Registered: Dec 2009
04-25-12 04:17 PM
The adopted text adds to the Commission proposal an "issuance principle" whereby financial institutions located outside the FTT zone would also be obliged to pay the FTT if they traded securities originally issued within this zone.
Various exemptions were requested by a number of MEPs. In the end the most substantive exemption was that granted to pension funds, which would see the tax waived on their transactions.
That still doesn't tackle the cascade effect though.
More hot air from the European Parliament. Even if the commission adopts the above, the European Council won't change their mind, so no change.
It is more important that the incoming Netherlands government stays with their previous position though, as their coming off the fence and saying no was the final nail in the coffin for a eurozone ftt.