Tax Policy

Finan­cial Tran­sac­tion Tax would hit pen­sion pro­ducts

In a letter to the ten EU Member States participating in the European Financial Transaction Tax, Insurance Europe calls for an exemption for pension products from any future financial transaction tax.

 Insurance Europe has warned that an Financial Transaction Tax (FTT) would diminish investment returns for policy holders of long-term insurance savings products. The association has voiced its concerns in a letter to the ambassadors of the 10 EU Member States participating in the European Financial Transaction Tax under the EU’s ‘Enhanced Co-operation’ procedure. Discussions at EU level may be finalised by the end of this year with the FTT coming into effect in 2021.

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