The Vatican's Pontifical Council for Justice and Peace has called for a new tax on financial transactions and proposed the creation of a global authority to regulate financial markets. International institutions must be reformed to favour effective monetary and financial systems, it said.
The Council said an ethical approach would suggest ‘taxation measures on financial transactions through fair but modulated rates with charges proportionate to the complexity of the operations, especially those made on the “secondary” market’.
Such taxation would be ‘very useful in promoting global development and sustainability according to the principles of social justice and solidarity’.
On the same day, 11 trade associations representing users and providers of financial services wrote to the Chancellor to highlight ‘serious concerns’ over the proposed EU financial transaction tax.
The authors, including the British Bankers Association and the Association of British Insurers, said the European Commission’s own impact assessment acknowledged that it did not take full account of ‘the potential impact on the European economy and on Member States’ wider tax take, where there seems likely to be a disproportionate effect on EU financial centres’.
The Vatican's Pontifical Council for Justice and Peace has called for a new tax on financial transactions and proposed the creation of a global authority to regulate financial markets. International institutions must be reformed to favour effective monetary and financial systems, it said.
The Council said an ethical approach would suggest ‘taxation measures on financial transactions through fair but modulated rates with charges proportionate to the complexity of the operations, especially those made on the “secondary” market’.
Such taxation would be ‘very useful in promoting global development and sustainability according to the principles of social justice and solidarity’.
On the same day, 11 trade associations representing users and providers of financial services wrote to the Chancellor to highlight ‘serious concerns’ over the proposed EU financial transaction tax.
The authors, including the British Bankers Association and the Association of British Insurers, said the European Commission’s own impact assessment acknowledged that it did not take full account of ‘the potential impact on the European economy and on Member States’ wider tax take, where there seems likely to be a disproportionate effect on EU financial centres’.
