Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-041-000"
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"en.20120523.3.3-041-000"2
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"Mr President, we are about to allow the EU to finance itself directly from taxpayers’ pockets without negotiations with anybody, not even the Council. We cannot think that giving the EU tax-raising powers without normal democratic scrutiny is acceptable. It is not.
In addition, the legal argument on which this House is trying to base the establishment of an FTT is incorrect. The different sizes of the financial industry in some Member States are not an indication of distorted competition, but rather due to historic developmental differences. This should never have been interpreted as a reason for tax harmonisation.
Furthermore, the Commission proposes to tax both sides of the transaction. If one of the parties is not a signatory to the treaty, then the other party would have to raise both amounts. What would then happen to the UK veto? It would be useless. The UK taxpayer would end up paying the tax on all transactions that involved Member States who have signed the treaty. However, it would not enjoy a reduction in its EU contribution as it has not signed up to this treaty.
Of course, this House and the Commission must know that as long as the FTT does not become a global tax, the financial sector could move to other, more tax-friendly locations. But they feel the EU can afford the loss of this very important industry. It cannot."@en1
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