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Financial Transaction Tax to form part of EU Budget - Van Rompuy


M

MrFunkyBoogaloo

EUobserver.com / Headline News / Van Rompuy: financial tax to form part of EU budget

The much vaunted EU financial transaction tax (FTT) is set to be hard-wired into the EU budget, with most of its revenue going directly to the EU.A paper prepared by EU Council President Herman Van Rompuy and sent to European capitals ahead of next week's EU budget summit, where leaders aim to agree a mandate on the budget framework for 2014-2020, would deduct FTT revenues from national contributions to the annual EU pot.
So, the debate around the EU Budget, with 6 days to go, is sure to continue. Personally, I have no objections to the FTT but I wonder whether the government will opt out of applying it Ireland (as they can under these new proposals)?

Under the Commission's 2011 proposal the FTT is expected to raise around €57billion annually (based on levies of 0.1% and 0.01% on bond and derivatives trading respectively). It is expected that two thirds of this revenue in each member state will go directly to the EU - allowing for a national contributions to be reduced in those countries who avail of it.

So folks, yay or nay for Ireland? Will the pull of Berlin draw Enda, the European of the Year, in or will he answer the calls of the IFSC and London?
 


Amnesiac

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I would be shocked if the government didn't opt out. UK will opt out, so Dublin would be put at disadvantage (or so the logic goes).
 

Mrwoody

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The government are saying no to 0.01% but want the cash when its collected from the other country's banks ime sure thats going down well on the debt write down negotiations.
 

odlum

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Noonan already said Ireland was opting out a few weeks back IIRC.
 

Howya

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Am I right in thinking that the initial comments from the EU when the FTT was first proposed - that the FTT would be used to support future bailouts?

If so, hasn't taken the politicians long to snaffle the goodie bag. (Lovely tactic - either implement the FTT or you'll end up contributing more to the EU budget).
 
M

MrFunkyBoogaloo

Am I right in thinking that the initial comments from the EU when the FTT was first proposed - that the FTT would be used to support future bailouts?

If so, hasn't taken the politicians long to snaffle the goodie bag. (Lovely tactic - either implement the FTT or you'll end up contributing more to the EU budget).
Unsure about the the question but the second statement is a good 'un.
 

Brian1

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I think its gas. We the little people (those fortunate enough to still have jobs) have seen our incomes drop by 7 - 14 %, yet we can't ask the IFSC for a 0.01% FTT, which I read in the indo months ago would bring in 1/2 billion annually - our response is an absolute NO! Same goes for corporate tax - an absolute NO, even though a 2% rise would still see Ireland way below the rest of Europe. There was a very indepth analysis of this on the Journal.ie yesterday.
I understand we have to make it attractive for MNC's and financial services to base themselves here, but hey there's profit and there's plunder
 

ger12

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Isn't there a thread on this already? Ireland is opting out (cute hoors). Three Labour MEPS broke ranks and are urging Ireland to participate.
 
M

MrFunkyBoogaloo

I think its gas. We the little people (those fortunate enough to still have jobs) have seen our incomes drop by 7 - 14 %, yet we can't ask the IFSC for a 0.01% FTT, which I read in the indo months ago would bring in 1/2 billion annually - our response is an absolute NO! Same goes for corporate tax - an absolute NO, even though a 2% rise would still see Ireland way below the rest of Europe. There was a very indepth analysis of this on the Journal.ie yesterday.
I understand we have to make it attractive for MNC's and financial services to base themselves here, but hey there's profit and there's plunder
You'll come in for criticism for saying sacrilegious stuff like that around these parts. Nicely put however.
 

Analyzer

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Can we merge this thread with the thread where Donkey laffs Bruton (the lobbyist for the IFSC - "Las Vegas on the Liffey") calls for "more EU patriots ? "
 

daveL

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The FTT will impact the most vulnerable in Ireland so we should definitely opt out..

wait.. that's not right
 

Analyzer

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This is hilarious stuff from Hoorman von Rump.....he wants to tax all financial firms so that he can have the money available to make it impossible for others to fail when they something really stupid like buy Seanie Bonds.

Would it not be more cost effective to simply let them fail. It might even make them hire smarter people, and get rid of the cocaine riddled, supercar clad, clowns they currently employ.

Has he ever heard of the phrase "moral hazard" ?
 
Last edited:

Mossy Heneberry

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I think its gas. We the little people (those fortunate enough to still have jobs) have seen our incomes drop by 7 - 14 %, yet we can't ask the IFSC for a 0.01% FTT, which I read in the indo months ago would bring in 1/2 billion annually - our response is an absolute NO! Same goes for corporate tax - an absolute NO, even though a 2% rise would still see Ireland way below the rest of Europe. There was a very indepth analysis of this on the Journal.ie yesterday.
I understand we have to make it attractive for MNC's and financial services to base themselves here, but hey there's profit and there's plunder
And who will ultimately pay for this tax? Let me give you a hint, who pays your car tax?
 

Al.

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I would be shocked if the government didn't opt out. UK will opt out, so Dublin would be put at disadvantage (or so the logic goes).
Why would that shock you? Kenny is Berlin's man.
 

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