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MEPs call for Financial Transaction Tax

MEPs CALL FOR FINANCIAL TRANSACTION TAX

Transaction Tax

Speaking in Brussels David Martin said: ‘Plans should be developed for a global tax to discourage excessive risk-taking by financial institutions and ensure that the financial industry pays for the damage caused by the financial crisis.’

The European Parliament has backed a resolution to this effect. But David wants the European Union (EU) to go further: ‘If a worldwide tax proves unachievable, the EU could consider the option of going it alone. The European Commission should draft a proposal and put it to the G20 leaders in June'.

In the Parliament’s resolution the Commission and Council are urged to look at how the tax could be used to finance development co-operation and help developing countries to combat climate change, as well as at how the tax could contribute to the EU budget. While preferring a global approach through the G20, MEPs believe that the pros and cons of introducing a purely EU-wide tax should be considered.