European financial transactions tax by end of 2012: France

Tom Davis

Jan 7th, 01:33

Germany now says it will only support the financial transactions tax if all 27 EU countries accept it.

http://diepresse.com/home/politik/eu/721784/Finanztransaktionssteuer_Berlin-will-EUweite-Einigung

Mr Anton Agius

Jan 4th, 20:01

the arguments made by some people commenting on this news item are horrendously flawed. Just because the EU wants to introduce a tax on financial transactions (for a valid valid reason) then we have to get every Tom, Dick and Harry in Malta posting non-sensical anti-EU populist rhetoric....

Charles Cremona

Jan 4th, 19:45

The eurozone is now running out of money fast, the only way left of getting money is Tax, the next surprise would be a Eurozone tax to support Greece,Italy and the rest of the failed eurozone states.

E. Azzopardi

Jan 4th, 18:59

And where is Mr Barroso?

Tony Borg

Jan 4th, 18:00

It would have been better had we adopted the STERLING instead of the Doomed Euro!!

Michael Sciortino

Jan 4th, 17:24

A report by the BBC states that:

'Current proposals for a Tobin tax have a wider range of transactions in their sights. They are not confined to the currency markets. They generally include trading in shares, bonds and derivatives.

They also have additional objectives, although all would presumably have some impact on the volume of financial trading.

The European Commission for example has proposed one for the EU. It would the Commission says, discourage risky and unproductive trading - a sand in the wheels type of effect.

But it also argues that it would enable the financial sector to make what the Commission calls a fair contribution to the consolidation of government budgets taking place across Europe.
'The European Commission for example has proposed one for the EU. It would the Commission says, discourage risky and unproductive trading - a sand in the wheels type of effect.

But it also argues that it would enable the financial sector to make what the Commission calls a fair contribution to the consolidation of government budgets taking place across Europe.'

http://www.bbc.co.uk/news/business-15555812

What is Malta's argument against a tax on 'trading in shares, bonds and derivatives?'

Michael Sciortino

Jan 4th, 17:01

J Brincat

The Times wrote 'In September, the EU's executive Commission proposed introducing a tax in 2014 at 0.1 percent on share dealings and 0.01 percent on derivatives and other financial products that would raise 55 billion euros ($72 billion) per year, to be shared between the EU's central structures and its 27 member states.'

The tax covers share dealing, derivatives and other financial products. How does that affect betting companies? How many of the general public deal in derivatives, shares and similar financial products? Why is everyone against this. The UK is against this because it is the leading centre for share dealing, derivatives and similar but is that the case for Malta?

To my mind this is much better than raising VAT as is happening in many countries.

Victor Vella

Jan 4th, 16:33

@ C Bartoli
I do not know who voted for or against, I did not read anything of this kind. What I know for sure is that your PN is the greatest licker in all the 25 nations of the EU and from our pockets we had already forked out from our pockets more than 200 million euros to serve the club of the EU. Now you are saying that the PN voted in favour. At least if Labour members voted in favor as you are saying nobody stole anything from your pockets as your government has stolen more than 500€16c a week from your blood, besides the millions stolen from our pockets for the EU club. I have not voted for any EU parasites but if the labour voted in favour they have voted for you if you voted for the EU and they have done their duty. So, next time it is your duty tovote for the MLP EU members.

C. Bartoli

Jan 4th, 16:01

don't forget that the MP's in EU representing the MLP have voted in favor.

Eve Axiaq

Jan 4th, 14:50

What would happen to the betting companies in Malta with no incentives to stay here anymore?

Patrick Zammit

Jan 4th, 14:34

Less than a month ago Gonzi had told us that we managed "to safeguard our national interest"?

What does he has to say now?

Auditors have, for the past consecutive 17 years, refused to sign off the EU's accounts.

During 2008, the EU spent more than 2.4 billion euros on propaganda which is more than what Coca Cola spends on advertising, worldwide.

Why are we funding such extravagant spending with our taxes?

j brincat

Jan 4th, 13:19

@Michael Sciortino

"Dear Mr. Borg,

Which transfers and whose customers are you talking about? Please explain.

Seems that the German, French and other European banks are not afraid."

Are you genuinely asking the questions to learn something or else you are anticipating that Dr Gonzi would give in ( as I am sure he would) and so you are paving the way for such an event!

Mind you the Treaty has still to be approved by two third of the MPs in accordance to our Constitution!

So we have to wait and see!



(jb)

Mr Danny Apap

Jan 4th, 12:56

So the French minister for European affairs Jean Leonetti wants to raise the tax! Sure why not as long as he raise it in his own country and not the rest of the EU.

On your bike with onions Mr Jean Leonetti, I hope Malta will stand firm on this issue we in the UK don’t won’t it and it will be rejected again .

Mr Silvan Said

Jan 4th, 12:56

If the government has opposed this tax, why does the French EU minister ignore our opposition to it?

Can Maltese government spokesman or one of our MEP's please stand up and make sure that Malta is counted as one of the opposing members to this fatal blow to the EU economy ?

I get the feeling that if asked to name the members 99% of all spokesmen for EU affairs would not be able to mention Malta.

Whilst taxing the financial institutions is not in itself a bad idea, the competitive disadvantages that it will throw up are a nightmare. In a world of globalisation and e-commerce, the EU should be looking at ways to be competitive and not to create barriers.

Well done Cameron.

David Griscti

Jan 4th, 12:55

Common sense dictates that one should not take these comments by a relatively insignificant French Minister at face value. President Sarkozy is facing an uphill re-election bid this year....!

In any event, there is nothing wrong with this tax in itself if it is implemented across the board and on a global basis. If it is not, and it is still introduced, it will severely impact financial services business in the EU as it is likely that transactions will be structured elsewhere....Hong Kong and Singapore come to mind! And does anyone think that President Sarkozy, or for that matter any EU political leader, is in a position to dictate matters to China etc?

In any event there needs to be unanimity on fiscal matters in the EU, so Germany and their lackeys cannot dictate matters....as far as I am aware anyhow. Malta and others will stand their ground.

M Vella***

Jan 4th, 12:54

This is all Financial Syphilis,Welcome to our new German overlords.

Rod Enderby

Jan 4th, 12:46

It was American Banks who had lent mortgages to either worthless "properties" or people who could not repay mortages that caused the start of the meltdown. The UK revised system of control (lightweight regulation as introduced and favoured by Brown and Balls) was secondary.

However, this is another prime example of who is running the EU-Germany and France, and nevermind what any other so called Member State wants.

Dominic Chircop

Jan 4th, 12:43

Irrespective of the PM being Gonzi or Muscat, none of them can really oppose the introduction of the financial transactions tax, or the CCCTB.

Now this does not necessarily mean that Malta has to perforce introduce such matters. We would be free to agree with or disagree with these topics.

But, on the other hand, Malta can not dictate to other countries what they should do. Malta signed the TFEU ( the Lisbon Treaty). As both government and opposition have a divine right to treat the Maltese like swine, they voted in favour without explaining matters to the people.

So, through the enhanced cooperation mechanism a number of states may agree to introduce anything, even in areas where unanimity was paramount. Such mechanism was thought up so that the E.U. could still function when further ragamuffin countries joined. It is no use taking Cameron, or anyone else to task. Each country has its priorities. More often than not, such priorities are not music to the ears of the Brussels bureaucrats who are still dreaming of the United States of Europe !!!

Will these be the apocalyptic "beast".

Charles Cremona

Jan 4th, 12:34

Now we know, with all the trumpeting by Gonzi before Christmas on how good this agreement we are about to sign is. We will lose our ability to set budgets unless approved by Brussels in other words we lose our Indipendence to do what we want and now we will have this Financial Transaction Tax imposed on us weather we like it or not despite the fact it will cost our financial industry dearly. The truth is there is nothing we can do about it. Britain said no as this tax would have cost the city of London alone £30 billion a year, now we know why the Brits said no and walked away but Britain as the second biggest payer to the EU has a lot of power, we are insignificant and will have to bow are heads, smile and do what Merkosy tells us to do.

Christopher Caple

Jan 4th, 12:22

Re Micheal Scortino
The only case ever made for this tax that I know of was made by James Tobin who proposed it as a 'globally' efficient way of raising money from wealthy nations to create a fund for developing the poorest nations. But because it is an easy and efficient way of raising money the EU hijacked it straightaway - forget about the poor - as an easy way of keeping their gravy train on the tracks during these difficult times. And as the EU is a patently undemocratic institution whose financial affairs are in such a mess that even their own auditors won't sign off the accounts it's little winder the Brits objected! And you want to give these people more money? Incidentally, this tax has NOTHING REMOTELY WHATEVER to do with casino banking.

j brincat

Jan 4th, 12:05

Michael Sciortino

"Cameron is protecting the City of London but what is Malta protecting?"


Malta 'would' be protecting the financial services industry. Why do you think betting companies come to Malta, (just to mention one example) for the colour of our skin? I have put 'would' within inverted commas because I fear that if we are put under pressure by France and Germany than we would give in! Hope not though for the love of the country.



(jb).

R. Cilia

Jan 4th, 11:59

Malta's efforts to keep its economic flexibility paid off this afternoon as a possible introduction of a Financial Transaction Tax and a Common Corporate Tax Base as originally proposed by France and Germany were removed from the final agreement.

"This is a successful summit for Malta as we have managed, albeit with difficulty, to safeguard out national interest," Prime Minister Lawrence Gonzi told a press conference in Brussels after all-night long talks interrupted only for two-and-a-half hours.

This was reported less than a month ago on TOM. Swallow your words Dr.Gonzi!

j brincat

Jan 4th, 11:29

"A European financial transaction tax will be in place by the end of year, French minister for European affairs Jean Leonetti said today, apparently moving up the programme"

Didn't Dr Gonzi on his return to Malta say that the financial transaction tax was not part of the treaty, and I had questioned whether this was possible? And what does Dr Gonzi have to say about this now? Will he ratify the treaty next March? So, perhaps Cameron was right after all to protect the City of London!


(jb)

edward ciantar

Jan 4th, 11:26

Look who's deciding on our behalf!!!! Nick and Ang!! No wonder the Brits opted out. they see it as arrogance from France & Germany especially the krauts who had lost the war and now want to dictate to one and all.

No way.

Michael Sciortino

Jan 4th, 11:23

For the sake of us poor members of the herd, could someone explain the reasons why Malta is against the tax. The case for has been made and it is designed to stop the casino type of banking that brought the world's financial markets to their knees in 2008.

B Borg

Jan 4th, 11:12

I wonder how much Malta's voice is valued within the EU's top brass. From two statements above I read "Malta has so far opposed the introduction of the tax", then "of the 27 members of the European Union, only Britain and Sweden were opposed to the idea"...make the math = this tax will be in place (imposed) by the end of year

V. Cauchi

Jan 4th, 11:04

That is why I was very skeptical when I saw the family photo after the last summit and shunned the blame laid at Britain's door believing there was a truth deficit all along.
I then thought, it was only a Pause worked up for Christmas, with a Forward Wind soon after the New Year. Since then we have also heard of other "renegade" nations from the north and post-Eastern Europe having second thoughts on the pushed accord, and it was clear that the late January/ early February meeting now due would not be that smooth after all. A Greek Minister yesterday spoke of rethinking the Drachma if the next bailout is not granted.
As for us? Either kow-tow again and do whatever we are asked to do, one year before general elections, all for the sake of a Euro-hugging Europe, or start rethinking a new currency which hopefully would not be the Maltese Lira. For anyone who would like to start doing some homework on which currency Malta would best adopt, there were some good articles, mostly by Mr Remig Farrugia and Fr Joe Ghigo SJ on The Times of Malta and The Malta Economist way back between November 1967 (after the Pound Sterling devaluation) and 1972 where it was argued that the best currency for Malta would have been a low-value currency (like the dollar and later, the euro) and not a high value one like the Malta Lira which, unfortunately, was eventually adopted.

Peter Murray

Jan 4th, 11:00

So go on Malta -oppose away and say you won't sign this agreement like Cameron?Yeah right , as one of the school-ground bullies has spoken and you must and you will-despite ineffective posturing- undoubtedly obey.Yes sir,no sir,three bags empty sir.We are mere lackeys and insignificant ones at that within this unaccountable and tyrannical cabal ,AKA as the EU!

Albert Farrugia

Jan 4th, 10:59

Oh my oh my! But they have not yet reckoned with the might of the Maltese Government. They told us, in fact, that the last EU Summit in December was a "success for Malta", since the financial tax "was removed from the final document". This was spinned, in Malta, to mean that the financial tax idea has been abandoned. I hope that more people will open their eyes and see the PN spin for what it really is.
Please refresh your memory here:
http://www.timesofmalta.com/articles/view/20111209/local/malta-successful-at-eu-summit.397605