Financial transaction tax
Being faced with stiff resistance from some non-eurozone EU countries, particularly United Kingdom and Sweden, a group of eleven states began pursuing the idea of utilizing enhanced co-operation to implement the tax in states which wish to participate.
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Schulbildung Wie ein Konto eröffnen Traden, aber wie? For Keynes, the key issue was the proportion of 'speculators' in the market, and his concern that, if left unchecked, these types of players would become too dominant. A currency transaction tax is a tax placed on a specific type of currency transaction for a specific purpose. This term has been most commonly associated with the financial sector, as opposed to consumption taxes paid by consumers.
The most frequently discussed versions of a currency transaction tax are the Tobin tax, Edgar L. Feige 's Automated Payment Transaction tax and Spahn tax. The Automated Payment Transaction tax requires that all transactions be taxed regardless of the means of payment.
As such, it proposes a unique tax on currency transactions collected at the time currency leaves or enters the banking system. Since each transaction mediated by currency can not be directly taxed, the APT tax proposes a brokerage fee on currency deposits and withdrawals that is some multiple of the flat transaction tax rate applied to all payments made via electronic payments mechanisms.
In the economist James Tobin proposed a tax on all spot conversions of one currency into another. The so-called Tobin tax is intended to put a penalty on short-term financial round-trip excursions into another currency. Tobin suggested his currency transaction tax in in his Janeway Lectures at Princeton, shortly after the Bretton Woods system effectively ended.
If this money is suddenly withdrawn, countries have to drastically increase interest rates for their currency to still be attractive. But high interest is often disastrous for a national economy, as the nineties' crises in Mexico, South East Asia and Russia have proven It is intended to put a penalty on short-term financial round-trip excursions into another currency. Survey and Options , concluding " First, it is virtually impossible to distinguish between normal liquidity trading and speculative noise trading.
If the tax is generally applied at high rates, it will severely impair financial operations and create international liquidity problems, especially if derivatives are taxed as well.
It has a two-tier rate structure consisting of a low rate financial transactions tax and an exchange surcharge at prohibitive rates. On 19 September , retired speculator George Soros put forward a proposal, issuing special drawing rights SDR that the rich countries would pledge for the purpose of providing international assistance and the alleviation of poverty and other approved objectives.
According to Soros this could make a substantial amount of money available almost immediately. This is slightly less than 0. All it needs is the approval of the United States Congress. If the scheme is successfully tested, it could be followed by an annual issue of SDRs and the amounts could be scaled up "so that they could have a meaningful impact on many of our most pressing social issues".
Between and Australia charged a bank account debits tax on customer withdrawals from bank accounts with a cheque facility. Some Latin American countries also experimented with taxes levied on bank transactions. Argentina introduced a bank transaction tax in before it was abolished in Brazil implemented its temporary "CPMF" in , which lasted until It often applies to deposits and withdrawals from bank accounts, often including checking accounts.
In , Edgar L. Feige proposed a synthesis and extension of the ideas of Keynes and Tobin by proposing a flat rate tax on all transactions. Since financial transactions in stocks, bonds, international currency transactions and derivatives comprise most of the automated payment transaction APT tax base, it is in essence the broadest of financial transaction taxes.
Initially proposed as a revenue neutral replacement for the entire Federal tax system of the United States,  it could alternatively be considered as a global tax whose revenues could be used by national governments to reduce existing income, corporate and VAT tax rates as well as reducing existing sovereign debt burdens.
If adopted by all of the developed nations, it would have the advantage of eliminating all incentives for substitution between financial assets and between financial centers since all transactions would universally be taxed at the identical flat tax rate. The foundations of the APT tax proposal—a small, uniform tax on all economic transactions—involve simplification, base broadening, reductions in marginal tax rates, the elimination of tax and information returns and the automatic collection of tax revenues at the payment source.
The Belgium securities tax applies to certain transactions concluded or executed in Belgium through a professional intermediary, to the extent that they relate to public funds, irrespective of their Belgian or foreign origin.
The "tax on stock exchange transactions" is not due upon subscription of new securities primary market transactions. Both buyers and sellers are subject to the tax. The tax rate varies in accordance with the type of transactions.
Transactions made for its own account by non-resident taxpayers and by some financial institutions, such as banks, insurance companies, organizations for financing pensions OFPs or collective investment are exempted from the tax. In Colombia introduced a financial transaction tax of 0. Currently the rate is 0. Finland imposes a tax of 1. However, there are several exceptions. For example, British banks opposed the tax. It's unforgivable in this age of austerity that the UK government is turning down billions in additional revenue to protect the City's elite.
Two other taxes applicable to financial transactions were also introduced, including a tax on high-frequency trading , Article ter ZD bis of the FTC ; and a tax on naked sovereign credit default swaps Article ter ZD ter of the FTC. The FTT levies a 0. The scheme does not include debt securities, except convertible and exchangeable bonds, which are included but benefit from a dedicated exemption to the FTT. Listed shares acquired as of 1 January will no longer be subject to the sales tax; rather, any capital gains received will be added to the taxpayer's total income.
Since 1 October , India levies financial transaction taxes of up to 0. The securities transaction tax STT is not applicable on off-market transactions. The tax rate is set at 0. The tax has been criticized by the Indian financial sector and is currently under review. Since 1 March , Italy levies financial transaction tax on qualified equity transactions of up to 0. Until , Japan imposed a transaction tax on a variety of financial instruments, including debt instruments and equity instruments, but at differential rates.
The tax rates were higher on equities than on debentures and bonds. The tax was eventually withdrawn as part of "big bang" liberalization of the financial sector in In the Peruvian government introduced a 0.
The tax is to be assessed automatically but collected manually. The tax applies to transactions, which are performed in Poland or which grant property rights that are to be exercised in Poland. It also applies to transactions executed outside Poland if the buyer is established in Poland. All transactions on a stock market, Polish treasury bonds and Polish treasury bills, bills issued by the National Bank and some other specified securities are exempted from the tax.
Singapore charges a 0. Stamp duty is not levied on derivative instruments. In January , Sweden introduced a 0. In July , the rate was doubled, and in January , a considerably lower tax of 0. On a bond with a maturity of five years or more, the tax was 0. Wrobel prepared a paper for the Canadian Government in June , examining the international experience with financial transaction taxes, and paying particular attention to the Swedish experience.
The revenues from taxes were disappointing; for example, revenues from the tax on fixed-income securities were initially expected to amount to 1, million Swedish kronor per year. They did not amount to more than 80 million Swedish kronor in any year and the average was closer to 50 million. On the day that the tax was announced, share prices fell by 2. But there was leakage of information prior to the announcement, which might explain the 5. These declines were in line with the capitalized value of future tax payments resulting from expected trades.
It was further felt that the taxes on fixed-income securities only served to increase the cost of government borrowing, providing another argument against the tax. Even though the tax on fixed-income securities was much lower than that on equities, the impact on market trading was much more dramatic. On 15 April , the tax on fixed-income securities was abolished. In January the rates on the remaining taxes were cut in half and by the end of the year they were abolished completely.
Once the taxes were eliminated, trading volumes returned and grew substantially in the s. The Swedish FTT is widely considered a failure by design since traders could easily avoid the tax by using foreign broker services.
In Switzerland a transfer tax Umsatzabgabe is levied on the transfer of domestic or foreign securities such as bonds and shares, where one of the parties or intermediaries is a Swiss security broker. Other securities such as options futures, etc. Swiss brokers include banks and bank-linked financial institutions. The duty is levied at a rate of 0. However, there are numerous exemptions to the Swiss transfer tax. These are among others: Eurobonds, other bonds denominated in a foreign currency and the trading stock of professional security brokers.
The revenue of the Swiss transfer tax was CHF 1. In Taiwan the securities transaction tax STT is imposed upon gross sales price of securities transferred and at a rate of 0.
The Taiwanese government argued this "would enliven the bond market and enhance the international competitiveness of Taiwan's enterprises. Since , Taiwan also levies a stock index futures transaction tax imposed on both parties. The current transaction tax is levied per transaction at a rate of not less than 0.
The major part of this revenue came from the taxation of bonds and stocks The taxation of stock index future shares was 3. In total, this corresponds to 0. A stamp duty was introduced in the United Kingdom as an ad valorem tax on share purchases in Securities issued by companies overseas are not taxed.
This means that—just like the standard stamp duty—the tax is paid by foreign and UK-based investors who invest in UK incorporated companies. In other words, the tax applies to all companies which are headquartered in the UK,  albeit there is a relief for intermediaries such as market makers and large banks that are members of a qualifying exchange as a condition of their obligation to provide liquidity. Only a minor part comes from Stamp Duty. In terms of GDP and total tax revenue the highest values were reached during the dot.
This accounts for 0. The US imposed a financial transaction tax from to that was originally 0. In a "pro—Tobin tax" NGO proposed that a tax could be used to fund international development: Stephen Spratt, "the revenues raised could be used for At the UN World Conference against Racism , when the issue of compensation for colonialism and slavery arose in the agenda, President Fidel Castro of Cuba advocated the Tobin Tax to address that issue.
According to Cliff Kincaid, Castro advocated it "specifically in order to generate U. Castro cited holocaust reparations as a previously established precedent for the concept of reparations. May the tax suggested by Nobel Prize Laureate James Tobin be imposed in a reasonable and effective way on the current speculative operations accounting for trillions of US dollars every 24 hours, then the United Nations, which cannot go on depending on meager, inadequate, and belated donations and charities, will have one trillion US dollars annually to save and develop the world.
Given the seriousness and urgency of the existing problems, which have become a real hazard for the very survival of our species on the planet, that is what would actually be needed before it is too late.
On 15 February a coalition of 50 charities and civil society organisations launched a campaign for a Robin Hood tax on global financial transactions. The proposal would affect a wide range of asset classes including the purchase and sale of stocks, bonds, commodities, unit trusts, mutual funds, and derivatives such as futures and options.
The main differences between the proposals has been the size of the tax, which financial transactions are taxed and how the new tax revenue is spent.
The bills have proposed a. Harkin D-Iowa have received a number of cosponsors in the Senate and House. The tax on futures contracts to buy or sell a specified commodity of standardized quality at a certain date in the future, at a market determined price would be 0.
Swaps between two firms and credit default swaps would be taxed 0. The tax would only impact financial transactions between financial institutions charging 0. If implemented the tax must be paid in the European country where the financial operator is established. This "R plus I" residence plus issuance solution means the EU-FTT would cover all transactions that involve a single European firm, no matter if these transactions are carried out in the EU or elsewhere in the world.
According to John Dizard of the Financial Times , the unilateral extension of extraterritorial power can only cause problems: From a US perspective, this unilateral extension of extraterritorial power by the commission goes beyond anything attempted since the US and Great Britain concluded the Treaty of Paris ending the Revolutionary War in Most institutions that try to do something like that have their own navy, and usually a larger one than the sovereign territory where they are attempting to impose the tax.
Being faced with stiff resistance from some non-eurozone EU countries, particularly United Kingdom and Sweden, a group of eleven states began pursuing the idea of utilizing enhanced co-operation to implement the tax in states which wish to participate. The proposal supported by the eleven EU member states , was approved in the European Parliament in December ,  and by the Council of the European Union in January Proponents of the tax assert that it will reduce price volatility.
In a paper, Lawrence Summers and Victoria Summers argued, "Such a tax would have the beneficial effects of curbing instability introduced by speculation, reducing the diversion of resources into the financial sector of the economy, and lengthening the horizons of corporate managers.
The French study concluded that these volatility measures "are likely to underestimate the destabilizing role of security transactions since they — unlike large ticks — also reduce the stabilizing liquidity supply". A study of the UK Stamp Duty, which exempts market makers and large banks that are members of a qualifying exchange, found no significant effect on the volatility of UK equity prices.
In the IMF published a study paper, which argues that a securities transaction tax STT "reduces trading volume, it may decrease liquidity or, equivalently, may increase the price impact of trades, which will tend to heighten price volatility". Er wird jedoch auch in einigen grenznahen Gebieten der USA als Zahlungsmittel akzeptiert und auch stellenweise in Guatemala und Belize entlang der Grenze angenommen.
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