The European Financial Transaction Tax: The New Reality

The European Commission’s new proposal for a financial transaction tax was issued on 14 February 2013 with Germany, France, Belgium, Estonia, Greece, Spain, Italy, Austria, Portugal, Slovenia and Slovakia as participating Member States. Whereas a year ago implementation seemed doubtful, it is now much more likely. The new proposal not only provides some clarifications and exemptions, but significantly broadens the scope of the financial transaction tax proposal by introducing the so-called “issuance principle”, as well as strict anti-abuse measures.