- Diverse Amendments Published: The European Parliament has released 224 proposed amendments to a draft report on an EU financial sector tax reform, revealing significant divisions among members, particularly regarding a Financial Transaction Tax (FTT).
- VAT Reform Focus: Proposed VAT changes include targeting the exemption for fee-based B2B financial services, addressing new financial business models (like neobanking and crypto-assets), and implementing structural fixes such as broader cross-border VAT grouping and stronger cost-sharing mechanisms.
- FTT Debate and Interplay: Amendments either advocate for a renewed EU-wide FTT to increase financial sector contributions and curb speculation, or oppose it due to concerns about market liquidity, investment discouragement, and market distortion, with one amendment linking FTT removal to VAT exemption abolition.
Source Cesar Atroshy
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