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FR - Decision not to extend the French financial transaction tax (FTT)

18/01/2018

On 20 October 2017, the French Parliament decided to cancel the extension of the financial transaction tax (FTT) to intraday transactions, something which had been due to come into effect on 1 January

On 20 October 2017, the French Parliament decided to cancel the extension of the financial transaction tax (FTT) to intraday transactions, something which had been due to come into effect on 1 January 2018. On Friday, the National Assembly continued its scrutiny of the income portion of the draft 2018 Finance Act, repealing the provision of the 2017 Finance Act concerning intraday transactions. The extension of the FTT to intraday transactions was criticised on numerous occasions by the representatives of the Paris financial market. In their opinion, this measure would have been detrimental to the efforts made by Paris to attract financial institutions and companies looking for a base on the continent in anticipation of Brexit.