Étude d'impact du Copenhagen Economics sur la TTF

an Financial Transaction Tax Revenue and GDP effects for Germany Bundesministerium für Finanzen 17 March 2014 A European Financial Transaction Tax Revenue and GDP effects for Germany uthors: Partner and Director, Helge Sigurd Næss-Schmidt Senior Economist, Martin Bo Hansen nalyst, Camilla Ringsted A European Financial Transaction Tax Revenue and GDP effects for Germany Table of contents Preface Executive summary 1 Establishing the tax base 1.1 Commission IA as point of departure 1.2 The different principles at stake 1.3 Calculating the tax base based on residence/issuance 1.4 Revenue calculations - static 2 Dynamics and behavioural effects 2.1 Expected reductions in transaction volume– Commission’s estimates 2.2 Our assessment of transaction volume reductions 2.3 Implications for revenue estimation 2.4 Gradual implementation of the tax 2.5 Taxing Government Bonds 2.6 Leakage risks and scope of mitigating actions 2.7 Concluding remarks 3 Effects on the real economy 3.1 Principle aims of the financial market 3.2 Effects of FTT on financial market functioning 3.3 Effects on the real economy 3.