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An Indispensable Tax To Cope With Global Challenges

Thirty-five billion in revenue per year. This is the estimate made by the European Commission of the proceeds of the future tax on financial transactions. This tax was born from the idea of finding additional funding for the fight against poverty in the world. 11 countrieshave now decided to implement it at European level. As Development Ministers, we are moved to action, and invite our colleagues to join us in devoting a proportion of the proceeds of the Financial Transaction Tax to those in need of development assistance.

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FTT's death?

In the wake of many attacks in the last few days saying that the "FTT

legislation in Europe has been gutted" and that "the 11 countries can't

agree and it's falling apart" - to all these stories, it would be good

to respond with the line 'that reports of the FTT's death have been

greatly exaggerated'.

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ECB offers to 'help' rethink EU plans on Financial Transactio Tax

The European Central Bank has offered to help the EU redesign its financial transactions tax to avoid any ‘negative impact’ on market stability, highlighting official fears about the implementation of the levy.

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Open letter to EU president on tax matters

Dear Mr Van Rompuy,

As a broad coalition working on tax justice and the fight against tax evasion and tax avoidance both in developed and developing countries, we are pleased to hear that you have put this subject on the agenda of the next EU leaders Summit on 22nd of May.

We urge EU leaders to take this opportunity to agree on concrete measures including multilateral automatic information exchange; disclosure of beneficial owners through public registries; combined and country-by-country reporting for transnational corporations in all sectors; and a common binding definition of tax havens and effective non-compliance sanctions.

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Common Vison for the World Bank Group

The World Bank's vision for eradicating poverty by 2030 ... a good moment to remind us that WB's chairman Mc Namara promised in 1973 to eradicate extreme poverty by the year ... 2000

read the document 'A Common Vision for the World Bank Group'

also read the comments of the International Council for Social Welfare:

Last Updated on Monday, 22 April 2013 18:21
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G20: In favour of growth and fighting tax evasion

At a meeting of the finance ministers of the G20, an agreement was reached to favour growth (implicitly: to slowly abandon austerity) and to fight tax evasion. Could it be the beginning of real change?

Read the G20 communique

 
Measures against tax avoidance?

UK Chancellor George Osborne and his French and German counterparts are to call for global rules to clamp down on corporate tax avoidance.
The three will seek backing from other leaders at the G20 summit in Moscow.

Facebook allegedly paid no income tax in the US last year, and instead reclaimed 451 million US$ in taxes from the Internal Revenue Service, despite recording profits of more than 1 billion US$.

 
Financial Transaction Tax: Commission sets out the details

The details of the Financial Transaction Tax (FTT) to be implemented under enhanced cooperation have been set out in a proposal adopted by the Commission today.

 

As requested by the 11 Member States1 that will proceed with this tax, the proposed Directive mirrors the scope and objectives of the original FTT proposal put forward

by the Commission in September 2011 (IP/11/1085). The approach of taxing all transactions with an established link to the FTT-zone is maintained, as are the rates of 0.1%
for shares and bonds and 0.01% for derivatives.
When applied by the 11 Member States, this Financial Transaction Tax is expected to deliver revenues of 30-35 billion euros a year.

 

Last Updated on Thursday, 14 February 2013 22:14
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Entry into force of Optional Protocal on ESCR

 

The UN High Commissioner for Human Rights Navi Pillay on Wednesday applauded the upcoming entry into force of a key Protocol to an international treaty which will, for the first time, enable individual complaints on economic, social and cultural rights, thereby helping place all human rights on an equal footing.

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Irish presidency promises to prioritize development cooperation

From 1 January until 30 June 2013, Ireland holds the EU Presidency and will thus chair many of the discussions and negotiations held at EU level. Ireland will have a strong input into the agenda and priorities of the EU, including the Development Agenda, and indicated that development cooperation is among the priorities for the Presidency. Minister of State for Trade and Development, Mr. Joe Costello, focused in his speech before the European Parliament Committee on Development on 22 January mainly on humanitarian aid and relief in crisis situations.

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