Publication of the Leading Group report on the implementation of the tax on financial transactions

This international draft treaty has a double objective : (i) establishing an innovative financing mechanism for development : a financial transactions tax, coordinated at the international level, for the benefit of a common or co-ordinate development policy (ii) contributing to world financial stability, reinforcing the States autonomy and improving the smooth functioning of real economy by discouraging financial speculation.

The draft treaty proposes a multi-jurisdictional tax on the financial transactions, firmly coordinated at the multilateral level in order to avoid multiple delocalization and impositions ; it exposes the main characteristics of this broad-based tax on international financial transactions ; it founds a collection system of the tax at the level of the money market infrastructures, and contains solid anti-escape measurements. It proposes finally a Development Fund in which would take part freely States contributors and would make evaluation in regular intervals.

The project leaves to the political leaders the decision to determine the rates and the field of application of the TTF. The approach of the project guarantees the neutrality of the mechanism for the market, and makes it possible to make sure that it will be in conformity with the provisions relating to freedom of movement of the capital and the payments of goods and services, including financial services, which is considered in international and regional law instruments (GATS, EU, etc).

You have access to the Report (in English, pdf) by clicking here :

How can we implement today a Multilateral and Multi-jurisdictional Tax on Financial Transactions ?

Le 16 mai 2012

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