EU commissioner welcomes EP vote on "Tobin Tax"

EU commissioner welcomes EP vote on "Tobin Tax"
# 04 July 2013 01:21 (UTC +04:00)

Baku-APA. EU commissioner for customs and taxation Algirdas Semeta on Wednesday welcomed the European Parliament (EP) vote on the financial transaction tax (FTT), APA reports quoting Xinhua.

"I warmly welcome the Parliament's vote in favour of the FTT under enhanced cooperation, which 11 member states have requested," Semeta said in a statement following the EP's vote in favour of the FTT proposal.

"Today, we've had a clear signal that popular and political support for the FTT is still strong," he said, adding that the FTT, also know as the "Tobin tax," can contribute to "fair taxation, a cohesive single market and a more responsible banking sector."

The commissioner urged all the 11 member states to press ahead in reaching quick agreement and "converge on the FTT to be implemented, while also protecting the spirit and purpose of this tax."

He promised that the European Commission will continue to support negotiations in every way possible, to facilitate a swift and ambitious compromise on the FTT.

The "Tobin tax," named after Nobel-prize winning US economist James Tobin, was first proposed by the economist in 1972 as a way of reducing financial market volatility.

The European Commission proposed an imposition of a tax of 0.1 percent on trades in shares and bonds, and a 0.01 percent tax on derivatives trading. The proceeds could go towards the central EU budget.

#
#

THE OPERATION IS BEING PERFORMED