I agree that we do need more clarity on this. I wonder what this scaled down ftt is? They really seem to be flailing around here thats for sure. How many times do they need to hear the word no?
-Guru
1/4% Tax on all stock trades pushed in NY Times today
- Thread starter seasideheights
- Start date
I agree that we do need more clarity on this. I wonder what this scaled down ftt is? They really seem to be flailing around here thats for sure. How many times do they need to hear the word no?
-Guru
So from reading this it sounds like Schaueble is in favor of a stamp tax of some sort whereas Semeta is not? I have serious doubts that an EU or EZ stamp tax would be agreed upon. If it were modeled after Britain basically mom and pop pay it while the banks get a free pass.
This really doesn't make sense either though as earlier this week it appeared Schaueble was opposed to a stamp tax.
From the WSJ earlier this week:
Mr. Schäuble ruled out the idea of imposing a British-style stamp tax on stock purchases, but said Europe needed to find alternatives that included regulation of derivatives and high-frequency computer trading. "We will try to achieve what is possible," he said, according to the participant.
-Guru
"The Minister brought an extended exchange tax in the game"
Sounds like a cascading tax of one transaction creating multiple tax hits like FTT, since he doesn't want a UK stamp duty-style that has one hit.
"a tax on shares and other traditional securities"
The entire focus has been to tax investors, funds, traders, while calling it a bank tax.
Sounds like a cascading tax of one transaction creating multiple tax hits like FTT, since he doesn't want a UK stamp duty-style that has one hit.
"a tax on shares and other traditional securities"
The entire focus has been to tax investors, funds, traders, while calling it a bank tax.
Brussels offers UK 7.7bn to adopt controversial bank tax:
http://www.telegraph.co.uk/finance/...UK-7.7bn-to-adopt-controversial-bank-tax.html
In a move that has astounded British MEPs, Jose Manuel Barroso, president of the EC, announced that the levy could halve European Union members' contributions.
Mr Barroso has proposed that countries keep a third of the proceeds of the levy themselves and give two-thirds of it to Brussels. Europe's budget would become "self funding", Mr Barroso said, and would cut national contributions by a total of â¬54bn.
European officials, who backed Mr Barroso's proposal, believed the plans would be acceptable to Mr Cameron because Britain would be able to keep a third of the revenues for itself.
http://www.telegraph.co.uk/finance/...UK-7.7bn-to-adopt-controversial-bank-tax.html
In a move that has astounded British MEPs, Jose Manuel Barroso, president of the EC, announced that the levy could halve European Union members' contributions.
Mr Barroso has proposed that countries keep a third of the proceeds of the levy themselves and give two-thirds of it to Brussels. Europe's budget would become "self funding", Mr Barroso said, and would cut national contributions by a total of â¬54bn.
European officials, who backed Mr Barroso's proposal, believed the plans would be acceptable to Mr Cameron because Britain would be able to keep a third of the revenues for itself.
Malta could 'save' 27m in EU contribution with Tobin Tax, but stands to lose much more:
http://www.maltatoday.com.mt/en/bus...illion-in-contributions-to-EU-budget-20120323
EC tells Maltese government to drop its opposition to the controversial financial transaction tax to âsaveâ up to â¬27 million in contributions to the EU budget.
The report - which has been presented to the Maltese government in an attempt to have the country soften its opposition to the tax which would significantly impact on its competitiveness in the financial services sector - proposes that two thirds of the revenues of the FTT go to the EU budget, reducing by the same amounts Member States' contributions based on their Gross National Income (GNI) with the remaining one third being retained by Member States.
But what the European Commission has not presented was the actual financial impact such a tax would have on the revenues for the Maltese government compared to the 'savings' made in its contribution to the European budget.
http://www.maltatoday.com.mt/en/bus...illion-in-contributions-to-EU-budget-20120323
EC tells Maltese government to drop its opposition to the controversial financial transaction tax to âsaveâ up to â¬27 million in contributions to the EU budget.
The report - which has been presented to the Maltese government in an attempt to have the country soften its opposition to the tax which would significantly impact on its competitiveness in the financial services sector - proposes that two thirds of the revenues of the FTT go to the EU budget, reducing by the same amounts Member States' contributions based on their Gross National Income (GNI) with the remaining one third being retained by Member States.
But what the European Commission has not presented was the actual financial impact such a tax would have on the revenues for the Maltese government compared to the 'savings' made in its contribution to the European budget.
It sounds like the European Commission is really putting on the full court press here with the ftt. I just wish they would vote on the ftt already and put this issue to bed. It appears Germany threw in the towel on the ftt this week so I guess now it's just the EC and France. I did read in one article that the commission's 'new' impact study should be ready in the next few weeks and it's supposed to show that the ftt will not force companies to relocate. It will be very interesting to see how they massage the numbers from their first study.
-Guru
-Guru
Interesting little snippet from this WSJ Piece:
http://online.wsj.com/article/SB10001424052702304724404577297683219286666.html?mod=googlenews_wsj
In a press conference in Brussels Thursday, Danish Prime Minister Helle Thorning-Schmidt, whose country holds the rotating EU presidency, said her government was speeding up discussions on the transactions tax. She confirmed it will be debated by EU finance ministers in Copenhagen next week.
Some diplomats believe the Commission is pressing the so-called "own resources" plan as a bargaining chip to trade in with the more powerful member states to prevent too austere an overall budget settlement.
So I guess the nine countries that wrote the letter calling for the ftt discussion to become accelerated are getting their wish? I mean how many times are they going to debate this issue. It seems like every week there's a new EU finance ministers meeting where they debate the ftt with the same old results. Just vote this thing down already and be done with it
-Guru
http://online.wsj.com/article/SB10001424052702304724404577297683219286666.html?mod=googlenews_wsj
In a press conference in Brussels Thursday, Danish Prime Minister Helle Thorning-Schmidt, whose country holds the rotating EU presidency, said her government was speeding up discussions on the transactions tax. She confirmed it will be debated by EU finance ministers in Copenhagen next week.
Some diplomats believe the Commission is pressing the so-called "own resources" plan as a bargaining chip to trade in with the more powerful member states to prevent too austere an overall budget settlement.
So I guess the nine countries that wrote the letter calling for the ftt discussion to become accelerated are getting their wish? I mean how many times are they going to debate this issue. It seems like every week there's a new EU finance ministers meeting where they debate the ftt with the same old results. Just vote this thing down already and be done with it
-Guru