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Searching new ways for financing the EU budget - on the proposal of a European tax on foreign exchange. Sándor Richter richter@wiiw.ac.at. Ökosoziales Forum Europa 21. Jänner 2008. Why to introduce an EU tax?. The current system and the ‘fair return‘ attitude

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Searching new ways for financing the EU budget - on the proposal of a European tax on foreign exchange

Sándor Richter

richter@wiiw.ac.at

Ökosoziales Forum Europa

21. Jänner 2008

why to introduce an eu tax
Why to introduce an EU tax?
  • The current system and the ‘fair return‘ attitude
  • From a Union of member states towards a Union of citizens and firms
  • EU is provider of public goods, EU beneficiaries (citizens and firms) should pay directly for them
  • Mismatch: increasing redistributive power at EU level but no own resources at EU level
what taxes are proposed
What taxes are proposed?
  • Income taxes
  • Taxes on real economy transactions
  • Taxes on financial transactions
how to decide the criteria
How to decide? The criteria

1 Creating a Union of the citizens

Financial autonomy

Visibility, transparency and simplicity

Allocation of resources along EU policies (externalities)

2 Budgetary aspects

Sufficiency

Stability

Cost–effectiveness

3 Equity (fair sharing of the burdens)

Horizontal equity

Vertical equity

Fair contribution across member states

foreign exchange transactions main indicators
Foreign exchange transactions: main indicators

Average daily global value of foreign exchange transactions (April 2004)

$ 1 880 billion

Annual value of foreign exchange transactions (2004) $ 460 000 billion

of which:

Global annual exports of goods and services$ 11 069 billion (2.4%)

Global annual FDI outflows $ 730 billion (0. 2%)

estimations for the revenues from a foreign exchange tax
Estimations for the revenues from a foreign exchange tax

Estimations for the European Union:

France MF $ 22 billion

Spahn $ 17- 21 billion

Belgium MF $ 9 – 39 billion

Jetin $ 47 billion

open questions to be answered
Open questions to be answered
  • Revenues from tax on foreign exchange transactions for the EU or for the Third World?
  • Foreign exchange tax at global or European level - how to avoid relocation?
  • The UK´s role and the free riders - fair contribution of burdens?
  • Are there no more suitable candidates for a European tax?