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On February 14, 2013, the European Commission proposed a council directive implementing enhanced cooperation in the area of Financial Transaction Tax (FTT). The aim of the Commission is to cover the costs of the financial crisis and impose similar taxation on the financial sector rather than on other industries. Anouk Agnes, Director of Strategy and Communications at the Association of the Luxembourg Fund Industry (ALFI) speaks about the misconceptions of the FTT.
Why is the introduction of a Financial Transaction Tax counterproductive?
ALFI believes that the FTT will eventually mean the death of the European investment fund industry. The tax is supposed to make financial institutions pay for the costs of the recent crisis, but ALFI...
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