The Italian Minister of Economy and Finance has stated that the proposed EU financial transaction tax (FTT) is still on track while speaking to member of the European Parliament on 23 September. The final proposal for the FTT, currently supported by 11 EU Member States and opposed by several, is still set to be issued by the end of 2014, with implementation 1 January 2016.
The proposal includes a 0.1% tax on the market price of shares, bonds, collective investment vehicle units, money market instruments, repurchase agreements, and securities lending transactions, and a 0.01% tax on the notional amount of underlying assets in derivative products.
The tax would be payable by financial institutions on transactions involving financial instruments if one of the parties to the transaction is an EU resident or, to safeguard against tax avoidance, on trades of financial instruments issued by EU financial institutions regardless of where the transaction takes place.
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