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French Finance Minister to Propose Revisions to Financial Transactions Tax

The French Finance Minister Michel Sapin has released a revised proposal for the EU financial transactions tax (FTT), a tax supported by 11 EU Member States. The current 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.

Under the revised proposal released by Sapin, bonds would be excluded and only the shares of companies domiciled in one of the 11 supporting States would be subject to the FTT. When shares of a company are purchased on an exchange in a participating State, that State would collect the tax. If the purchase is in a non-participating State, the tax would be collected by the participating State in which the company is domiciled.

The revised proposal will be presented to the EU finance ministers on 7 November 2014 in Brussels. A final proposal should be completed by the end of the year.

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