Source: European Parliament
In 1972, a year after the dollar moved off the gold standard, James Tobin proposed a financial transaction tax (FTT). Such an instrument could help put a stop to the financialisation of the economic system. The FTT could form the basis of a new category of own resources for the EU’s budget and serve as a source of funding for increased financial needs in the next multiannual financial framework.
In addition, all companies must meet their tax obligations in a fair manner and there must be a level playing field at EU level as regards digital market taxation.
The ongoing digital transformation of the economy calls for solutions that allow for the effective corporate taxation of digital businesses. If set at 3%, it is estimated that this tax could generate revenues of EUR 5 billion per year for the Member States. Work at OECD level is not delivering the anticipated results.
This necessitates a commitment from the Commission.
1. What s the Commission’s position on these public levies?
2. Does the Commission foresee a date by which these these levies will be introduced through EU law measures?
3. What actions is the Commission taking in order to standardise the financial transaction tax and the sectoral digital tax at EU level?