New papers on taxation of the financial sector in EU are published

How the Financial Transaction Tax would work in practice

European Commission services on 4 May 2012 published seven explanatory notes that provide the results of further analysis and clarifications on how the FTT would work in practice:
• Tax contribution of the financial sector;
• Territoriality of the tax;
• Relocation;
• Revenue estimates;
• Macroeconomic effects;
• Tax collection;
• Pension funds.
The documents can be viewed at European Commission website.
The Commission has explored the idea of taxing the financial sector at EU level for several months now. On 29 June 2011, the Commission announced in the context of the multiannual financial framework that it would propose to set up a financial transaction tax as an own resource for the EU budget.