"FTTs will fundamentally change the tax landscape for financial institutions…The EU Commission has estimated that the EU FTT will raise €31 billion"
In the past 18 months a number of countries have either introduced or announced an intention to introduce domestic FTTs at a local country level. In addition, a proposal to introduce a FTT in a subset of the European Union (“EU”) has been approved.
"FTTs have a significant adverse impact at an economic level. FTTs can result in increased costs to companies issuing securities…and present a risk of relocation of activities. For a very broad-based EU FTT...implementation costs of $15 – 20 million would seem likely for large financial services organisations with a European footprint"
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