Michael McGowan, Nicolas de Boynes and Andrew Thomson Co-Author Article on Implications of the Financial Transaction Tax
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Mr. McGowan, Mr. de Boynes and Mr. Thomson co-authored the article, “The European Commission Draft Directive on Financial Transaction Tax and its Implications,” published in the Winter 2012 issue of the Journal of Taxation of Investments
. The article discusses the potential implications of the Financial Transaction Tax (FTT), which was proposed by the European Commission as a way to discourage risky trading activities and ensure the financial sector contributes to the cost of the financial crisis. The FTT would apply to financial transactions where at least one party is located in the European Union and would be paid by financial institutions. As proposed by the Commission, the tax would come into effect in 2014. The tax is controversial for its potential cost impact on investors and financial institutions around the world.