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On September 15th the Robin Hood Tax campaign wrote an email to all parties and Independent TDs alerting them to one obvious first and easy step towards achieving their commitment to Tax Justice.
One TD, Thomas Pringle, kindly brought this request in an oral PQ to the Minister of Finance.
Support was also send from Joan Collins TD, Tommy Broughan TD and Maureen O Sullivan TD. We know we also have the support from Independent TD Mick Wallace, the Green Party and PBP. But we are awaiting responses from other parties.
See below our email to the Decision Makers, and the Oral PQ asked by Thomas Pringle.
Hoping this message finds you very well.
We welcome the recent agreement on and commitment to “the highest international standards in transparency in the taxation of the corporate sector” by the Dail. Ireland needs to refurbish its international reputation and standing with regard to issues of tax. The Irish people need a transparent and fair corporate tax regime if we are to secure the developments required in our society. The Dail motion needs to be accompanied by visible and action on this issue of corporate tax.
We write to offer one concrete step that the Government could now take in this regard. Ten other EU countries are in the final stage of negotiations for a Financial Transactions Tax (FTT)[i]. They are doing so to ensure the financial sector pays a greater contribution in taxation, to enable it to compensate for the support it received during the financial crisis, and to bring greater transparency to financial activities. Ireland should join this group of 10 countries implementing the FTT to raise additional revenue, improve market stability and set down a new marker for transparency in the taxation of the corporate sector.
The introduction of the FTT would boost the Government’s budget yearly by some €350 million. This could contribute to investing in some of the most pressing challenges we face such as renewal of our public services, eliminating poverty, addressing climate change and fulfilling Ireland’s overseas aid commitments. The tax would also reduce harmful economic activity by short term speculators and high frequency financial traders.
The FTT can deliver vital income as well as help build our international reputation as a country committed to tax justice.
We hope you would be able to back the European FTT initiative and support the introduction of the FTT in Ireland and look forward to hearing from you on this matter.
The Minister response in brief is: They are not contemplating a change of decision at the moment. But he is mentioning that Brexit might make it more significant.
Watch the full PQ and answer: https://www.youtube.com/watch?v=r7Ah32WTx8s