{"id":115676,"date":"2024-01-22T19:34:41","date_gmt":"2024-01-22T18:34:41","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/115676\/"},"modified":"2024-11-07T04:32:19","modified_gmt":"2024-11-07T03:32:19","slug":"settlement-systems-and-financial-transactions-taxes","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/115676\/","title":{"rendered":"Settlement Systems and Financial Transactions Taxes"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-115676","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"Recent technological advances in payment and settlement systems as well as initiatives taken in the wake of the financial crisis to regulate derivatives markets facilitate the implementation of financial transactions taxes (FTTs). Institutions operating settlement and payment systems as well as exchanges could be required to collect and remit the respective revenues to fiscal authorities. This approach involves much lower costs compared to the administrative burden associated with collecting the tax from market participants. It further reduces opportunities for tax avoidance and evasion. The study assesses the technical feasibility of such a central approach of FTT administration. The analysis is conducted for transactions on organised exchanges and over-the-counter transactions. Regarding the latter, special attention is devoted to foreign exchange transactions that are mostly traded over the counter. Implementing an FTT on exchange-traded instruments seems to be straightforward and is now common practice in some EU countries. The Continuous Linked Settlement Bank and the establishment of Central Counterparty Platforms for derivatives traded over the counter facilitate a centralised collection of taxes also on transactions outside organised exchanges.","onlinedate":"2011-09-01 02:00:00","lang":"English","publication_series":"","publication_date":"20110901","publication_date_year":"","publication_date_full":false,"publication_num_pages":"41","keywords":"[]","jelcodes":"[]","related_publications":"[]","pdf":342092,"zip":null,"link":"","monthly_report":false,"monthly_report_main":false,"monthly_report_volume":"","monthly_report_pages":"","monthly_report_pages_sort":"0","issue":"","journal":"","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[81966],"research_groups":[3491],"collaboration":"","persons":[12917,3841],"persons_data":"[{\"personId\":12917,\"personName\":\"Helene Schuberth\",\"organisationNames\":[\"OeNB\"]},{\"personId\":3841,\"personName\":\"Stephan Schulmeister\",\"organisationNames\":[]}]","clients":[10738],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_bookanthology rendering_apa rendering_bookanthology_apa\\\">Schuberth, H.<span>, &amp; Schulmeister, S.<\\\/span> (2011). <span><em>Settlement Systems and Financial Transactions Taxes<\\\/em><\\\/span>. WIFO, Oesterreichische Nationalbank. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/42610\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/42610<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_bookanthology rendering_vancouver rendering_bookanthology_vancouver\\\">Schuberth H<span>, Schulmeister S<\\\/span>. <span class=\\\"title\\\"><span>Settlement Systems and Financial Transactions Taxes<\\\/span><\\\/span>. WIFO, Oesterreichische Nationalbank; 2011.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_bookanthology rendering_bibtex rendering_bookanthology_bibtex\\\"><div>@book{4055503376224e8c9dc5eda7292272af,<\\\/div><div>  title    = \\\"Settlement Systems and Financial Transactions Taxes\\\",<\\\/div><div>  abstract = \\\"Recent technological advances in payment and settlement systems as well as initiatives taken in the wake of the financial crisis to regulate derivatives markets facilitate the implementation of financial transactions taxes (FTTs). Institutions operating settlement and payment systems as well as exchanges could be required to collect and remit the respective revenues to fiscal authorities. This approach involves much lower costs compared to the administrative burden associated with collecting the tax from market participants. It further reduces opportunities for tax avoidance and evasion. The study assesses the technical feasibility of such a central approach of FTT administration. The analysis is conducted for transactions on organised exchanges and over-the-counter transactions. Regarding the latter, special attention is devoted to foreign exchange transactions that are mostly traded over the counter. Implementing an FTT on exchange-traded instruments seems to be straightforward and is now common practice in some EU countries. The Continuous Linked Settlement Bank and the establishment of Central Counterparty Platforms for derivatives traded over the counter facilitate a centralised collection of taxes also on transactions outside organised exchanges.\\\",<\\\/div><div>  author   = \\\"Helene Schuberth and Stephan Schulmeister\\\",<\\\/div><div>  year     = \\\"2011\\\",<\\\/div><div>  month    = sep,<\\\/div><div>  language = \\\"English\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_bookanthology rendering_ris rendering_bookanthology_ris\\\"><p>TY  - BOOK<\\\/p><p>T1  - Settlement Systems and Financial Transactions Taxes<\\\/p><p>AU  - Schuberth, Helene<\\\/p><p>AU  - Schulmeister, Stephan<\\\/p><p>PY  - 2011\\\/9<\\\/p><p>Y1  - 2011\\\/9<\\\/p><p>N2  - Recent technological advances in payment and settlement systems as well as initiatives taken in the wake of the financial crisis to regulate derivatives markets facilitate the implementation of financial transactions taxes (FTTs). Institutions operating settlement and payment systems as well as exchanges could be required to collect and remit the respective revenues to fiscal authorities. This approach involves much lower costs compared to the administrative burden associated with collecting the tax from market participants. It further reduces opportunities for tax avoidance and evasion. The study assesses the technical feasibility of such a central approach of FTT administration. The analysis is conducted for transactions on organised exchanges and over-the-counter transactions. Regarding the latter, special attention is devoted to foreign exchange transactions that are mostly traded over the counter. Implementing an FTT on exchange-traded instruments seems to be straightforward and is now common practice in some EU countries. The Continuous Linked Settlement Bank and the establishment of Central Counterparty Platforms for derivatives traded over the counter facilitate a centralised collection of taxes also on transactions outside organised exchanges.<\\\/p><p>AB  - Recent technological advances in payment and settlement systems as well as initiatives taken in the wake of the financial crisis to regulate derivatives markets facilitate the implementation of financial transactions taxes (FTTs). Institutions operating settlement and payment systems as well as exchanges could be required to collect and remit the respective revenues to fiscal authorities. This approach involves much lower costs compared to the administrative burden associated with collecting the tax from market participants. It further reduces opportunities for tax avoidance and evasion. The study assesses the technical feasibility of such a central approach of FTT administration. The analysis is conducted for transactions on organised exchanges and over-the-counter transactions. Regarding the latter, special attention is devoted to foreign exchange transactions that are mostly traded over the counter. Implementing an FTT on exchange-traded instruments seems to be straightforward and is now common practice in some EU countries. The Continuous Linked Settlement Bank and the establishment of Central Counterparty Platforms for derivatives traded over the counter facilitate a centralised collection of taxes also on transactions outside organised exchanges.<\\\/p><p>M3  - Study<\\\/p><p>BT  - Settlement Systems and Financial Transactions Taxes<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[\"Sokoll Eva\"]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Settlement Systems and Financial Transactions Taxes - WIFO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.wifo.ac.at\/en\/publication\/115676\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Settlement Systems and Financial Transactions Taxes\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.wifo.ac.at\/en\/publication\/115676\/\" \/>\n<meta property=\"og:site_name\" content=\"WIFO\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/WIFOat\/\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-07T03:32:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.wifo.ac.at\/wp-content\/uploads\/2024\/05\/WIFO-Gebaeude-FotoAlexanderMueller-www.alexandermueller.at-IMG_6326-Bearbeitet-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"1280\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@WIFOat\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/115676\\\/\",\"url\":\"https:\\\/\\\/www.wifo.ac.at\\\/en\\\/publication\\\/115676\\\/\",\"name\":\"Settlement Systems and Financial Transactions Taxes - 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