![]() the FTT would be based on the issuance principle only, i.e.shares issued by listed companies located in a participating Member State with a market capitalization above EUR 1 billion), while financial transactions involving bonds and derivatives would be out of scope the application of the FTT would be limited to financial transactions that mainly involve the acquisition of certain shares (i.e.Under the proposal issued by the German Finance Minister in December 2019: ![]() ![]() In 2019 the participating states agreed that the FTT proposal should continue to be discussed based on a proposal advanced by Germany and that was largely based on the design of the French FTT, which differs from the 2013 Commission proposal. The Commission therefore put forward a revised proposal, largely based on the initial design, but adapted to the new situation.įollowing the lack of consensus in the negotiations among EU Member States participating in enhanced cooperation over a number of years, in June 2018 France and Germany decided to introduce a new impetus to the negotiations. Member States did not unanimously agree on the introduction of an EU-wide FTT and therefore eleven EU Member States (subsequently down to ten) decided to move forward with the initiative under the enhanced cooperation procedure, whereby a group of Member States can choose to adopt a directive to apply only in their jurisdictions, rather than in all EU Member States. Under the Commission’s initial proposal (2011), the tax would have been introduced by all EU Member States and would have been levied at fixed low rates on certain transactions involving financial instruments such as shares, bonds and derivative contracts. This is a proposal to introduce an FTT on the basis of a common EU-wide set of rules.
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