EU unveils revised 'Robin Hood' tax
Published on Feb 14, 2013
Credit: http://www.euronews.com/
The European Commission on Thursday unveiled a new proposal for a tax on financial transactions that could be collected worldwide.
Only 11 EU nations want to take part, but they need to strike a deal together before the levy can become a reality.
Those countries are Germany; France; Austria; Belgium; Estonia; Greece; Italy; Portugal; Spain; Slovakia; and Slovenia.
Algirdas Semeta, EU Commissioner for Taxation said he was "quite optimistic that (those) member states will be able to reach an agreement relatively quickly."
The 11 countries that say they want to adopt the so-called FTT account for two-thirds of EU growth.
The European Commission says the tax on share, bond and derivative trades will raise up to 35 billion euros a year.
Yet its own study on the now-defunct pan-EU proposal found it would reduce economic growth.
Investors, meanwhile, argue that the costs will be passed on to savers.
James Watson, BusinessEurope chief economist, told euronews: "If you've got a pension fund and that pension is investing in companies as most fund pensions do, than in the long term you as a pensioner are going to be paying this tax".
ATTAC, a lobby group in favour of the so-called Robin Hood tax, said any revenues raised should be used for fighting poverty.
"Profits from this levy on financial transactions should be used to help development in the Third World," said Jean Flinker of the organisation's Brussels office.
"We must fight against austerity and find new ways to tax the banks, which continue to make massive profits even in a time of crisis."
Trades outside the FTT zone will not escape the levy.
If a party to the trade is based in one of the 11 nations, then the tax would apply which gives it a potentially global reach.
Non-FTT countries such as the UK are worried this could lead to discriminatory 'double taxation' and hamper the effectiveness of the EU's single market.
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Showing posts with label Robin Hood Tax. Show all posts
Showing posts with label Robin Hood Tax. Show all posts
Saturday, March 16, 2013
Robin Hood Tax on Financial Transactions in United Kingdom Could Raise Hundreds of Billions
The Banker, by the Robin Hood Tax, UK, Feb. 9, 2010
Campaign video by Richard Curtis and Bill Nighy, about the Robin Hood Tax, a tiny tax on bank transactions that could raise hundreds of billions for public services and to tackle poverty and climate change at home and around the world.
Campaign video by Richard Curtis and Bill Nighy, about the Robin Hood Tax, a tiny tax on bank transactions that could raise hundreds of billions for public services and to tackle poverty and climate change at home and around the world.
RobinHood Global March to Tax Financial Transactions
OCTOBER 29 – #ROBINHOOD GLOBAL MARCH, Adbusters, Oct. 29, 2011
Adbusters, the global network that initiated the idea of Occupy Wall Street and their website OccupyWallStreet.org, has now initiated a new campaign, a global march set for Saturday, October 29, 2011, the eve of the G20 Leaders Summit in France.
Adbusters is proposing “let the people of the world rise up and demand that our G20 leaders immediately impose a 1% #ROBINHOOD tax on all financial transactions and currency trades. Let’s send them a clear message: We want you to slow down some of that $1.3-trillion easy money that’s sloshing around the global casino each day – enough cash to fund every social program and environmental initiative in the world.”
This is a proposal by Adbusters for the general assemblies of the Occupy movement to organize protests in cities throughout the world on Saturday, Oct. 29, 2011.
Adbusters, the global network that initiated the idea of Occupy Wall Street and their website OccupyWallStreet.org, has now initiated a new campaign, a global march set for Saturday, October 29, 2011, the eve of the G20 Leaders Summit in France.
Adbusters is proposing “let the people of the world rise up and demand that our G20 leaders immediately impose a 1% #ROBINHOOD tax on all financial transactions and currency trades. Let’s send them a clear message: We want you to slow down some of that $1.3-trillion easy money that’s sloshing around the global casino each day – enough cash to fund every social program and environmental initiative in the world.”
This is a proposal by Adbusters for the general assemblies of the Occupy movement to organize protests in cities throughout the world on Saturday, Oct. 29, 2011.
Bill Gates Drafts Plans for Robin Hood Tax for G20 Meeting in France
Bill Gates backs Robin Hood tax on bank trades, Guardian, UK, 9/22/2011
Microsoft founder to tell G20 to back the tax which could raise $48bn a year for aid and development
Gates was asked by French President Nicolas Sarkozy to come up with draft plans of the proposed financial transaction tax before the G20 meeting in Cannes, Frances on November 3, 2011.
Max Lawson, spokesman for the Robin Hood Tax campaign, said Gates’s backing for a transaction tax meant it was “game on”. He added: “The Germans and French moving ahead to implement the tax. “George Osborne needs to support this tax and show us he is on the side of the poor and the needy, not the banks and the greedy.”
Microsoft founder to tell G20 to back the tax which could raise $48bn a year for aid and development
Gates was asked by French President Nicolas Sarkozy to come up with draft plans of the proposed financial transaction tax before the G20 meeting in Cannes, Frances on November 3, 2011.
Max Lawson, spokesman for the Robin Hood Tax campaign, said Gates’s backing for a transaction tax meant it was “game on”. He added: “The Germans and French moving ahead to implement the tax. “George Osborne needs to support this tax and show us he is on the side of the poor and the needy, not the banks and the greedy.”
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