Global impact of FTTs

On 23 January 2013, a majority of European Union finance ministers voted to allow Germany, France and nine other euro zone countries to prepare to introduce a tax on financial transactions. The vote clears the way for Germany, France, Italy, Spain, Austria, Portugal, Belgium, Estonia, Greece, Slovakia and Slovenia to press ahead with their own tax on trading.

"The EU FTT will impact financial institutions globally and not just those based in the European countries"

Who is impacted by FTTs

Financial institutions involved in securities business are likely to be directly impacted by new FTT regimes. In particular, banks, brokers, asset managers, insurers and custodians all need to be developing a response to these developments. For these reasons, FTTs have significantly changed the tax landscape for Financial institutions. Importantly, this is also an issue for non-EU institutions.

The Global impact of EU FTT

The Global impact of EU FTT