Taxing Banks: A submission to the IMF
The TUC has joined Christian Aid, Tax Justice Network, Tax Research UK and the Task Force on Financial Integrity and Economic Development in a response to the IMF’s request for civil society suggestions on how the financial sector could pay for the costs of government support given to the banks.
Prepared by Richard Murphy‘s Tax Research LLP, our submission Taxing Banks examines how banks are currently taxed around the world, and the case for reform both in order to raise income needed to meet the costs of the crisis, and to make many of their activities less potentially harmful and more tax compliant.
The recommendations range from a number of different financial transaction tax options (such as the Robin Hood Tax) in the short term to more fundamental reform of taxes, disclosure, codes of conduct and anti-avoidance measures as longer term solutions. You can read the full report as a pdf download.