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Cyprus News Agency: News in English, 13-02-14
CONTENTS
[01] EU Commission adopts details for FTT
[01] EU Commission adopts details for FTT
The details of the Financial Transaction Tax (FTT) to be implemented
under enhanced cooperation have been set out in a proposal adopted by
the European Commission today.
As requested by the 11 Member States that will proceed with this tax,
the proposed Directive mirrors the scope and objectives of the original
FTT proposal put forward by the Commission in September 2011.
The approach of taxing all transactions with an established link to
the FTT-zone is maintained, as are the rates of 0.1% for shares and
bonds and 0.01% for derivatives. When applied by the 11 Member States,
this Financial Transaction Tax is expected to deliver revenues of 30-35
billion euros a year.
The 11 countries are Germany, France, Italy, Spain, Greece, Austria,
Belgium, Portugal, Slovakia, Holland and Slovenia.
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