Financial transaction tax: sending shock waves through global financial services
If it is implemented as proposed, the financial transaction tax (FTT) is likely to cause distortion to the financial sector, both within the EU and outside, and will almost certainly change the way we do business. As a result, some activities may relocate out of the affected area. Some product lines might be pulled altogether as a result of increased costs.
Here Allen & Overy intends to provide useful insights into the FTT and an overview of how this proposal is assessed. In Part I, the law firm looks at the scope of the tax and its potential impact. In Part II, it addresses the question of its legality.
Allen & Overy finishes in Part III by examining the impact in particular jurisdictions, such as Belgium, Germany, France, Italy, Luxembourg, the Netherlands, Spain and the UK…
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