Transaction tax means more compliance challenges for banks
EU push for FTT promises more work for bank op risk and compliance teams
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 its scope".
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