ARTICLE · 06 OCTOBER 2011

EU Financial Transaction Tax

CMS Cameron McKenna Nabarro Olswang

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At a press conference yesterday, the EU’s Tax Commissioner announced that the Commission is proposing to introduce an EU financial transaction tax.

European UnionTax

Samantha Dames

Richard Croker

At a press conference yesterday, the EU's Tax Commissioner announced that the Commission is proposing to introduce an EU financial transaction tax. Details of the proposed tax are limited at this stage, but the following principles have been established:

the tax will be payable on transactions that take place between financial institutions; transactions involving individuals will not be taxed
the tax will apply to most financial products including derivatives
the tax will be payable by financial institution at their place of residence
the rate of tax will be 0.1% for shares and bonds and 0.01% for other products
the issue of shares and bonds, loans to businesses and spot foreign exchange transactions will not be taxed

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