Ex-EU Commissioner for CTT
The former Austrian EU Commissioner Franz Fischler spoke out in favour of a Currency Transaction Tax. At a meeting of the Austrian Eco-Social Forum on June 20th 2006 he said: "Already a trifle tax of 0,01 percent would bring inside Europe 15 to 18 Billion Euro per year, which makes aproximately 13 to
16 percent of te EU budget 2006."
According to Fischler the volume of currency transactions inside Europe amounts to 700 billion Euro, the major part of it being of speculative
nature. "This is reason enough to think about a modified idea of Tobin,
based on the decision of the Austrian parliament, to consider on EU level
new types of taxation for international purposes, such as a currency
transaction tax or a tax on Kerosine for airplanes or Diesel for ships."
As for the use of the tax income, Fischler says that the money could be used
to finance a part of the EU budget as well as development goals. With regard
to the Millennium Development Goals he said: "I am very sceptical whether
the money can be provided without without new sources."
In addition to the usual arguments in favour of a CTT, Fischler said that
with the CTT the tax system would move away from the intensive taxation of
labour. Furthermore, the CTT would lead to more transparency which, in times
of intransparent business practices in the Caribbean, would be an important
issue.
Source: Tobin-Europe mailing list 21 June 2006.
Last modified
2006-06-21 01:35 PM
