You are here

FTT

Social Justice Ireland regrets that to date Government has not committed to supporting European moves to introduce a Financial Transactions Tax. The tax offers the dual benefit of dampening needless and often reckless financial speculation and generating significant funds. Reports have estimated a net revenue yield of between €320m and €350m per annum in Ireland alone, while according to the United Nations, the amount of annual income raised would be enough to guarantee to every citizen of the world basic access to water, food, shelter, health and education. This tax has the potential to wipe out the worst forms of material poverty throughout the world.

Social Justice Ireland's work on developing a Universal Basic Income for Ireland was acknowledged by Noel Whelan in his op-ed article in The Irish Times on September 15, 2017.

Social Justice Ireland strongly welcomes the progress made towards introducing a Financial Transaction Tax in the EU.  This would be a very efficient mechanism to ensure banks and financial institutions made a contribution towards resolving the current series of crises which were, in great part, caused by these very institutions.  It is time financial institutions paid their fair share. 

Some multinational corporations are diverting profits made in developing countries to Ireland to avail of the low corporation tax rate here. By so doing they are robbing the countries in which they made their money of billions of euros in tax revenue.

The German finance minister, Wolfgang Schäuble, has included a tax on financial transactions as part of his budget plan covering the period 2012-2015. This is a very welcome development. Social Justice Ireland has constantly argued for the introduction of a tax on financial transactions along the lines of the proposal originally presented by Nobel Economics Prize winner James Tobin and known since then as the Tobin Tax.

Social Justice Ireland welcomes the decision of the European Parliament to urge the EU to promote the introduction of a financial transaction tax such as the Tobin Tax which could raise around €200 billion per year in the EU and would also discourage speculative trading by making it more costly. A tax along these lines has been proposed constantly by Social Justice Ireland.

The European Parliament has passed a resolution calling on the European Commission to analyse the possibility of introducing a tax on financial transactions such as a Tobin Tax or a Robin Hood Tax.  The motion was passed by 536 votes to 80.