Current prices (kg): Gold €132.097 Silver €2.213
    

Will a transaction tax be introduced soon?

Holland Gold
Holland Gold
3 Apr. 2013

For the time being, the new government seems to be joining the EU countries that want to introduce a financial transaction tax. This is evident from a passage in the coalition agreement of the VVD and the PVDA. Last week, the European Commission agreed to a transaction tax. Ten EU countries, including France and Germany, have already decided to jointly impose a levy on transactions in securities and derivatives within the EU. Several countries were against this, including Great Britain and the Netherlands.
In the coalition agreement of Rutte and Samson, they mention that they will join this plan, on the condition that the Dutch pension funds remain safeguarded. In addition, they provide that there must be no disproportionate overlap between the current bank tax and the revenue that flows back to the Member States. Since these conditions are already explicit choices in the Commission's proposal, it seems to open the way to the actual realisation of a so-called financial transaction tax. 
The European Commission has calculated that this tax would generate 3 billion euros for the Netherlands. The coalition agreement does not yet include any income from this. This amount will also be lower if pension funds and bank tax are exempted.
The amount of the transaction tax will be 0.1% on all financial transactions. A levy of 0.01% will be levied on derivatives transactions. This tax would generate between 60 and 80 billion euros in 2020 if all European countries participated.

In order for this tax to actually be introduced, it is necessary for at least 15 Member States to agree to this proposal.

 

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