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'Tobin' Tax Must Be EU-Wide, Says Ireland

by Jason Gorringe, Tax-News.com, London

11 November 2011


Dublin's financial services sector would be hard hit were proposals for a financial transaction tax not rolled out across the European Union as a whole, Ireland's Finance Minister has warned.

Speaking at a November 8 meeting of European Finance Ministers, Noonan said plans for a Tobin tax would be acceptable to Ireland only if made applicable to each of the 27 EU member states. Imposing it among the 17 eurozone countries alone would not be welcomed by the Irish.

In particular, Noonan is concerned about the impact isolating the tax to the eurozone would have on Ireland's financial services industry. Implementing it in Dublin but not in London would be "very onerous", he stressed.

Noonan was also clear that, while the tax in principle may have received backing, greater technical work on the proposals is required.

A comprehensive report in our Intelligence Report series, analysing the situation on the ground in each of the main offshore banking centres, is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report3.asp
TAGS: tax | economics | Ireland | fiscal policy | banking | capital markets | tobin tax | United Kingdom | offshore | offshore banking | tax reform | European Union (EU) | services | Europe

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