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An internationally coordinated financial transactions tax is a practical way to generate much needed revenues and discourage damaging short-term financial speculation. STWR joins with civil society groups around the world to demand G20 leaders take the idea forward.
12th November 2010 - Published by Choike.org
International Civil Society Statement to the G-20 Leaders Summit in Seoul
We, the undersigned civil society organizations from 23 countries,
urge G-20 leaders to make concrete progress towards the introduction of
an internationally coordinated financial transactions tax (FTT) at the
upcoming summit in Seoul.
Our organizations have long advocated that such taxes are a
practical way to generate revenues needed to fill domestic and
international financing gaps, discourage the type of short-term
financial speculation that has little social value but poses high risks
to the economy and serve as a desperately-needed and sustainable source
of financing for health and development. In recent months, the case for
an FTT has been strengthened with new inputs from sometimes unexpected
sources. Several developments have contributed to building a solid
foundation for going beyond discussion of options to implementation:
IMF research commissioned by the G-20 recognizes technical feasibility of FTTs
At the 2009 Summit in Pittsburgh, the G-20 charged the International
Monetary Fund (IMF) with preparing a report on various financial sector
taxation options. While the IMF report delivered in June 2010 favored
an alternative approach (devoting only 3 of its 74 pages to FTTs), it
did confirm the administrative feasibility of this option. A follow-up
IMF technical paper has pointed out that most G20 countries have
already implemented some form of transaction tax, and offered useful
information on how to design the taxes to make them most effective. The
paper also confirmed that such taxes can generate substantial revenues.
A report by the ‘Leading Group on Innovative Financing’ endorses one form of FTT
In July 2010, a group of international finance experts confirmed the
feasibility of taxing financial transactions, with a view to financing
international commitments for health and development made to developing
countries. The experts had been commissioned to produce a feasibility
study for a group of 12 governments -- Germany, UK, Japan, France,
Belgium, Korea, Norway, Senegal, Brazil, Spain, Austria and Chile.
These countries are part of the Leading Group on Innovative Financing
for Development, comprised of 60 nations (including 75% of G20 member
states). In their report, the experts point to foreign exchange
transactions between banks as the easiest option for collecting a
solidarity tax. They calculated that an extremely small tax of only
0.005% on such transactions would generate 33 billion USD per year.
European Union and UN High-level Advisory Group on Climate Change Financing consider FTT
Meanwhile, the European Commission is considering the possibility of
introducing an FTT at European level, following the support shown by
the European Parliament earlier this year. A European Commission report
notes that, depending on the rate and coverage, an FTT could potentially
generate more than $1 trillion per year. The FTT is also being
addressed by a workstream of the High Level Advisory Group of the UN
Secretary General on Climate Change Financing (AGF). The Group, made up
of heads of state, high-level officials from ministries and central
banks, and other finance experts, is expected to release a report on
climate finance options in late October 2010.
The need for FTTs has grown more urgent
FTTs are one of the few available options that could generate the
enormous financial resources required to pay for the continuing costs of
the global financial and economic crisis, including reducing the
unacceptably high rate of job loss, and to achieve key development,
health, education and climate change objectives in developing countries.
Several hundred billion dollars worth of untapped revenue could
potentially be harnessed. This new financing is required in addition to
official development assistance in order to meet the Millennium
Development Goals. Alternative financial sector taxes as proposed by the
IMF would fall far short of the volume required. At the same time, the
potential benefit of FTTs to enhance market stability is of equal
interest as the world has become more aware of the dangers posed by
automated high-frequency trading that increasingly predominates in
financial markets. Even extremely low transactions tax rates would
reduce the incentive for such speculative activities.
At the recent UN Summit on Millennium Development Goals, French
President Nicolas Sarkozy made a very welcome vow to press for an
international agreement on FTTs during his term as G-20 chair in 2011.
There is, however, no reason to delay. We call for G-20 action on this
critical issue to begin in Seoul.
Signatories:
International/Regional:
International Trade Union Confederation (ITUC)
Trade Union Advisory Committee to the OECD (TUAC)
European Federation of Public Service Unions (EPSU)
Public Services International (PSI)
WWF International
Education International (EI)
Global Campaign for Education (GCE)
International HIV/AIDS Alliance
Feminist Task Force (GCAP)
International Union of Food, Agricultural, Hotel, Restaurant, Catering, Tobacco and Allied Workers’ Association (IUF)
Tax Justice Network (TJN)
ActionAid International (AAI)
Oxfam
Health Poverty Action
Greenpeace
Emmaus International
PLUS, Coalition Internationale Sida
Third World Network (TWN)
Global Call to Action Against Poverty (GCAP)
Federación Internacional Fe y Alegría
European Trade Union Confederation (ETUC)
Global Union Federation Building and Wood Workers International (BWI).
Friends of the Earth International
The African Campaign for Education for All (ANCEFA), Senegal, for African continent
European Network on Debt and Development (EURODAD)
International Metalworkers' Federation
PSI Asia Pacific Regional Organization (PSI-APRO)
Economic Governance for Health (EG4Health)
La Red Latinoamericana sobre Deuda, Desarrollo y Derechos (LATINODAD)
National:
AFL-CIO, US
WEED - Weltwirtschaft, Ökologie & Entwicklung, Germany
Make Poverty History, Canada
Institute for Policy Studies, Global Economy Project, US
Dutch Platform on Sustainable and Solidarity Economy, the Netherlands
Oikos Foundation (Dutch member, Tax Justice Network), the Netherlands
RESULTS, Canada
World Development Movement, UK
Both ENDS, the Netherlands
The National Union of Public and General Employees, Canada
War on Want, UK
CCFD-Terre Solidaire, Catholic Committee against Hunger and for Development, France
Norwegian Church Aid, Norway
CRBM, Italy
Service Employees International Union (SEIU), US
Australian Council of Trade Unions (ACTU), Australia
New Zealand Council of Trade Unions Te Kauae Kaimahi, New Zealand
African Initiatives, UK
Article 12 in Scotland, UK
University and College Union (UCU), UK
Grassroots International, US
Friends of the Earth, US
Bond, UK
Treatment Action Group (TAG), US
General Secretary National Union of Teachers. UK
United Methodist Church, General Board of Church and Society, US
Share The World’s Resources (STWR), UK
Public Citizen, US
Italian General Confederation of Labour, Italy
Ecologistas en Acción, Spain
Health GAP (Global Access Project), US
KAIROS Canadian Ecumenical Justice Initiatives, Canada
Victoria AIDS Resource & Community Service Society, Canada
The Canadian HIV/AIDS Legal Network, Canada
Nationwide Group Staff Union, UK
Friends of the Earth, Sierra Leone
Africa Europe Faith Justice Network, UK
TB Alert, UK
UNI-Korea Liaison Council, South Korea
Niger Delta Women's movement for Peace and Development (NDWPD), Nigeria
INDIAN SOCIAL ACTION FORUM - INSAF, India
UNISON, UK
NASUWT, UK
The Zacchaeus 2000 Trust, UK
Housing Justice, UK
Worldview The Gambia
Action for Southern Africa ACTSA, UK
CS de Comisiones Obreras (CS CCOO), Spain
Lokoj Institute, Bangladesh
Instituto del Tercer Mundo, Uruguay
Jubilee, Australia
IBON, Philippines
Trades Union Congress (TUC), UK
KRuHA-People's Coalition for the Right to Water, Indonesia
The National Union of Journalists, UK
Canadian Union of Public Employees (CUPE), Canada
Halifax Initiative, Canada
ABVV/FGTB, Belgium
Alliance Sud--the Swiss Coalition of Development Organisations, Switzerland
Institute for Agriculture and Trade Policy, US
Norwegian Forum for Environment and Development, Norway
Aktionsbündnis gegen AIDS, Germany
The International HIV/AIDS Alliance, UK
The Stop AIDS Alliance, Belgium
Spire, the Development Fund's Youth, Norway
Robin Hood Tax Campaign, UK
Stamp out Poverty, UK
ATTAC, France
Catholic Agency for Overseas Development (CAFOD), England and Wales
International HIV/AIDS Alliance, UK
CNCD-11.11.11, Belgium
World Federalist Movement, Canada
AITEC / IPAM, France
RESULTS, UK
Forum on Indonesian Development (INFID), Indonesia
Global Health Advocates (Avocats pour la Santé dans le monde), France
ATTAC, Denmark
Lunaria, Italy
ATTAC Québec, Canada
Red Mexicana de Acción frente al Libre Comercio (RMALC), Mexico
Alianza Mexicana por la Autodeterminación de los Pueblos (AMAP), Mexico
Bia´lii, Asesoría e Investigación, A.C, México
The Christian Socialist Movement (CSM), UK
Kepa, Service Centre for Development Cooperation, Finland
Fundación Primero de Mayo (First of May Foundation), Spain
FOCO -Foro Ciudadano de Participación por la Justicia y los Derechos Humanos, Argentina
Fair, Italy
Grupo Tacuba, A. C., Mexico
Consejo de Investigaciones e Información en Desarrollo CIID, Guatemala
Comisión Independiente de Derechos Humanos de Morelos, Mexico
Partido Revolucionario de los Trabajadores, Mexico
Pacto por la Soberania Alimentaria Energetica, los derechos de
losTrabajadores y las Garantas Constitucionales en Morelos, Mexico
ATTAC, Spain
Movimiento Rural Cristiano de AC, Spain
Asociación de Defensa de la Vida, ADEVI, Perú
Veterinarians Without Borders (VSF), Spain
MUNDUBAT, Spain
Fiare Banca Ética de Sabadell, Spain
CNPL, Brazil
ATTAC, Norway
Otros Mundos AC - Amigos de le Tierra (Friends of the Earth), México
German Campaign "Tax Against Poverty", Germany
ATTAC, Germany
Global Alliance for Incinerator Alternatives (GAIA), Belgium
Confederación Revolucionaria de Obreros y Campesinos, (CROC), México
ASDE Scouts de España, Spain
Comité Nacional de la Confederación de Trabajadores, México
Indian National Trade Union Congress (INTUC), India
ATTAC- Hellas, Greece
Jubilee Debt Campaign, UK
Grupo de Tecnología Alternativa SC, Mexico
NKOTA-netzwerk, Germany
Mujer y Medio Ambiente AC, Mexico
Red de Genero y Medio Ambiente, Mexico
Jubilee USA Network, US
Civil Society Forum for Climate Change, Tanzania
Secretariado Social Mexicano, A.C., Mexico
The Federation of Independent Trade Unions of Russia, Russia
Secours Catholique / Caritas, France
Intersindical Valenciana, Spain
Altermond, Japan
Coalición española de la Campaña Mundial por la Educación ( Ayuda en Acción, Educación sin Fronteras, Entreculturas), Spain
Mexicanos Contra La Desigualdad, Coalición Nacional Mexicana del GCAP, Mexico
Comisión Nacional de Enlace (CNE), Costa Rica
World Democratic Governance Project Association (apGDM-WDGpa), Spain
Health Alliance International, US
ACV-CSC, Belgium
Observatori del Deute en la Globalització, Catalunya, Spain
ATTAC, Austria
AFRICANDO de Gran Canaria, Spain
Mirada Solidaria, Spain
Federation of Trade Unions, Ukraine
Hind Mazdoor Sabha (HMS), National Trade Union Centre, India
Partners in Health, US
Association of Citizens for International Solidarity Taxes, Japan
International Solidarity Tax Joint Campaign, Japan
RESULTS Japan
Japanese Trade Union Confederation (JTUC-RENGO), Japan
Japan NGO Network for Education (JNNE), Japan
Health, Pharmaceutical and Social Care Workers' Trade Union, Georgia
RESULTS, US
Unión Sindical Obrera (USO), Spain
World Federalist Movement of Japan
Attac, Finland
Stop AIDS Campaign, UK
Maryknoll Office for Global Concerns, US
Plataforma 2015 y más, Spain
Medicus Mundi, Spain
General Union of Workers, UGT-P, Portugal
Confederación Intersindical, Spain
Ugoku/Ugokasu / Global Call to Action against Poverty –(GCAP), Japan
Greenpeace, Spain
Observatorio RSC, Spain
Hunger Free World, Japan
Council for NGOs in Malawi (CONGOMA), Malawi
Fe y Alegría, Guatemala
Americans for Financial Reform, US
Fiare Zona Centro, Spain
Positive Vibes, Namibia
Network Institute for Global Democratisation (NIGD), Finland.
Fundacion PROCLADE, Spain
Solidaridad Internacional - Spain
CONGDE - Coordinadora de ONG Spain
Fundación IPADE - Spain
Inspiracion – Spain
National Education Association (NEA), US
SPEAK Network, UK
The Ecumenical Council for Corporate Responsibility, UK
Union of Shop, Distributive and Allied Workers (USDAW), UK
Educational Institute of Scotland, UK
Ekklesia, UK
Terræ Organização da Sociedade Civil, Brazil
ITEREI- Refugio Particular de Animais Nativos, Brazil
Centro de Referencia do Movimento da Cidadania pelas Águas Florestas e Montanhas Iguassu Iterei, Brazil
Tearfund, UK
Christian Socialist Movement, UK
General Assembly of Unitarian and Free Christian Churches, UK
ATD Fourth World, UK
Community the Union, UK
Fundación Alternativas, Spain
Setem, Spain
Seo/Birdlife, Spain
Manos Unidas
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