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Dutch Sign Up To Financial Transaction Tax

Written by Rebecca Hampson

  
October 29, 2012 18:12 (CET)

The new Dutch government, formed earlier today, has announced that the Netherlands will support the Financial Transaction Tax (FTT). The move comes after previous Dutch governments had rejected the FTT.

Under a coalition deal, the Social Democratic and Liberal parties have declared that the Netherlands will join the campaign so long as all banking and tax revenues generated from it are returned to member states. However, the government says that Dutch pension funds should be exempted and that the FTT should not be a disproportionate burden on top of the ‘banking tax’, which is a tax already applied in the Netherlands to banks’ balance sheets.

The move means that 11 out of the possible 27 EU members now agree to support and adopt the FTT, with Britain and Sweden still opposing it. So far Austria, Belgium, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain have agreed to take part, with Estonia still considering the tax. Under so-called “enhanced co-operation”, new policies can be pushed forward within the legal framework of the EU as long as at least nine member states sign up.

The current proposal is that the FTT should be levied at 0.1% on  trades in shares and bonds, and at 0.01% on derivatives trades.

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Europe Blog

Wednesday, October 31, 2012 15:17 (CET)

Posted By Paul Amery

Paul Amery

If the post-trade mess in Europe’s ETF market is being cleared up that’s good news, not a reason to complain

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