The next time a client complains about the complexity of our tax system, tell them about the proposed financial transactions tax, or FTT. The European Union is moving close to agreeing on an FTT that at the beginning will apply to 11 member states, including France and Italy.

What at first glance might seem a straightforward tax calculation in fact involves a complex process including rebating and netting, amendments to back-dated trades, and the retrieval of missing data, according to Daniel Carpenter, head of business development – Europe, for solutions provider GBST.

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