“The European Commission was under fire Thursday (14 February) over claims that its planned tax on financial transactions (FTT) would lead to double taxation. Unveiling the plans for an FTT backed by 11 EU countries, Taxation Commissioner Algirdas Semeta said that it was a ‘fair, technically sound and legally robust tax.’ The proposal puts a 0.1 percent levy on bonds and shares and 0.01 percent on derivative products. The use of an ‘issuance’ principle as well as ‘residence’ criteria means that traders operating outside the FTT-11 would also be liable to pay the tax.”
