Transaction tax means more compliance challenges for banks

EU push for FTT promises more work for bank op risk and compliance teams

europe-tax

The meeting of the European Union's Economic and Financial Affairs Council (Ecofin) on May 6 ended with a joint statement which committed to introducing a financial transaction tax (FTT) in 11 participating member states. The participants – including France, Germany, Spain and Italy, but not the UK – would work towards the progressive implementation of the tax, "focusing initially on the taxation of shares and derivatives, in order to observe its economic impact before broadening

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