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G-20 Shelves Global Bank Tax,
by Mary Swire, Tax-News.com, Hong Kong
Tuesday, June 08, 2010
As had been expected, the communiqué issued following the G20 meeting
of finance ministers and central bank governors in South Korea on June 4 and
5 shelved any commitment to a global banking tax.
In the face of opposition to a multilateral banking levy already expressed
by those countries, particularly Canada, whose banks had not caused the kind
of problems seen in the US and in Europe, the communiqué concentrates
instead on securing the economic recovery and addressing the future of financial
regulation.
While agreeing that “the financial sector should make a fair and substantial
contribution towards paying for any burdens associated with government interventions,”
the communiqué ditches a global solution and recognizes that “there
is a range of policy approaches”.
Instead, attendees agreed to "develop principles reflecting the need to
protect taxpayers, reduce risks from the financial system, protect the flow
of credit in good times and bad, taking into account individual countries'
circumstances and options, and help promote a level playing field.”
On the other hand, the G20 ministers affirmed their commitment to intensify
their efforts and to accelerate international financial repair and reform. This
included an undertaking to “reach agreement expeditiously on stronger
capital and liquidity standards as the core of our reform agenda, and in that
regard fully support the work of the Basel Committee on Banking Supervision
and call on them to propose internationally agreed rules to improve both the
quantity and quality of bank capital and to discourage excessive leverage and
risk taking.”
They also “emphasized the need to reduce moral hazard associated with
systemically important financial institutions,” and “committed to
accelerate the implementation of strong measures to improve the transparency,
regulation and supervision of hedge funds, credit rating agencies, compensation
practices and OTC derivatives in an internationally consistent and non-discriminatory
way.”
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