Posts Tagged ‘Financial activities tax’

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A proposed tax on financial transactions in 10 European Union countries could generate about 19.6 billion euros ($23.5 billion) of annual revenue, though Brexit could make collection more difficult, according to a new estimate.

We have yet another paean of praise for a financial transactions tax, one that manages to miss the most obvious point of all–a financial transactions tax raises no net revenue. A point which really is of some importance when we start talking about the tax system.

Financial institutions (FIs) in Singapore must establish customers’ tax statuses, under the Common Reporting Standard (CRS) that came into force at the start of this year.

China is studying a Tobin tax as a possible policy tool to curb capital outflows, an official at the country’s foreign exchange regulator said on Tuesday, even though he added that such flows have eased in recent months.

Trade union and civil society campaigners have welcomed the latest moves towards a Financial Transaction Tax (FTT). Last month, Finance Ministers from ten EU countries agreed on the scope of the tax, which if successfully implemented, would create money for the public sector and curtail the power of the financial industry.

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