arch/ive/ief (2000 - 2005)
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Money Trade Tax breaks newground by European Tobin Tax Network Friday, Jul. 02, 2004 at 3:42 PM |
The Belgianparliament has passed on legislation for a currency transaction tax (CTT) onThursday 1 July. With 67 voices for the proposition, 42 against it, 19 abstention
The Currency Transaction Tax (CTT) ? popularly known as the ?Tobin Tax? after the economist James Tobin, who originated the idea ? would both raise substantial sums for international development and also prevent financial shocks caused by predatory speculation.
This really is a breakthrough ? the Belgian legislation is a testament to the feasibility of the CTT proposition we have been arguing for. A Tobin Tax can raise billions of Euros towards development assistance that could benefit the lives of millions of people.
Many governments are ?open-minded? to a CTT as a means to finance the United Nations Millennium Development Goals to halve world poverty by 2015 stating at a conference to campaigners in February this year: ?Let us continue to work with you to examine the Tobin Tax?.
In the light of the progress in Belgium, the Tobin Tax Network is seeking a commitment from all European Parliaments to introduce a CTT at the earliest possible opportunity and urge other OECD countries to do the same.