT
KPMGs EU FTT Core Team
KPMG’s FTT resources
EU Core FTT Team
Director, KPMG’s EU Tax Centre
Tel +31 20-656 1485
Hans-Jürgen A. Feyerabend
Partner, Tax FS KPMG In Germany
Tel +49 69 9587 2348
Mobile +49 173 5764050
Senior Manager, Tax FS, Fidal in France
Tel + 33 1 55 68 14 61
Partner, Tax FS, KPMG in the UK
Tel +44 (0) 20 7311 2483
Mobile +44 (0) 7786747242
Partner, Tax FS KStudio Associato in Italy
Tel +39 0267644708
Mobile +39 3483081087
Partner, Tax FS, KPMG in Spain
KPMG International Cooperative ("KPMG International"), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.