Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-111-000"
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"en.20120523.5.3-111-000"2
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"There are at least two aspects to this discussion on a common system of financial transaction tax: the first aspect, relating to the tax itself, along with its technical features and policy implications, and the second aspect, relating to where the revenue collected by the tax will go. According to Commission forecasts, this revenue could amount to EUR 57 billion. There is much to recommend the tax itself. As an instrument for dispensing a certain amount of tax justice and for combating financial speculation, it is necessary, albeit insufficient on its own; other measures, such as an end to tax havens and the more speculative financial products, are also needed.
Although we agree with the general form of the agreement, this proposal has provoked some reservations and disagreement, for instance, in relation to the more favourable treatment given to derivatives and other structured products, where evidence shows that speculation is most intense. Management of the revenue from the tax is inextricably bound up in the previous discussion, although it goes beyond the scope of this directive. We completely oppose the Commission’s proposal to channel any revenue into the EU budget, with a corresponding cut in direct contributions from the Member States. This will benefit the large countries most of all, jeopardising the redistributive function of the budget even more."@en1
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