FTT has teeth!
Since August 2012, France has levied 0.2% financial transaction tax (FTT) on the purchase of shares. Similarly, Italy introduced FTT in March 2013, and in Spain it was introduced in 2021. Hungary’s expanded scope FTT came into force on 1July 2022.
On 10 May 2023, EU Parliament adopted a resolution calling for a EU-wide FTT. The FTT and UK’s SDRT represent a significant cost on financial transactions and the cost of non-compliance can be significant.
TRACE to FASTER
On 19 June 2023, the European Commission (EC) proposed a Council Directive for the “Faster and Safer Relief of Excess Withholding Taxes (FASTER)” with the aim of making withholding tax (WHT) procedures more efficient and secure for investors, financial intermediaries, and local tax authorities.These proposals are a progression on previous attempts.
From the enthusiasm of the advisory community to the scepticism of financial intermediaries, the view is divided.
Uncover the essential significance of beneficial ownership in the realm of financial crime and taxation. Understanding who truly benefits from an asset and associated income is pivotal for tax planning, transparency, and preventing tax evasion. Explore real-life cases, global compliance efforts, and how this concept combats illicit financial activities.
La danse des hyprocrites:
EU WHT reclaims
A panel of leading international experts will discuss the legal and practical aspects of claiming back discriminatory EU withholding taxes suffered on portfolio investments. EU member states have introduced strict documentation and substantiation requirements for the eligible claims to be accepted.
Taxation of digital financial services
Are digital financial services (DFS) sufficiently different from conventional financial services to merit separate taxation rules? Tax policy and administration decisions must balance competing interests including fairness, inclusion and international development.
EU 1 - 0 UK
Post-Brexit, HM Government must uphold London's leading financial center status by utilising newfound freedoms for divergence while ensuring regulatory equivalence with the EU. Our panel of experts will address jurisdictional competition and financial services taxation.
Try not to get carried away…
The debate rages on the taxation of private equity industry. Our expert panel will discuss the deeper societal contribution, jurisdictional competition and of course the taxation treatment of carried interest.
Chat GPT eats tax professionals for breakfast
Is the practice of tax, art or a science? Many claim that only creative jobs will survive the onslaught of AI. Automation and AI is set to boost productivity and economic growth, but tax professionals must adapt and upgrade their skills. The panel will discuss how to survive and prosper in the future.
The final frontier
Across the financial services sector, tax integrity standards appear to be improving, but amid disruption, positive tax culture is needed to prevent wrongdoing. Our expert panel will discuss how firms are adopting human-centred tax integrity approaches to reduce the risks of misconduct and to foster genuine engagement, robust governance and a positive corporate reputation.