Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-285-000"
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"en.20120523.15.3-285-000"2
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"I voted in favour of the financial transaction tax (FTT) for a number of reasons. First of all, the financial sector is largely exempted from taxation of its activities and transactions. This, in itself, is a problem and needs to be rectified – it is a sector like any other and should contribute its share of taxation. Furthermore, the huge increase in financial transactions – many of them highly speculative and short-term in nature – clearly indicates that the trading does not serve the needs of the real economy and that its purpose is to generate massive profits for bondholders and investors. The imposition of an FTT should curb some of these high-frequency transactions, which often destabilise markets and have no productive outcomes whatsoever. Unfortunately, I missed some of the early votes on the report, but I intended to support Amendments 15, 52d and 36. This proposal is not perfect, but the residence principle, combined with the issuance principle, will close many of the loopholes. However, we still need a watertight, harmonised approach to tax avoidance."@en1
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