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Dutch central bank opposes financial transaction tax planMonday 06 February 2012 The Dutch central bank is opposed to the introduction of a tax on financial transactions, as proposed by the European Commission last year. The plan is also backed by French president Nicolas Sarkozy. The introduction of such a tax would be 'undesirable', the central bank said in a statement. In addition, 'the current proposal will slow down economic growth ... and set back Dutch banks, pension funds and insurers €4bn a year.' The bank said the Netherlands, with its relatively large financial sector, will contribute a large share of the €57bn which Brussels hopes the tax to raise. In addition, the tax would have unpredictable and negative effects, especially if not applied world wide, the statement said. Backing According to the NRC, Dutch prime minister Mark Rutte said several months ago he is in favour of the transaction tax, if it applies to 'more than a couple of countries'. This is necessary to head off negative effects on competition. However, the government's macro-economic forecasting agency has also said the tax will have a negative effect on the Dutch economy and will do little to counteract risky trading behaviour, the paper said. Britain is also strongly opposed to the plan. © DutchNews.nl
Its just a way of raising money (Tax) for Brussels to bail out Greece, Italy, Portugal etc. let the Germans and French do that if they desire but why should the Dutch bail them out? Rutte should not have signed up to this, Cameron didn't! By AndyT | February 6, 2012 4:58 PM UK and NED are global leaders of the finance/service industries - voting for transaction tax would be the proverbial turkey voting for Christmas. Do you think the rest of the World will apply the same? and global corps know no allegiance to national boundaries - they plant their HQ where political conditions are benign and the bottom line net of costs (and that includes taxes of whatever name) give the greatest buck! By Peter | February 6, 2012 5:56 PM Apparently a tax is like a brake on the economy..? So the taxes that pay for the roads, the hospitals, the subsidised housing, the welfare benefits must all contribute to slowing down the economy. When there is a tax suggested to actually affect the part of the economy that has created worldwide financial chaos and collapse, that is bloodsucking...? Very simplistic I think..The real bloodsuckers in the picture are the financial wizards that have been screwing governments, people, assets, industries,commodities and nations for years.Tax them I say and then tax them again..! By mario | February 6, 2012 6:00 PM Many transactions simply generate fees for banks etc. rather than contributing anything to the economy. If institutions hold on to assets for longer periods, they would reduce the amount of transaction tax to be paid. By john | February 6, 2012 6:52 PM In contradiction to Charles' view, I regard the current free-wheeling speculators as part of the problem and not part of the solution. A tax as amall as the Tobin tax will only affect speculators who hold stocks for no other reason than to make a profit on their going up or down inside a day's trading. The market is there for investment. It always has been. If you do not have a Tobin tax, then have a 100% tax on profits on any share held less than (say) 90 days. Then have a sliding scale of profits tax until you get to 240 days when you will be taxed at the normal level. By Gemma | February 6, 2012 7:21 PM Sounds fair to me. Why should the financial sector go untaxed when honest working folks get taxed? And, when they're in trouble, get rescued with the taxpayers' money? By kos | February 6, 2012 10:41 PM Rely on Brussels to find something else to tax! By Donaugh | February 7, 2012 9:37 AM @charles likewise, you cannot steer effectively or respond to incoming traffic conditions without a brake... taxes defined as holding back an economy is too simplistic of an understanding. an economy with no taxes would not be the economic Utopia I think that you imagine it would be. think you By bunny | February 7, 2012 3:04 PM The Dutch Central Bank report showed that 42% of the transactions tax cost would be borne by pensions and retirement savings, thereby reducing retirement benefits by over 5% for the typical worker. Lars Oxelheim, PhD, reached this same conclusion in a separate study. By TD | February 7, 2012 8:22 PM
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When will this blood-sucking pack from Brussels and EU countries governments realise that a tax is something that holds back the economy, it's like a break in a car - you won't go faster holding down a break!
By charles | February 6, 2012 2:25 PM