The European Commission has unveiled its blueprint for the Financial Transaction Tax measure aimed at collecting €35 billion a year from 2014 for the 11 EU member states who have signed up to it.
The FTT applies to any trade ordered or executed involving any financial product issued within the tax area or by a group or individual within it.
That means an investment bank in New York would have to collect the tax on a trade executed by a French client to buy shares in Apple or Google even though neither the bank nor those companies are based within the FTT zone.
