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Luxembourg association warns of ‘nightmare’ individual FTT proposals

first_imgSupporters include France, Austria and Italy, but not the ALFI’s native Luxembourg.Thommes told journalists in London: “In principle, we continue to be firmly opposed to the introduction of an FTT. We’ve said this on many occasions.“Our government, like many others, continues to be firmly opposed to this, so we’ll see how the discussions turn out at the ECOFIN.”He cited a new proposal backed by the Austrian and French governments to broaden the tax base, but was uncertain whether the involved member states would be able to meet the initial date of 2016 for its introduction.The letter by Austrian and French government ministers reportedly called for an FTT with “the widest possible base and low rates”.“There are still a lot of issues to be resolved and discussed, notably how do you collect the taxes,” Thommes said.He said he was “fully convinced” the FTT would end up being an additional tax on investors, leaving those affected at a competitive disadvantage compared with those based outside the FTT zone.“It would be an easy stance for us to [take] that we are out of this, and we can benefit from this,” he said.“But we, on principle, say the tax, as it stands, is fundamentally bad, as it hurts the underlying investors.”The UK government has challenged the use of enhanced cooperation to introduce the FTT but lost the case brought before the European Court of Justice.For more on the FTT, see’s past coverage of the levy The Association of the Luxembourg Fund Industry (ALFI) has cautioned against the “nightmare” stemming from numerous different financial transaction taxes (FTTs) if negotiations among EU member states were to break down.Camille Thommes, director general at the industry association, said it remained opposed to the introduction of an FTT, which is currently backed by 11 member states seeking to draw up a joint proposal for the tax.Asked about the risk of the enhanced cooperation procedure breaking down and individual member states introducing their own tax, he said it would be “a nightmare if we had to deal with [numerous] different collection mechanisms”.Negotiations between backers at the fringes of the Economic and Financial Affairs Council (ECOFIN) of finance ministers stalled last year over disagreements on how wide the levy’s base would be and how it should be collected.last_img read more

Dortmund, Milan, Arsenal among final six through

first_imgLast term’s runners-up Borussia Dortmund left it late to join Galatasaray AÅž, FC Schalke 04, Arsenal FC, FC Zenit and AC Milan in filling the last six round of 16 spots on Wednesday.Borussia Dortmund, Galatasaray AÅž, FC Schalke 04, Arsenal FC, FC Zenit and AC Milan filled the final six UEFA Champions League round of 16 berths on Wednesday.Final group stage standingsGroup winnersManchester United FC, Real Madrid CF, Paris Saint-Germain, FC Bayern München, Chelsea FC, Borussia Dortmund, Club Atlético de Madrid, FC BarcelonaGroup runners-upBayer 04 Leverkusen, Galatasaray AÅž, Olympiacos FC, Manchester City FC, FC Schalke 04, Arsenal FC, FC Zenit, AC MilanTo the Europa LeagueFC Shakhtar Donetsk, Juventus, SL Benfica, FC Viktoria Plzeň, FC Basel 1893, SSC Napoli, FC Porto, AFC Ajax Wednesday round-upLast season’s runners-up Dortmund were three minutes from falling at the first hurdle this time around. However, Kevin Grosskreutz’s goal earned them a 2-1 win at Olympique de Marseille and first place in Group F. They claim that honour on a three-way head-to-head thanks to Arsenal’s 2-0 loss at Napoli, who become the first side to be eliminated with 12 points.Galatasaray were equally dramatic qualifiers courtesy of a victory in their rearranged fixture against Juventus. Roberto Mancini’s men required all three points to pip the Bianconeri to second spot in Group B and secured a famous home win through Wesley Sneijder’s goal five mintues from time.In Group E, Schalke leapfrogged Basel into the runners-up spot with a 2-0 triumph over the Swiss side. Murat Yakin’s team must settle for entry to the UEFA Europa League, a trophy currently held by Chelsea, who ended top of their section.Zenit, meanwhile, become the first club in UEFA Champions League history to reach the knockout phase with only six points. The Russian outfit suffered a 4-1 defeat at FK Austria Wien – their first success of the campaign – but progress regardless following Porto’s 2-0 loss at table-topping Atlético.Another Spanish Liga side, Barcelona, wrapped up pole position in Group H in style. Neymar scored a hat-trick for the Azulgrana in a 6-1 thrashing of Celtic FC, the Scottish title holders’ heaviest ever defeat in European competition. Milan finish second after holding Ajax to a goalless draw at San Siro. Match reportsGroup BGalatasaray AÅž 1-0 Juventus*Group EFC Schalke 04 2-0 FC Basel 1893Chelsea FC 1-0 FC Steaua BucureÅŸtiGroup FOlympique de Marseille 1-2 Borussia DortmundSSC Napoli 2-0 Arsenal FCGroup GFK Austria Wien 4-1 FC ZenitClub Atlético de Madrid 2-0 FC PortoGroup HAC Milan 0-0 AFC AjaxFC Barcelona 6-1 Celtic FC *Rearranged from TuesdayThe last-16 draw will take place in Nyon from 12.00CET on Monday. Group runners-up will be at home in their round of 16 first legs on 18/19 and 25/26 February. The eight section winners, meanwhile, will play home return legs on 11/12 and 18/19 March. No team can play a club from their group or any side from the same association.last_img read more