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Clifford Chance

Clifford Chance

Briefings

The EU FTT – what is the effect of Estonia's exit?

17 December 2015

At the ECOFIN meeting on 8 December, ten Member States issued a statement confirming they would proceed with the EU financial transaction tax (FTT). Estonia, which had previously been part of the FTT process, no longer wishes to be involved. This briefing considers the legal effect of Estonia leaving: is it merely that the FTT (if agreed) will no longer apply to Estonia? Or is it instead that the FTT process has now failed? And, if the latter, what is the legal effect if the participating Member States proceed regardless?

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