ARTICLE · 07 MARCH 2013

Financial Transactions Tax, Feb 2013

Arthur Cox

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The European Commission unveiled its revised proposal for a new financial transaction tax (FTT) on 14 February 2013 following the decision by ECOFIN in January to proceed with the introduction of an FTT through "enhanced cooperation".

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Dara Harrington

Ailish Finnerty

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The European Commission unveiled its revised proposal for a new financial transaction tax (FTT) on 14 February 2013 following the decision by ECOFIN in January to proceed with the introduction of an FTT through "enhanced cooperation". Expected by the Commission to generate €30 – €35 billion a year from 1 January 2014, the FTT as proposed will apply far beyond the borders of the 11 Member States requesting the proposal. Opposition to the FTT is strong and likely to increase as the potential implications of the revised FTT are considered. Significant hurdles also need to be overcome before the FTT can be implemented, including the potential for legal challenge to its design and scope.

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