![]() Under this context, the Spanish Government resumed its initiative of a domestic FTT and has passed the FTT Law but without abandoning the enhanced cooperation procedure for the establishment of a harmonized tax.Īccording to the FTT Law, the main characteristics of the Spanish FTT are: The June 2018 report reiterates that further work at the Council is still required, before a final agreement can be reached. The issue is currently at a standstill in the Council, though the status of this matter has been regularly discussed at the Economic and Financial Affairs Council (ECOFIN). On 14 February 2013, the European Commission made a proposal for a Council Directive on enhanced cooperation in the area of a financial transaction tax. Since 2013, Spain is one of the European Union (EU) Member States – together with Austria, Belgium, France, Germany, Greece, Italy, Portugal, Slovakia and Slovenia (following Estonia's formal withdrawal in 2016) – involved in the enhanced cooperation procedure regarding the adoption of a Directive for the implementation of an FTT. The tax will be in force from 16 January onwards, with the first reporting due by February 2021. ![]() The parliamentary procedure has been completed and Law 5/2020, of 15 October, on the Spanish Financial Transactions Tax (FTT Law) was published on 16 October in the Spanish Official Gazette, with certain changes in relation with the initial Bill. The Bill was subsequently published and sent to the Parliament (Congress and Senate) to go through the corresponding parliamentary procedure (See EY Global Tax Alert, Spain sends bill on Financial Transaction Tax to Parliament, dated 4 March 2020). The Spanish Council of Ministers approved the text of the bill (the Bill) on the Financial Transactions Tax (FTT) on 28 February 2020. Spanish Parliament approves Law on Financial Transaction Tax
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