Treaty on Global Currency Transactions Tax

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Treaty on Global Currency Transactions Tax

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PART II Currency [Exchange] Transaction Tax

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TITLE IX RATES

TITLE IX RATES

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ARTICLE 12

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§1 The standard rate of tax shall be fixed as a percentage of the taxable amount and shall be [0,025% or 0.1% or as may be agreed].

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When a Contracting State has made use of the option of art 8§1,second sentence, the rate is doubled.

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§2 An increased rate of tax of maximum 80% will be applied to transactions that take place at an exchange rate that transgresses the predetermined band of fluctuation, determined according to ¬ß3.

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§3 The [Council] will establish a band of fluctuation on the basis of a crawling peg system based on the moving average of currency in relation to a weighed basket of the four most relevant currencies for each Contracting State.

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§4 The rate applicable to taxable transactions shall be that in force at the time of the chargeable event.

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§5 In the event of changes in the rates, Contracting States may:

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• effect adjustments in the case provided for in paragraph 1 in order to take account of the rate applicable at the time of the exchange,

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• adopt all appropriate transitional measures.

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§6 Where the taxable person transfers from being taxed in the normal way to a special rate or vice versa, Contracting States may take all necessary measures to ensure that the taxable person neither benefits nor is prejudiced unjustifiably.

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