Securities transactions taxes (STTs) are taxes imposed on the transfer of a financial instrument from one owner to another. These taxes are found in more than half of all countries in the Organization for Economic Cooperation and Development (OECD) and in many less developed countries as well. In the last two decades or so, however, there has been a clear trend away from the use of STTs: several OECD countries have abolished them or reduced their rates (as shown in Table 6.1).