Policy Forum: The EU Financial Transaction Tax as an Unsuitable and Unnecessary Proxy Tax

Rita de la Feria () and Richard Ness ()
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Rita de la Feria: School of Law, University of Leeds, United Kingdom
Richard Ness: Linklaters LLP, London, United Kingdom

Canadian Tax Journal, 2016, vol. 64, issue 2, 373-387

Abstract: In 2011, the European Commission presented its proposal for an EU financial transaction tax (FTT). This article analyzes the recent developments as regards the approval of that EU FTT, and the main concerns that the proposed tax gives rise to, considering in particular its characteristics as a proxy tax. The authors conclude that insofar as the EU FTT is a proxy tax, it is both unsuitable and unnecessary, and that extension of the EU value-added tax to financial services would serve as a better and more realistic instrument to attain most of the stated aims of the FTT.

Keywords: Financial services; value-added tax; European Union (search for similar items in EconPapers)
Date: 2016
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