EU Parliament: Transaction tax necessary to meet development needs

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In a resolution, the European Parliament has urged European Union (EU) Member States to respect their pledges and to establish a number of innovative financing mechanisms in keeping with the work of the Leading Group, including in particular a financial transaction tax (FTT).

This resolution, adopted by 283 votes for to 278 against and 15 abstentions, also calls on EU Member States to earmark at least 25% of revenue from the auctioning of Union CO2 emission quotas for helping the poorer countries combat climate change. The resolution also supports introducing a possible moratorium on debt repayment and stepping up action against tax havens and illegal capital flows. Finally, the resolution emphasizes the importance of reducing the costs of migrants’ remittances.

Link to resolution text and press release

29 March 2010

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