In September 2011, the EU released a draft Directive for an EU FTT, with a planned start date of 1 January 2014. This represented the first attempt to introduce a common FTT regime across all EU countries.Since then, various countries have sought to ‘front run’ the EU FTT developments by introducing their own, domestic FTTs.
Financial Transaction Taxes (“FTTs”) will fundamentally change the tax landscape for financial institutions. These taxes will have wide-reaching implications for the business models of all financial institutions, regardless of where institutions are located and where they transact. So, what are FTTs and where did they come from?
The Decree provides further guidance on the scope of the Italian FTT, the computational basis and the practicalities as to who will be responsible for collecting the tax and reporting to the Italian tax authorities.
Green light for EU Financial Transaction Tax. The ECOFIN Council (EU Finance Ministers) adopted a decision by qualified majority authorising 11 of the 27 EU Member States to proceed with the introduction of a harmonised EU FTT through Enhanced Cooperation in their countries.