Drop in Hong Kong Prada share volume highlights dangers of transaction taxes
Daily turnover in Prada shares listed on Hong Kong Exchange has dropped by over 30% since introduction of Italian financial transaction tax two months ago
Average daily turnover of Prada shares traded on the Hong Kong Exchange has fallen from around $28 million in February to $18.6 million over March and April after the introduction of the Italian financial transactions tax (IFTT) on March 1.
The extraterritorial reach of the tax, charged at 0.1% per transaction on regulated platforms, is limited to equity instruments issued by firms established in
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