• 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.

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