France: Financial Transaction Tax (FTT) : proposed changes
With reference to our Announcements L12006, dated 1 June 2012, and L12014, dated 3 July 2012, concerning the Financial Transaction Tax (FTT) due to become effective in France on 1 August 2012, the French government has submitted, for the approval of the French parliament, a draft financial amendment bill for 2012 that would entail the following changes:
- Increase of the FTT rate from 0.1% to 0.2%
The draft bill foresees, under its article 6, the increase of the rate of the FTT from 0.1% to 0.2%, applicable, if adopted, as from 1 August 2012. - Change of the date of the market capitalisation of eligible companies
Also under its article 6, the draft bill foresees that the date to take into consideration when determining an eligible company’s market capitalisation as more than one billion will be 1 December 2012, instead of 1 January 2012 as originally planned.
This will enable impacted institutions to determine, in advance of the taxation year, which companies might fall under the scope of the FTT.
Note: All other details announced earlier remain unchanged.
The list of companies impacted by the FTT as of 1 August 2012 is yet to be confirmed.
Further information
For further information, customers may contact their Clearstream Banking1 Customer Service or their Relationship Officer.
1. Clearstream Banking refers collectively to Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in the Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500 (CBF) and Clearstream Banking, société anonyme, registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Register of Commerce and Companies under number B-9248 (CBL).
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