Impact of EU Financial Transaction Tax on the asset management industry
On 14 February 2013, the European Commission issued a new draft Council Directive to implement an EU financial transaction tax (FTT) in 11 countries. We previously highlighted that the Directive has a very broad scope and will impact both EU and non-EU Financial Institutions. The costs of the tax (coupled with the major operational changes
EU Commission adopts its new proposal for an EU Financial Transaction Tax: further details
On 14 February 2013 the European Commission has presented its “new” draft proposal for a Council Directive implementing a financial transaction tax (FTT) in 11 countries. The draft is largely the same as the original proposal released in September 2011 but contains some important changes. The draft Directive continues to have a very broad scope
EU Financial Transaction Tax: new proposal for a Directive published today
On 22 January 2013 the ECOFIN Council (EU Finance Ministers) adopted a decision by qualified majority authorising 11 of the 27 EU Member States to proceed with the introduction of a harmonised EU FTT through Enhanced Cooperation in their countries. Today, the European Commission adopted a proposal for a Council Directive implementing enhanced cooperation in
Final FATCA regulations issued: let the compliance begin
In brief Stakeholders patiently waiting for guidance regarding the Foreign Account Tax Compliance Act (FATCA) need not wait any longer – final regulations were issued along with a press release on January 17, 2013. FATCA was enacted as part of the Hiring Incentives to Restore Employment Act (HIRE Act) on March 18, 2010 to serve
