This paper considers how a tax on financial transactions could be applied to three broad and partially overlapping categories of financial instruments: (1) exchange-traded instruments; (2) over-the-counter instruments; and, (3) foreign exchange instruments. For each category, the paper examines the factors that would facilitate or complicate the administration of a financial transactions tax, the options for collecting the tax, the types of compliance risks that are likely to be encountered, and measures for mitigating these risks.The UK Stamp Tax: Detailed Collection Procedures As owner and operator of the CREST system, Euroclear UK aamp;Ireland (EUI) is ... EUI is also recognized as a clearing house subject to regulatory supervision by the Financial Services Authority. In essence, CREST is a UK-based system which permits shares in UK aamp; Irish companies, which are notified to EUI by exchanges as being ... his account with tax, or alternatively, input an indicator that an exemption from tax is being claimed.
|Title||:||Taxing Financial Transactions|
|Publisher||:||International Monetary Fund - 2011-08-01|