![]() all offer a "market-making activity" exemption of some kind.all apply irrespective of the place of tax residence or incorporation of the seller, purchaser and any agents involved, and irrespective of where the transaction is executed.they are, in the main, charged on transfers of shares issued by French, Italian, and Spanish-incorporated companies (respectively).Other Member States, including Belgium and Greece, already have a domestic FTT in place.Īlthough the French, Italian, and Spanish FTTs are not identical, they do share some similarities: That process has taken so long that a number of Member States have introduced domestic FTTs in the meantime, notably France, Italy, and (as of 16 January 2021) Spain. ![]() The European Commission went back to the drawing board and a group of 10 EU Member States (" Participating Member States") remain engaged in a process known as "enhanced cooperation" to introduce an FTT in those Participating Member States. Moreover, the proposal would have driven business from the EU so a number of Member States refused to even consider that proposal unless it was introduced globally. to limit undesirable market behaviour and consequently stabilise markets.Īs originally drawn, the proposal was extremely wide and covered the transfer of not only shares but also bonds.to ensure the functioning of the internal market (avoid double taxation and distortion of competition) and.to raise revenue and ensure an adequate contribution from the financial sector to tax revenues. ![]() At that stage, it was launched with a three-fold purpose:
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