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29 April 2020

POLITICO: Pension funds spared in latest FTT draft


Countries in talks over an EU financial transaction tax can exempt their pension funds from the paying the levy, according to a draft obtained by POLITICO.

 

Germany put the waiver into the draft law to appease Belgium and Slovakia, said a tax expert involved in the talks, which also include Austria, Greece, Italy, Portugal, Slovakia, Slovenia and Spain.

Bratislava and Brussels are determined to protect their pension funds from the prospective 0.2 percent tax on the buying of shares from companies based in the 10 countries with a market value of over €1 billion.

The new draft also exempts “employee shareholding plans,” which companies use to give their workers shares in the firm.

Berlin has taken charge of drafting the so-called FTT as it prepares to take over the EU’s six-month rotating presidency in June....

More at Politico



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