According to BUSINESSEUROPE, the EC has ignored warnings from members of the Council and Parliament that new proposals under enhanced cooperation must properly consider the impact on non-participating EU Member States.
The EC’s latest proposals are a missed opportunity to add limitations and exemptions to the scope of the tax that could minimise its negative impact on growth and jobs.
Those EU countries which have chosen not to adopt the FTT should not suffer a negative externality from the tax. To avoid extra-territorial taxation and impeding the taxation base of sovereign states, both parties in a transaction should be within the jurisdictions agreeing to implement a FTT.
BUSINESSEUROPE believes that it is important that the process of enhanced cooperation, which is potentially a valuable new method for cooperation, is not undermined by a poor early precedent being set. BUSINESSEUROPE continues to urge the EC to carry out a full assessment of the impact of the tax on non-participating Member States and on the single market.
Press release
© BUSINESSEUROPE
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article