EU financial transaction tax may drive Asian banks away from European business
Eleven EU states have agreed to implement a harmonised financial transaction tax, due to begin in January 2014. The tax has a huge extraterritorial reach, posing serious questions about its impact on Asia
When the European Commission set about refining its proposal for a financial transaction tax following a September 2012 request from 11 European Union (EU) member states, it chose to extend its extraterritorial reach beyond the original 2011 proposal.
Alongside the 2011 version's residency principle – taxing transactions involving an institution deemed to be established in one of the 11 states, the latest iteration of the financial transaction tax (FTT) introduced the issuance principle. This
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