Tobin tax - European negotiators analyse the effects of the Tobin taxTuesday, 21 February 2017 13:16
They met today to review the situation. At the end of March, they will meet again to analyse the impact of such a tax on the real economy and pension funds.
The tax on financial transactions, which anticipates a minimum levy upon each transaction, has been subject to negotiation by ten European countries since 2013. The current stated aim anticipates a tax of 0.1% on equity and bond instruments and 0.01% on derivatives. Member states do not, however, completely agree as to the terms of such a tax.
The Belgian Minister said that Tuesday's meeting took place within a constructive atmosphere.
He stressed, “A number of technical points were considered, amongst others the exemption for pension funds. The protection of such funds features in the government’s federal agreement. The protection of individuals' pensions is a very important consideration for me.”
Full exemption for such funds was touched upon. One possibility being considered is that an exemption clause is offered to some countries. Mr Van Overtveldt commented, “Several states requested that participating member states remain attentive to the current volatile international climate owing to, amongst other factors, Brexit and possible new financial regulations in the U.S.”
As alluded to above, the Minister and his German, French, Austrian, Italian, Spanish, Greek, Portuguese, Slovenian and Slovakian counterparts will consider the Tobin tax again at the end of March. In the meantime, a technical analysis of the effects upon the real economy and pension funds will be conducted.
The Brussels Times
The President of the European Commission, Jean-Claude Juncker, has expressed his condolences and support to the families of victims following…
Police had to intervene on the Antwerp ring-road on Saturday when hundreds of motorcyclists started performing wheelies and blocking the…
Work on one of the biggest photovoltaic parks in Wallonia is expected to start in Tertre over the next few…
Car manufacturers in Belgium could get a 500 million euro fine if they don’t meet European CO2 emission targets by…