Unless otherwise specified, legal references are made to the Decree. With the proposal to introduce a Financial Transaction Tax (FTT) in 2011, the European Union once aimed at ensuring that the financial sector made its fair. Rep.) Costa Rica Croatia Cyprus Czech Republic Côte d'Ivoire Denmark Dominican Republic Ecuador El Salvador Equatorial Guinea Estonia Finland France Gabon Georgia Germany Ghana Gibraltar Global Greece Guatemala Guinea Honduras Hong Kong SAR, China Hungary Iceland India Indonesia Interaméricas Ireland (Republic of) Isle of Man Israel ישראל Italy Jamaica Japan Kazakhstan Kenya Kosovo Laos Latvia Liberia Liechtenstein Lithuania Luxembourg Macedonia Madagascar Malawi Malaysia Maldives Malta Mauritius Middle East Region Middle East Bahrain Egypt Iraq Jordan Kuwait Lebanon Libya Oman Qatar Saudi Arabia United Arab Emirates West Bank Gaza Moldova Mongolia Montenegro Mozambique México Mexico Namibia Netherlands Netherlands Antilles New Caledonia New Zealand Nicaragua Nigeria Norway Pakistan Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Romania Rwanda Senegal Serbia Singapore Slovakia Slovenia South Africa South Korea Spain Sri Lanka Sweden Switzerland Taiwan 臺灣 Tanzania Thailand Trinidad and Tobago Turkey Türkiye Uganda Ukraine Україна United Kingdom UK United States US USA U.S. (Shares and other financial instruments subject to the tax). capital markets, a move that runs counter to strong, sustainable, and balanced growth, and the financial impact of such a tax is not just on markets.Afrique Francophone Albania Andorra Angola Argentina Armenia Australia Austria Azerbaijan Bahamas Barbados Belgium Belgique België Bermuda Bolivia Bosnia and Herzegovina Botswana Brasil British Virgin Islands Brunei Bulgaria Cambodia Cameroon Canada Cape Verde Caribbean Cayman Islands Central and Eastern Europe Chad Channel Islands Chile China Colombia Congo (Brazzaville) Congo (Dem. An FTT would substantially reduce market liquidity and impair the strength of the U.S. We develop a new methodology to estimate the impact of a financial transaction tax (FTT) on financial market outcomes. financial markets are the broadest and deepest in the world and this benefits American individuals and businesses in many ways. SIFMA also strongly opposes the imposition of a stock transfer tax (STT) due to the cost to retirement savers, investors, businesses and the economy. France and Italy) and their related derivative products may be subject to financial transaction tax charged by their home tax authorities. Relevant transactions conducted on or reported to the SEHK on shares issued by companies incorporated in other foreign jurisdictions (e.g. Past experience also suggests that it would raise less revenue than supporters often claim. Financial Transaction Tax Charged by Other Foreign Jurisdictions. Moreover, major economies that have adopted such taxes have had overwhelmingly negative results, including reduced asset prices, trading moving to other venues, market dislocation and decreased liquidity. SIFMA is strongly opposed to a financial transaction tax, which raises costs to the issuers, pensions and investors who help drive economic growth, negatively impacting those saving for retirement, college or to buy a home by decreasing the amount of their savings. These taxes will have wide-reaching implications for the business models of all financial institutions, regardless of where continued to consider the introduction of an EU wide FTT. The tax would be imposed directly on exchanges and brokers and there would be no exemption for FX, business hedging, or credit for retirement savings. Financial Transaction Taxes (FTTs) will fundamentally change the tax landscape for financial institutions. The tax would be assessed on the fair market value of all securities transactions, including debt, equity, partnership interests, and derivatives. While proposed as a means to raise funds or curb behavior, a financial transaction tax amounts to a sales tax on investors, savers and retirees. A financial transaction tax (FTT) is a levy on transactions of stocks, bonds and derivatives.
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