March 23, 2020 / By mobanmarket
Commission president says unilateral effort will follow in the autumn after failure to reach global deal. Barroso to push for financial transaction tax
José Manuel Barroso, the European Commission president, said today that he would make a proposal for a European financial-transactions tax in the autumn.
Speaking ahead of a two-day summit of EU leaders on 23-24 June, Barroso said: “Every sector needs to contribute to the economic crisis, none more so than the financial sector.” He said that huge bonuses in the financial sector showed that companies were making “excessive profits” and continuing to indulge in risky behaviour.
The EU’s position on financial-transaction taxes has been that they should be agreed at global level to prevent financial market business being driven away from the EU. But Barroso said that efforts to agree global tax in the G20 group of the richest and emerging economies had been blocked because of significant opposition by some of the G20’s members. The US is opposed to such a tax, for example.
He said that the EU should introduce such a tax to avoid distortions of the single market, saying that ten EU member states had already introduced some form of taxes on banks to ensure that they made a financial contribution to the cost of the economic crisis.
Barroso said that the issue of transaction taxes was “complex”. That was why the proposal would only be published in the autumn, he said.
Click Here: cheap INTERNATIONAL jersey
Categories: News