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The European Commission today published its detailed proposal for an EU Financial Transaction Tax to be implemented under the "enhanced cooperation procedure" across France, Germany, and nine other EU Member States. If adopted, most equity, debt and...

Yesterday's ECOFIN meeting resolved to use the "enhanced cooperation procedure" to implement an EU financial transaction tax across France, Germany, and the nine other EU Member States that wish to do so. Most equity, debt and derivative transactions...

Since FATCA was enacted in 2010 there has been widespread concern at the cost of compliance. But many have also been concerned at the two key legal risks FATCA creates – the risk that compliance contravenes local law and the risk that FATCA results in unexpected...

On 24 December 2012 a protocol entered into force amending the Belgium-UK double tax treaty. The amended treaty includes a provision for the elimination of withholding tax on interest payments between UK and Belgian companies and introduces zero withholding on...

FATCA – the rules originally introduced as the Foreign Account Tax Compliance Act – imposes US withholding taxes and significant compliance obligations on banks and financial institutions worldwide.  Many lending, derivative and capital market...

FATCA – the Foreign Account Tax Compliance Act – imposes US withholding taxes and compliance obligations on banks and financial institutions worldwide. Since it was enacted in 2010, FATCA has been widely criticised as over-broad and unworkable –...

Today HMRC launched a consultation on the UK Income Tax treatment of interest, with particular focus on withholding tax.  This is relevant for UK companies which pay interest and other companies paying interest which has a UK source, but will be particularly...

FATCA - the Foreign Account Tax Compliance Act – is US legislation, but it imposes US compliance and withholding taxes on banks and financial institutions worldwide, regardless of their connection with the US. Many financial institutions have been concerned...

Graham Aaronson QC, appointed by the Government to investigate a general anti tax-avoidance rule ("GAAR"), released his report today. He recommends a narrow anti-abuse rule targeted at artificial schemes and designed not to affect "responsible...

From Basel III to the Independent Commission on Banking (ICB) and the Financial Transaction Tax (FTT), proposed new regulations will have a far-reaching impact on the way banks do business. Journalist Brian Thompson hears Clifford Chance partners discuss how...