Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-279-000"
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"en.20120523.15.3-279-000"2
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"The European Commission has proposed the establishment of a financial transaction tax at an EU level. The European Union is caught up in an economic crisis and there is a need to find effective tools to combat it. The very introduction of a financial transaction tax is one of the effective tools to overcome the crisis. The tax should be levied on all financial transactions between financial institutions, of which at least one is located in an EU Member State. It is abundantly clear that the financial sector, which has, until now, been subject to low taxation because of the exemption of the majority of most financial services from VAT, simply must contribute a much fairer share. The new system of financial transaction tax levied on financial institutions will affect the costs associated with the crisis and will prevent the collapse of the internal financial transactions market. By implementing the system, we would generate approximately EUR 57 billion a year, the revenues being divided between the EU and the Member States, and part of the proceeds would become a source of the EU’s own revenues. This would reduce the national contributions to the EU budget. The system will additionally strengthen the functioning of the single market. It will eliminate distortion of competition, it will discourage financial institutions, discourage risky and speculative financial operations and will supplement regulatory measures aimed at preventing future crises. I believe that the financial sector must contribute fairly to overcoming the crisis in Europe."@en1
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