Italian financial transaction tax under scrutiny
Hogan Lovells partner Vito Vittore discusses the impact of the Italian financial transaction tax and has several concerns with its implementation and effects
Following the European Council decision of January 22, which authorised 11 member states to proceed with the introduction of a Europe-wide financial transaction tax (FTT) through “enhanced cooperation”, the European Commission (EC) unveiled a draft proposal for a council directive on the FTT. Italy has become the testing ground for such a tax regime, having started to collect a levy on Italian equities as of March 1.
The Italian FTT (IFTT) will apply to derivatives transactions on Italian
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