Ecosocial Forum Europe Conference A New Basis to Finance International Duties VIENNA JUNE 2006. Currency Transactions Tax. Implementation technical and legal aspects prof. Mr. L.A. Denys. Context: THE GLOBAL FOREIGN EXCHANGE MARKET.
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Ecosocial Forum Europe
A New Basis to Finance International Duties
VIENNA JUNE 2006
equals forex trading :
! Austria 2000 billion €
(200 to 500 million $ per transaction is not abnormal)
exchange rate can alter several thousand times a day
Residence / source / origin / destination irrelevant ?
Market tax mechanism
exchanges of currencies
financial instruments having equivalent effect
MN O – single entity
Reverse charge - joint liability
(minimal) normal rate on all transactions within bandwidth (e.g. Belgium 0,02 %)
(dissuasive) surcharge only on transactions with one currency in excessive fluctuation (e.g. Belgium 80 %)
MS can introduce ; EU can harmonize
unanimity at EU required ;
Enchanced cooperation possible ; min. 9
non discriminationvs. Justified distinction and acceptable fiscal disparity
(CTT = distinct financial market (value fluctuation risk) with global economy benefits ; coexistence of Euro and other currencies in principle acceptable)
free movement of capital, e.a.
- Global and neutral tax base
- Low rate : no market distortion
- Justifications : development policy and