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10% of Financial Transaction tax for development?

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Thursday, 24 January 2013

10% of Financial Transaction tax for development?

Development aid organisations call on the European Commission to allocate 10% of the revenue  from newly introduced financial transactions tax (FTT), “to the benefit of the poorest in the world".
EU finance ministers gave the green light for the 11 countries- Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain- to move forward with a harmonised FTT, opening a tricky debate on how the money should be used.
The European Commission now has to submit a proposal on how to allocate the money, with overseas development assistance and heavily indebted eurozone countries in pole position to receive the extra money.
It is unclear however how the new revenue, estimated by a German institute at €37 billion per year if raised in the 11 countries, would be spent. France, which is one of the biggest promoters of the new tax, has indicated its openness to allocate up to 10% of this new income to overseas development.

Source: Euractiv