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1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
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don't forget to click thumbsdown on the video.
Parliamentary panel favours ending of STT
PTI
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NEW DELHI, MAR 9:
In a move that could bring cheers to the stock markets, a Parliamentary panel on Friday recommended abolition of the Securities Transaction Tax (STT) on equity trade.
The Parliamentary Standing Committee on Finance, which submitted its report to Lok Sabha Speaker, Ms Meira Kumar today, also suggested that the government should modify the procedure for levying the capital gains tax to avoid evasion.
âThe Committee would recommend that the Ministry may explore the possibility of abolishing the Securities Transaction Tax (STT) ... The distinction between listed and unlisted securities should be removed,â the report said.
The government had introduced STT in 2004 on transactions in different types of securities. The rate varies from 0.025 per cent to 0.25 per cent depending upon the type of security traded and transaction - whether sale or purchase.
The government collects around Rs 7,500 crore per annum from STT and it would be difficult for it to forego the revenue at a time when efforts are needed to raise revenue and bridge the fiscal deficit, which during the current fiscal is likely to exceed the budget target of 4.6 per cent of the Gross Domestic Product (GDP).
The Capital Markets division of the Finance Ministry has been pushing for lowering of STT as it would boost investor sentiments, while stock exchanges are seeking removal of the levy as it would reduce transaction cost, promote equity culture and encourage retail participation.
It is widely expected that the Finance Minister, Mr Pranab Mukherjee would reduce STT in his forthcoming Budget to be presented to the Lok Sabha on March 16.
The Standing Committee further suggested that the government should calibrate the Capital Gains Tax regime -both short term and long term.
âIt should also be ensured that companies do not escape paying capital gains tax on the basis of DTAAs,â the report suggested.
Under the present Double Taxation Avoidance Agreement (DTAA) regime companies avoid payment of capital gains tax by routing their investments through tax havens.
Keywords: Securities Transaction Tax, Parliamentary Standing Committee on Finance, capital gains tax, Double Taxation Avoidance Agreement
PTI
SHARE · PRINT · T+
NEW DELHI, MAR 9:
In a move that could bring cheers to the stock markets, a Parliamentary panel on Friday recommended abolition of the Securities Transaction Tax (STT) on equity trade.
The Parliamentary Standing Committee on Finance, which submitted its report to Lok Sabha Speaker, Ms Meira Kumar today, also suggested that the government should modify the procedure for levying the capital gains tax to avoid evasion.
âThe Committee would recommend that the Ministry may explore the possibility of abolishing the Securities Transaction Tax (STT) ... The distinction between listed and unlisted securities should be removed,â the report said.
The government had introduced STT in 2004 on transactions in different types of securities. The rate varies from 0.025 per cent to 0.25 per cent depending upon the type of security traded and transaction - whether sale or purchase.
The government collects around Rs 7,500 crore per annum from STT and it would be difficult for it to forego the revenue at a time when efforts are needed to raise revenue and bridge the fiscal deficit, which during the current fiscal is likely to exceed the budget target of 4.6 per cent of the Gross Domestic Product (GDP).
The Capital Markets division of the Finance Ministry has been pushing for lowering of STT as it would boost investor sentiments, while stock exchanges are seeking removal of the levy as it would reduce transaction cost, promote equity culture and encourage retail participation.
It is widely expected that the Finance Minister, Mr Pranab Mukherjee would reduce STT in his forthcoming Budget to be presented to the Lok Sabha on March 16.
The Standing Committee further suggested that the government should calibrate the Capital Gains Tax regime -both short term and long term.
âIt should also be ensured that companies do not escape paying capital gains tax on the basis of DTAAs,â the report suggested.
Under the present Double Taxation Avoidance Agreement (DTAA) regime companies avoid payment of capital gains tax by routing their investments through tax havens.
Keywords: Securities Transaction Tax, Parliamentary Standing Committee on Finance, capital gains tax, Double Taxation Avoidance Agreement
This will be horrible for us if it comes to pass.
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House Dems ask Obama to push global poverty expert to lead World Bank
A group of House Democrats are calling on President Obama to push Dr. Jeffrey Sachs, an economist and global poverty expert to serve as the next president of the World Bank.
http://thehill.com/blogs/on-the-mon...ush-global-poverty-expert-to-lead-world-bank-
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Here's background on this Jeffrey Sachs.
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"The Financial Transactions Tax is a solid idea that has been resisted by Wall Street for years."
http://www.huffingtonpost.com/jeffrey-sachs/obama-the-g20-and-the-99_b_1069030.html
"Plan B: Agree financial transaction tax"
http://www.newstatesman.com/economy/2011/10/tax-revenues-financial-ftt
Sachs calls for Robin Hood tax on 'smirking' Wall Street
http://www.guardian.co.uk/business/2010/mar/09/jeffrey-sachs-robin-hood-tax
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House Dems ask Obama to push global poverty expert to lead World Bank
A group of House Democrats are calling on President Obama to push Dr. Jeffrey Sachs, an economist and global poverty expert to serve as the next president of the World Bank.
http://thehill.com/blogs/on-the-mon...ush-global-poverty-expert-to-lead-world-bank-
-------------------------------------------------------------------------
Here's background on this Jeffrey Sachs.
-------------------------------------------------------------------------
"The Financial Transactions Tax is a solid idea that has been resisted by Wall Street for years."
http://www.huffingtonpost.com/jeffrey-sachs/obama-the-g20-and-the-99_b_1069030.html
"Plan B: Agree financial transaction tax"
http://www.newstatesman.com/economy/2011/10/tax-revenues-financial-ftt
Sachs calls for Robin Hood tax on 'smirking' Wall Street
http://www.guardian.co.uk/business/2010/mar/09/jeffrey-sachs-robin-hood-tax
Yeah let's hope this doesn't happen. The good news is that I haven't heard him mentioned on any short list of candidates thus far. Hopefully it stays that way.
POUND the comment section of that THEHILL.com website. Let's help nip it in the bud!
type his name followed by "world bank" into google & click the NEWS tab.
Sachs iscampaigning for the job. he's drumming up endoresements from countries.
THis isn't good.
London would benefit from a FTT:
http://www.marketwatch.com/story/transaction-tax-could-boost-london-role-2012-03-12
http://www.marketwatch.com/story/transaction-tax-could-boost-london-role-2012-03-12
