EU Council issues state of play note on financial transaction tax proposal

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The general secretariat to the Council of the EU issued a note on October 28, 2016, setting out the state of play with regard to the proposal to introduce a financial transaction tax by 10 EU Member States. The note indicates broad lines of agreement on certain issues, include the following, that will form the basis of a compromise text: 1) scope of tax as regards shares 2) the tax base and scope for derivatives 3) tax reduction for market makers. The note indicates that further work is required on the real economy and pension funds. The note also addresses the mechanics for collection.

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