A group of charities have called for the introduction of a Tobin tax as a
“bold, just and practical idea” for raising extra money for development and aid
In a letter to the Financial Times, several senior members of
charities including Oxfam, Save the Children, Action Aid and Stamp Out Poverty
argued that money raised by a tax on financial transactions should be used to
help those suffering most because of the economic crisis.
“The actions of bankers and weak financial regulation in Europe and North
America made a massive contribution to the global economic crisis, which is
forcing 100 more people a minute into extreme poverty,” the letter stated. “A
financial transaction tax would meet this human cost of the crisis and could
help developing countries deal with climate change, build their health systems
and achieve the Millennium Development Goals.”
The letter added that those who argue the tax is unworkable and would drive
financial services abroad are ignoring the fact that the UK already levies a
stamp duty of 0.5% on share transactions without damage to the City.
It called for the UK government to help in building international support for
the initiative, however Brown’s attempts to raise support for a Tobin tax failed
to win backing at the G20 summit this week.
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Government's estimate of a £400m admin saving from Making Tax Digital is way off - and is instead a huge cost burden, warns Lamont Pridmore chief executive Graham Lamont
HMRC is continuing to ramp up the number of raids on premises it carries out as part of criminal investigations, searching 761 properties in the last year