Italian financial transaction tax under scrutiny

When in Rome

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Following the European Council decision of January 22, which authorised 11 member states to proceed with the introduction of a Europe-wide financial transaction tax (FTT) through “enhanced cooperation”, the European Commission (EC) unveiled a draft proposal for a council directive on the FTT. Italy has become the testing ground for such a tax regime, having started to collect a levy on Italian equities as of March 1.

The Italian FTT (IFTT) will apply to derivatives transactions on Italian equitie

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