Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-312-500"
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"en.20120523.15.3-312-500"2
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"This tax, which we have long advocated, is vital for combating financial speculation. However, it will certainly have little effect unless accompanied by other key measures, such as an end to tax havens and to speculative financial products, in particular, derivatives. We have some concerns about this report and the Commission’s proposal for a directive. First, the lowest level of taxation is applied to derivatives and other structured products, which are subject to a higher level of speculation. Second, we are completely against the possibility that revenue from this tax will be used to replace national contributions to the EU budget, as this will not strengthen it, but will merely result in relieving the budgets of countries with major national contributions, which are the very countries that benefit most from the internal market and the liberalisation of the markets. Moreover, we believe that it would be fairer if the bulk of the revenue came from the Member States with which these products are primarily associated, irrespective of where the institutions concerned are domiciled for tax purposes. This is a fair measure, but unless it goes hand in hand with the required changes to the EU’s economic policies, it will have little or no effect."@en1
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