EU Finance Ministers consider green light for enhanced cooperation on financial transaction tax

Global Information Reporting
& Withholding Newsbrief
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Eleven of the European Union (EU) member states are moving rapidly towards agreement on the introduction of a financial transaction tax (FTT), probably to start in January 2014. Although fiscal measures normally require unanimity of all member states, a new legal procedure called 'enhanced cooperation' is being used for the first time to introduce a fiscal measure. Instead of unanimity, this means that a smaller number of states can vote for taxation measures that will apply in these states only. By the end of December 2012 we should have an idea of what the FTT will look like and importantly, who will be the recipient of the taxes raised.



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