1 / 9

Sándor Richter richter@wiiw.ac.at

Searching new ways for financing the EU budget - on the proposal of a European tax on foreign exchange. Sándor Richter richter@wiiw.ac.at. Ökosoziales Forum Europa 21. Jänner 2008. Why to introduce an EU tax?. The current system and the ‘fair return‘ attitude

oscar-lambert
Télécharger la présentation

Sándor Richter richter@wiiw.ac.at

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Searching new ways for financing the EU budget - on the proposal of a European tax on foreign exchange Sándor Richter richter@wiiw.ac.at Ökosoziales Forum Europa 21. Jänner 2008

  2. Why to introduce an EU tax? • The current system and the ‘fair return‘ attitude • From a Union of member states towards a Union of citizens and firms • EU is provider of public goods, EU beneficiaries (citizens and firms) should pay directly for them • Mismatch: increasing redistributive power at EU level but no own resources at EU level

  3. What taxes are proposed? • Income taxes • Taxes on real economy transactions • Taxes on financial transactions

  4. How to decide? The criteria 1 Creating a Union of the citizens Financial autonomy Visibility, transparency and simplicity Allocation of resources along EU policies (externalities) 2 Budgetary aspects Sufficiency Stability Cost–effectiveness 3 Equity (fair sharing of the burdens) Horizontal equity Vertical equity Fair contribution across member states

  5. Foreign exchange transactions: main indicators Average daily global value of foreign exchange transactions (April 2004) $ 1 880 billion Annual value of foreign exchange transactions (2004) $ 460 000 billion of which: Global annual exports of goods and services$ 11 069 billion (2.4%) Global annual FDI outflows $ 730 billion (0. 2%)

  6. Geographical distribution of reported foreign exchange market turnover, 2004share in %

  7. Estimations for the revenues from a foreign exchange tax Estimations for the European Union: France MF $ 22 billion Spahn $ 17- 21 billion Belgium MF $ 9 – 39 billion Jetin $ 47 billion

  8. Foreign exchange transaction tax revenue estimates for 2004 USD billion

  9. Open questions to be answered • Revenues from tax on foreign exchange transactions for the EU or for the Third World? • Foreign exchange tax at global or European level - how to avoid relocation? • The UK´s role and the free riders - fair contribution of burdens? • Are there no more suitable candidates for a European tax?

More Related