Robin Hood Tax wins more support
Everyone’s at it now! More and more countries and institutions are backing the idea of a financial transactions tax (FTT) as the crucial discussions in the EU and the G20 come closer. The latest examples are:
- South Africa: they already have a tax on share transactions, but have been rather quiet about going further, although the Health Minister has gone on record in the past as supporting an FTT for spending on Millennium Development Goals. Now, Finance Minister Pravin Gordhan has broken cover and made the South African government’s support more clear, in remarks at a BRICS press conference at the autumn meetings of the IMF/World Bank (full quote below); and
- President Leonel Fernández of the Domincan Republic, speaking at the UN General Assembly, called for an FTT to tackle sovereign debt crises and provide funding for investment to tackle poverty.
This is the statement on the FTT made by South African finance minister:
“The issue of financial transactions taxes is an important one. Given the fiscal challenges that many parts of the world face today, the issues of development aid and climate financing – both mitigation and adaptation – are serious challenges. South Africa does have that tax on share transactions and we will certainly want to consider financial transactions taxes generally … we look forward to the [Gates] report and its discussion. This is something that the French Presidency of the G20 has very timely put on the agenda and hopefully we will begin to make some progress in mobilizing these funds.”