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Agents of Change: EU Tax Commissioner Insists that Discussions Concerning the Proposed Financial Transaction Tax Will Continue Despite Concerns Over Legality

Coming on the heels of the uproar caused by an opinion of the Legal Service of the Council of the European Union (the CLS Opinion) that raised doubts as to the legality of the proposed financial transaction tax (FTT) (for background on the CLS Opinion, click here), EU Tax Commissioner Algirdas Semeta insisted that negotiations to finalize the terms of the FTT will continue. Speaking...

Agents of Change: EU Council Opinion Raises Concerns Over Legality of Proposed Financial Transaction Tax

An opinion prepared by the Legal Service of the Council of the European Union (the CLS Opinion) has raised concerns that the proposed financial transaction tax (FTT) may have an extraterritorial reach that infringes on the rights of non-participating member states (for background on the proposed FTT, click here).  Although the CLS Opinion may dim the hopes of those pushing for the...

The Next Target for a Financial Transaction Tax: High-Frequency Trading

On September 2, Italy moved beyond the traditional financial transaction tax imposed on certain types of equity-based transactions and introduced an additional 0.02% tax on “high-frequency trading.”  High-frequency trading is algorithmic or automated trading, and the Italian tax applies to trades that occur in 0.5 second or smaller increments.  High-frequency trading has often...

Agents of Change: Legislation Introduced to Block the Collection of Foreign Financial Transaction Taxes on U.S. Securities Transactions

Plans to introduce a new financial transaction tax (FTT) in 11 EU member states (Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain) starting January 1, 2014, have raised broad concerns within the banking system and the insurance industry.  If enacted, the FTT will apply a 0.1% rate on share and debt/bond transactions and a 0.01% rate on...

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