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France to launch taskforce on FTT in October

The French Foreign and Finance minister now agree on the principle of a financial transactionstax. Sarkozy now also supports it. The launch of a taskforce on FTTs for development will take place on October 22nd in Paris at ministerial level.

The following countries will participate in the taskforce: Senegal, Japan, Germany, UK, Chile, Brazil, Spain, South Korea, Belgium, France. The following could be invited in the coming weeks :Sweden, Austria, Netherlands, the European Commission.

The taskforce will meet 3 to 4 times from October 2009 to June 2010 at ministerial or officials level.

The October 22nd meeting will aim at defining the terms of reference of the taskforce, the detailed calendar, the options considered by the Taskforce and the mandate given to a group of expert in charge of producing a report.

Discussions will be on Regulation Tax and Financing tax. Regulation tax could mean a high rate (1%) Tobin/Turner tax , aimed at avoiding speculation. The French Minister of Foreign Affairs thinks that the risk with such a tax is that by taxing transactions, it could lower the tax base and ultimately not really generate revenues. Financing tax stands for a low rate (0,005%) transaction tax, which is thought to raise money for development in the long run. The taskforce will also discuss whether the tax should be compulsory or voluntary, and whether it should only cover currency transactions, or all financial transactions.

The taskforce will have to suggest proposals that can be directly implemented. Hearings will be organised for civil society, banks and others.

Source: Pôle Animation Plaidoyer (Paris) / Florent SEBBAN. Tel. 01 44 72 87 13

Last modified 2009-10-05 10:59 PM