The consequences of Proposed referendum on United Kingdom membership of the European Union-vote and the coup attempt in Turkey to make the G20 worries. The top economic powers but do not want to be distracted – and work on more equitable tax systems. Leading the charge:. German Finance Minister Wolfgang Schäuble
Germany takes the initiative for a tax on financial transactions at the global level. Since such a tax will bring in Europe alone little, made Wolfgang Schäuble (CDU) at the meeting of G20 finance ministers and -Notenbankchefs the leading industrial and emerging countries (G20) surprisingly a corresponding advance.
He had the first time taken at the global level, the initiative, Schaeuble said Saturday in Chengdu, China. Background is the G20 debate on a fair and socially balanced tax policy and sustainable growth: “That’s wonderful fitted into the discussion.”
“There has been no attempt”
All had agreed that it would be right to introduce a tax on financial transactions at the global level, Schäuble said. “As there has been no one tried.” Therefore, he made the first serve and a global financial transaction tax (FTT) advertised as a further step in the “so fruitful cooperation” of the G20 countries. In Europe, you always bump into limits because only shifts in the taxation of business models would be achieved: “That’s why it must be done globally.”
In a control Symposium before the G20 meeting Schäuble had previously said it was not possible to overcome the problem without a global approach. Schäuble spoke facing the efforts for a FTT in Europe of a “long and very ridiculous” story: “We are not very successful to solve the problem.”
Works like a VAT
Meanwhile, only Germany and nine other European countries want to impose a tax on financial transactions. But the negotiations have been running for months depressed without tangible result. Recently, countries were bailed out, who wanted to introduce in the way of enhanced cooperation, the financial control also.
The levy would after previous ideas as a tax on trade in banking and stock exchange products, such as shares and derivatives, function. Sense does such a tax experts view but only if go along all major financial centers and that all G20 countries.
In their two days of deliberations, the top economic powers conferred also on the impact of the planned British withdrawal from the European Union and the consequences of the coup attempt in Turkey.
From today their income flowing into his own pocket
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