EFAMA expresses serious concerns regarding commission’s financial activities tax
19 October 2010
EFAMA considers that increased costs due to the introduction of a Financial Activities Tax are likely to be passed on to the end consumer/investor.
Moreover, taxing measures could have a significant impact in the context of individual investors’ retirement provisions.
Peter de Proft, Director General of EFAMA, commented:
“Increased costs due to the introduction of a Financial Activities Tax are likely to be passed on to the end consumer, the investor. This could result in unwanted distortion as regards the choice for small investors between direct investment in securities and investment through collective investment undertakings. This should be of concern to governments whose policies are to encourage investors to take responsibility for their own retirement provisions.”
EFAMA encourages the Commission to engage with the different financial industry sectors to ensure that measures are targeted, effective and proportionate.
© EFAMA - European Fund and Asset Management Association
