The government changes the financial transaction tax and also introduces a tax on canceled or modified high-frequency transactions.
With an amendment to the Stability law, the executive postpones the introduction of the tax on transactions in shares and equity financial instruments that take place on regulated markets to March 2013. The rate for next year is 0,12%, down from 0,1% since 2014. However, if the shares are traded on unregulated markets (over the counter), the rate envisaged between March and December 2013 rises to 0,22% and drops to 0,2% since 2014.
Market makers and stock market transactions of shares issued by companies with a market capitalization of less than 500 million will be exempt. In the case of derivatives, the tax has been applied since July 2013 "in a fixed amount, determined with reference to the type of instrument and the value of the contract".
In the case of high-frequency trading, the amendment provides for a rate of 0,02% "on the value of canceled or modified orders which in one trading day exceed" a numerical threshold to be established with a specific implementing decree.
