Oireachtas Joint and Select Committees

Wednesday, 2 October 2013

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Financial Transaction Tax: Discussion with Department of Finance

3:25 pm

Photo of Ciarán LynchCiarán Lynch (Cork South Central, Labour) | Oireachtas source

If two countries in the FTT system are communicating with one another and transactions are taking place between a German and a French bank, or perhaps a German bank and its own set French set-up, a communication takes places in which the French are drawing down a revenue - the use of that revenue is one matter - and the German institution or the German revenue is drawing down money, which can be used for something else. In a situation where those companies deal in jurisdictions where the FTT does not apply, what happens to that money?

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