Policy Forum: The EU Financial Transaction Tax as an Unsuitable and Unnecessary Proxy Tax

Policy Forum: The EU Financial Transaction Tax as an Unsuitable and Unnecessary Proxy Tax

In 2011, the European Commission presented its proposal for an EU financial transaction tax (FTT). This article analyzes the recent developments as regards the approval of that EU FTT, and the main concerns that the proposed tax gives rise to, considering in particular its characteristics as a proxy...

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Veröffentlicht in:Canadian tax journal 2016-04, Vol.64 (2), p.373-387
Hauptverfasser: de la Feria, Rita, Ness, Richard
Format: Artikel
Sprache:eng
Schlagworte:
Borrowing
Cooperation
Economic crisis
Financial institutions
Financial instruments
Financial services
Proposals
Repurchase agreements
Sovereign debt
VAT
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Beschreibung
Zusammenfassung:In 2011, the European Commission presented its proposal for an EU financial transaction tax (FTT). This article analyzes the recent developments as regards the approval of that EU FTT, and the main concerns that the proposed tax gives rise to, considering in particular its characteristics as a proxy tax. The authors conclude that insofar as the EU FTT is a proxy tax, it is both unsuitable and unnecessary, and that extension of the EU value-added tax to financial services would serve as a better and more realistic instrument to attain most of the stated aims of the FTT.
ISSN:0008-5111