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more, zero-rated properties could be brought intothe system. He also said that he did not believethat there would be no incentive for sellers, as improvedenergy efficiency and the discount wouldgive the property a "market premium." He addedthat tenements tended to have better energy efficiencyratings.The committee failed to agree on the amendments,with most voting against them.66
NEWS ROUND-UP: FTTISSUE 30 | JUNE 6, 2013Center For Policy Studies RaisesConcerns Over FTTEuropean financial transaction tax (FTT) proposalswere "introduced in a remarkably un-transparentway," while their extraterritoriality "may well beillegal," a new report from the Center for PolicyStudies is to claim.have on the UK's financial services sector. Lawsonwrites that as the Commission has intimated that allfinancial institutions will be subject to the levy wheretransactions are carried out with a counterparty withheadquarters in the EU11, "much of the tax collectedby the UK tax authorities from economic activityhere might well not accrue to the UK."In "The Tobin Tax rears its ugly head, again," tobe published tomorrow, author and tax expert JohnChown criticizes the European Commission's plansfor a 0.01 percent tax on derivatives and a 0.1 percentrate on other financial instruments.The UK will therefore suffer from a loss of tax revenueas a result of the direct and indirect costs ofFTT on profits and earnings. Lawson believes that"this extraterritoriality may well be illegal: it is clearlyunenforceable."Belgium, Germany, Estonia, Greece, Spain, France,Italy, Austria, Portugal, Slovenia and Slovakia areprogressing with an FTT along the lines of "enhancedcooperation." This procedure, which enablesthose states wishing to work more closely togetherto do so, was authorized by the EuropeanCouncil of Economic and Financial Affairs (Ecofin)at the start of the year.According to Chown, the manner in which the proposalswere introduced was "surely an abuse of process."He points to the Treaty of Lisbon, which he believes isclear that tax legislation can only be introduced withthe unanimous consent of all Member States.Summarizing Chown's points in a foreword to the report,ex-UK Chancellor Nigel Lawson raises his ownconcerns about the potential impact the FTT willLawson welcomes the UK Government's decisionto challenge the FTT in the European Court of Justice,but warns that this is "not nearly enough." Itis possible that the FTT may be introduced beforethe case is even heard. This would lead to major uncertaintyand significant costs for financial servicescompanies based in the UK.The FTT is, Lawson claims, "designed both to punishthe bankers and to raise money for the EU budget,"and will "drive financial business away fromthe EU (including the UK) to more hospitable jurisdictionselsewhere."FTT Scale-Back On The Cards?Official sources have suggested that the so-calledEU11 group of European nations is considering a67
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GLOBAL TAX WEEKLYa closer lookISSUE
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GLOBAL TAX WEEKLYa closer lookISSUE
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FEATURED ARTICLESISSUE 30 | JUNE 6,
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taxation treaties concluded by Swit
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UK, its offshore dependencies, and
Page 15 and 16: financing and all forms of financia
Page 17 and 18: Th e Government pointed out in part
Page 19 and 20: Talks are now underway. The TIEA wi
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Page 31 and 32: OECD Section E - Redraft On Safe Ha
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Page 35 and 36: FEATURED ARTICLESISSUE 30 | JUNE 6,
Page 37 and 38: State Interest And IntangibleExpens
Page 39 and 40: States generally define "intangible
Page 41 and 42: Code Sec. 1563(controlledgroup)Stat
Page 43 and 44: ConnecticutGeorgiaIllinoisIndianaRe
Page 45 and 46: Rhode IslandTennesseeVirginiaWest V
Page 47 and 48: Table 4. Comprehensive Income Tax T
Page 49 and 50: include federal interest income, st
Page 51 and 52: Recurring IssuesRestructuring of th
Page 53 and 54: M&A. Nick has extensive experience
Page 55 and 56: and consumers." As Germany and Chin
Page 57 and 58: on many levels. The panel found tha
Page 59 and 60: equirements placed on the states, i
Page 61 and 62: NEWS ROUND-UP: COUNTRY FOCUS - ITAL
Page 63 and 64: NEWS ROUND-UP: REAL ESTATE AND PROP
Page 65: ates - such that, in 2014, the 4 pe
Page 69 and 70: NEWS ROUND-UP: ENVIRONMENTAL TAXESI
Page 71 and 72: Finally, the Federal Council veheme
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Page 77 and 78: CONFERENCE CALENDARISSUE 30 | JUNE
Page 79 and 80: Key speakers: John Capasso (Alvarez
Page 81 and 82: Key speakers: TBA6/27/2013 - 6/27/2
Page 83 and 84: 6/14/2013 - 6/14/2013http://www.con
Page 85 and 86: THE CYPRUS BAIL-OUT ANDFOREIGN CLIE
Page 87 and 88: Chair: Jonathan Levy (Partner, Reyn
Page 89 and 90: IN THE COURTSISSUE 30 | JUNE 6, 201
Page 91 and 92: on including the profit from the do
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Page 97 and 98: een paid in the destination State.
Page 99 and 100: that Spain has gone its own way fir
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