of property rights, which includes securities and derivatives. The tax applies to transactions, which are performed in Poland or which grant property rights that are to be exercised in Poland. It also applies to transactions executed outside Poland if the buyer is established in Poland. All transactions on a stock market, Polish treasury bonds and Polish treasury bills, bills issued by the National Bank, and some other specified securities are exempted from the tax. Singapore Singapore charges a 0.2% stamp duty on all instruments that give effect to transactions in stocks and shares. However, this duty only applies to actual physical documents, and is not levied on computerized transactions performed through securities accounts. Stamp duty is not levied on derivative instruments. Spain The Spanish Financial Transaction Tax (FTT) was approved in October 2020 (entering into force in January 2021), allowing Spain to tax the acquisition of listed shares issued by Spanish companies admitted to trading on a Spanish or other EU-regulated markets, or on a non-EU equivalent market, with a market capitalization exceeding EUR 1 billion on December 1 of the previous year. This policy is in line with the trend initiated previously by other countries and EU partners such as France or Italy. This indirect tax follows the "principle of issue" rather than the one of residence, applying to any acquisition of shares in Spanish companies regardless of the parties' tax residences or the location of the transaction, thus broadening the scope of application, which implications will have to be analyzed. The mode and venue of the transaction are also indifferent; if it meets the conditions, it will be subject to FTT. However, some exemptions are contemplated like acquisitions carried out on the primary market or acquisitions required for the market's effective operation, such as those required by Regulation (EU) 596/2014 on Market Abuse, among others. The SFTT tax rate is fixed at 0.2 percent. The tax base is the total amount of taxed transactions, excluding transaction costs resulting from market infrastructure pricing, intermediation trading fees, and all other costs associated with the transaction. The taxpayer will generally be the purchaser of the shares, although some provisions are given regarding which entity is responsible for filing the tax return. Those investment services firms or credit institutions buying shares on their own account are taxable individuals, whereas the financial intermediaries involved in the transaction are substitute taxpayers. Finally, the tax