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Financial Transaction Tax: An Eleven-Point Analysis of Transaction Taxes Across Member States

Country:
-
Author:
C. Said Formosa
Issue:
World Tax Journal, 2016 (Volume 8), No 1
Published:
23 February 2016
This article analyses the European Commission's Proposal for Financial Transaction Tax with transaction taxes currently implemented in Member States of the European Union. The features identified for this purpose include transactions liable to tax, recognition of legal title, the tax base, jurisdictional rules, provisions for groups, exemptions, deduction rules and timing considerations. This analysis highlights that the Proposal, in principle, varies little from existing transaction taxes; tax rates are generally low and an extraterritorial effect is found in a number of Member States. The Proposal is however broader in scope and contains limited exemptions. The commonalities found in transaction taxes could help to forge a common framework for future reform of the Proposal whilst differences shed light on problems that may be encountered with respect to implementation. Greater support and guidance will be required.
 
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