EU FTT – another statement of intent by EU Finance Ministers
Two weeks ago, in our Newsflash dated 22 January 2015, we discussed the latest developments in respect of the EU FTT since the turn of the year. Following the lack of consensus between the 11 participating Member States (“PMS’) at the end of last year, it was therefore noteworthy that President Hollande of France stated
EU FTT: back from the dead?
EU Financial Transaction Tax (“FTT”) finally implemented? During the last two months of 2014, a number of meetings were held both between the EU-11 and between the EU-11 and other EU Member States, with the aim of reaching consensus on the EU FTT. Despite the commitment of the Italian EU Council Presidency to the EU
EU FTT: UK’s challenge blocked for now but UK Treasury indicates they will not let it be. In april 2013, the UK launched a legal challenge against the introduction of an EU Financial Transaction Tax (‘EU FTT’) under the Enhanced Cooperation Procedure (‘ECP’). Two days before, the Court of Justice of the European Union (‘CJEU’) released
Foreign Tax Credit (QFIE/FBB) System not Compliant to Belgian Constitution
Decision The Court examines two aspects of the legislation, (1) the possible refund of FTC in case of insufficient taxable profits and (2) the gross-up of the FTC to the corporate tax base (link to decision FR/ NL). 1. Excess FTC (article 285 and 292 ITC) Under domestic law, a foreign tax credit excess may
The EU FTT: a “non-starter” or “just an issue of how”?
In this Newsflash we take stock of the very latest position on the EU FTT, including what institutions can expect to happen next Background Earlier this month, Christian Noyer, the Head of the French Central Bank, was quoted in an interview with the Financial Times as saying that “the Commission’s proposal [for an EU FTT]
The latest Italian FTT guidance – clarity at last? Don’t hold your breath…
Global FS Tax Newsflash 26 August 2°13. The Italian Financial Transaction Tax (“FTT, has now been in force since 1 March 2013. The regime comprises three taxes; a tax on equities, a tax on derivatives and a tax on high frequency trading. Following the introduction of the tax, market participants have been seeking further clarity
EU FTT – Will the Commission’s proposal survive?
There continues to be much press coverage around the EU Financial Transaction Tax (“EU FTT”). There has been speculation that the draft Directive issued earlier this year will be considerably diluted and that the eleven countries within the Enhanced Cooperation Procedure are struggling to reach consensus. Notably, there was no mention of the EU FTT
Legal challenge to the EU FTT – what happens now?
On Thursday April 18, the UK launched a legal challenge against the EU Financial Transaction Tax (“FTT”). The UK has now received support for its challenge from Luxembourg, which publicly supported the UK’s position on Monday. In this Newsalert we set out the background to this challenge, its implications for the EU FTT and what