The European Commission has published, explained clearly and has been fighting hard for years for a broad and unprecedented concept of residency and tax jurisdiction, with extraterritorial reach that would tax investors and markets around the world to which the EU countries that enact the tax have no connection. Now they are saying that they are not? It sounds like the same tactic where bills were introduced in the US with a 0.5% rate. That didn't work so they lowered it to 0.03% to make it more attractive. Pass the tax and raise the rates. Tax commissioner Semeta said that the rates would go up once the EU FTT is enacted. What stops the EU from broadening the tax if enacted?
It would appear to be the default, though I am curious about ".........where they meet agreed criteria", ie what exactly are the agreed criteria for tax collection, and could FTT be exempt?
http://www.portfolio.hu/en/economy/hungary_ecomin_reveals_transaction_tax_revenue_figures.25771.html "The FTT brought in HUF 13.374 bn. The governmentâs cash flow FTT target for this year is HUF 301 bn, which means HUF 27 bn should have been collected in February, half of which was actually received. The ministry did not explain why this happened, only noted that the tax was imposed as of 1 January 2013. "
http://www.efinancialnews.com/story/2013-03-25/ftt-talks-cracks-appear "However, one Brussels-based lobbyist at a US firm said Germanyâs commitment to the tax was in doubt. He said: âGermany is freezing everything politically. In Germany, the Conservatives donât talk about the FTT anymore. If [Angela] Merkel cannot get a majority at the next election and she forms a coalition with the liberals, the country will pull out. If Germany pulls out, it will probably drag Austria with it. At that point, with just nine countries, it would probably regress to national taxes.â Copy paste the title in Google if you can't read it. Great article.