EU Institutions in Public Disagreement over the Legality of the Financial Transaction Tax

more+
less-

Lawyers for the European Commission and EU member states are in public disagreement over the legality of the FTT. A leaked legal opinion produced by the EU Council’s legal service alleged that the FTT was both incompatible with EU law and likely to distort competition. The Commission “strongly disagrees with the Council lawyers’ opinion.” The report also notes that a “very thorough” legal analysis had been conducted on the FTT proposal.

Discussions on the FTT will continue with an expected implementation date of December 1, 2014. Legal Opinion (available on the FT website).

 

Topics:  EU, European Commission, Financial Transaction Tax

Published In: General Business Updates, Finance & Banking Updates, International Trade Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Orrick - Structured Finance Group | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »