The European Commission’s proposal for an EU wide tax on financial transactions (FTT) has generated much public and political discussion since it was published on September 28, 2011. The issue has been particularly high on the agenda of many EU Member States’ governments, eleven of which have expressed their willingness to move forward under enhanced cooperation. This means that, in principle, there is sufficient support for those Member States to adopt an FTT between themselves under this procedure.

Financial sector organizations have a clear need to stay informed of developments in this area and the potential impact these may have on their business. In order to meet this need KPMG member firms have set up an FTT technical and business support unit, coordinated by KPMG’s EU Tax Centre. The unit combines tax and industry specialists from KPMG member firms in key European jurisdictions and is supported by a detailed knowledge and information sharing platform.

Learn more about the services provided by KPMG regarding the FTT.

FTT latest

• Joint Statement by finance ministers of EU Member States to kick-start the FTT (PDF 87 KB) 
• Letter from Austrian and French finance ministers to kick-start the FTT (547 KB) 
• ECOFIN reports on FTT state of play
• ECOFIN position on FTT
• EU Court of Justice rejects UK Government's legal challenge to EU FTT
• EU Commissioner Šemeta comments on legality of EU FTT proposal 
• Memo from KPMG’s EU Tax Centre (PDF 70 KB) – EU FTT under enhanced cooperation: summary of European Parliament amendments (12 July 2013)
• FTT blog hosted by KPMG in the UK

FTT FAQ

• Overview of Taxes on Financial Transaction Tax within the EU
• Financial Transaction Tax Draft Directive
• View frequently asked questions on the FTT
• European Commission Questions and Answers on FTT under Enhanced Cooperation (14 February 2013)
• European Commission FTT - Non-technical answers to some questions on core features and potential effects (2013) (PDF 40 KB)
• European Commission - How the FTT works in specific cases and other questions and answers

KPMG's Introduction to FTT

• An overview of the proposed EU financial transaction tax
  
  

Official documentation

• European Commission:
  • Text of the Proposal – enhanced cooperation (PDF 142 KB) (14 February 2013)
  • Impact Assessment – enhanced cooperation (PDF 418 KB) (14 February 2013)
• European Parliament:
  • Resolution on the Commission’s proposal – enhanced cooperation (3 July 2013)
  • Decision authorizing enhanced cooperation (12 December 2012)
• Economic and Social Committee: opinion – enhanced cooperation (23 May 2013)
• Status of legislative procedure for the Commission’s FTT proposal – enhanced cooperation (23 May 2013)
• Court of Justice of the EU:
  • UK Challenges financial transaction tax (PDF 67 KB) (24 May 2013)