Extracts from the press conference by Janusz Lewandowski on Quantification of the financial transaction tax as the EU budget own resource

Type: Summary of press conference   Reference: I-072840   Duration: 10:03:24  Lieu:
End production: 22/03/2012   First transmission: 22/03/2012
On 22/03/2012 in Brussels, Janusz Lewandowski, Member of the EC in charge of Financial Programming and Budget, gave a press conference to announce that, according to estimates, the financial transaction tax as designed by the European Commission could raise €54 billion annually if implemented throughout the European Union. Member States have started debating the introduction of a financial transaction tax based on a proposal of the Commission. Under the current proposal, a tax of 0.1 percent would be levied on bond and equity transactions and a tax of 0.01 percent on derivatives.

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10:00:00 Title 00:00:05
10:00:05 General view of the press conference 00:00:05
10:00:10 SOUNDBITE (in English) by Janusz Lewandowski, Member of the EC in charge of Financial Programming and Budget, on the design of the financial transaction tax, saying that it is driven by 10 EU countries already taxing. Experience from UK is that it should be broad-based covering different financial products, especially those with a rapidly rising volume. Tax should be targeting only financial institutions and not households. 00:01:15
10:01:26 Cutaway of press 00:00:04
10:01:31 SOUNDBITE (in English) by Janusz Lewandowski on the compensation and on the residence principle, saying that this should mitigate the risk of delocalisation. Tax should be collected in the country of registration of the financial institution. 00:00:40
10:02:11 Cutaway of press 00:00:04
10:02:15 SOUNDBITE (in English) by Janusz Lewandowski estimating that the money for 2010 that could be collected through the financial transaction tax is about 38 billion €, equivalent to 2/3 of what might be collected. 00:00:34
10:02:50 Cutaway of press 00:00:04
10:02:55 SOUNDBITE (in English) by Janusz Lewandowski saying that given the growing rate of financial volumes, it is estimated that it should growth in 2020 54 billion € collected for the European budget. 00:00:28
10:03:24 Cutaway of press 00:00:04
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