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France has already gone ahead with the introduction of a 20 basis point tax on the purchase of shares in companies worth in excess of €1 billion. Italy authorised the introduction of its version of FTT on shares and derivatives. Spain has been discussing a draft FTT bill. Final implementations will vary, but the European Union has said it will permit the final FTT levy of 10 basis point on bonds and shares and one basis point on the notional value of derivative transactions. The 11 members authorised to introduce it comprise Germany, France, Italy, Spain, Belgium, Austria, Greece, Portugal, Slovakia, Slovenia and Estonia.
PensionsEurope, the European pension fund lobby group, has also come out in opposition to the FTT measure, saying its members would end up being taxed to recover the cost of a financial crisis for which it has not been responsible.
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