THE EUROPEAN UNION
Brussels, 6 September 2013
OPINION OF THE LEGAL SERVICE*
Subject: Proposal for a Council Directive implementing enhanced cooperation in the area
of financial transaction tax (FTT)
- Legality of the counterparty-based deemed establishment of financial institutions
(Article 4(1) point f) of the proposal)
All G20 Countries Expect to Be Actively Exchanging Information Automatically by End of 2015
Promises to Aid Developing Counties with Implementation Welcome, but More Must be Done to Help World’s Poorest
G20 Fails to Tackle Anonymous Shell Companies
In a report that calls for the Government to implement the Kay recommendations, British MPs have called for the Government to consider imposing an FTT to help reduce high frequency trading.
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.
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
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.
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:
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?
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$.