Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-288-500"
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"en.20120523.15.3-288-500"2
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"I voted against the proposal for a Council directive on a common system of financial transaction tax as I believe this tax to be ill-considered and that it would only make the European Union’s enormous economic problems worse. The directive provides for a tax on financial transactions involving all kinds of securities, such as shares, bonds and derivatives in regulated and unregulated markets. The directive does not apply to transactions in primary (national central bank) markets. The intention is to apply the tax in accordance with the residence principle, that is, the tax would be borne by the counterparty located in the European Union, and also in accordance with the issuance principle, that is, the tax would be borne by an issuer of securities located in the EU. This gives grounds for concern that more and more transactions will take place outside the EU in order to avoid the tax. Those transactions that cannot be relocated beyond the boundaries of the EU, such as the purchase of certain company shares on stock exchanges, will become more expensive. We must not forget that right now, a part of EU countries’ economies is endangered, and we must strive to revive growth and confidence. Increasing taxes and introducing new taxes will help neither growth nor the restoration of confidence."@en1
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