The United Kingdom and Proposed European Union Financial Transaction Tax - Essay Example

Only on StudentShare

Extract of sample
The United Kingdom and Proposed European Union Financial Transaction Tax

This EU financial transaction tax is different from a bank levy. Regulators believe that the proposed policy has the potential to raise nearly 57 billion Euros per year. This proposal has been the topic of a hot debate across the European Union since its announcement in 2010 and it still remains controversial among the member states of the EU. This paper will critically appraise the statement that “The United Kingdom should drop its opposition to the proposed European Union Financial Transaction Tax. The benefits accrued from the introduction of such a tax far outweigh the drawbacks”. EU financial transaction tax The provision for creating a new financial transaction tax was proposed by the European Commission President Jose Barroso on 28th September 2011 with intent “to make the financial sector pay its fair share”2. He pointed out that the under-taxed financial segment generated 4.6 trillion Euros during the crisis. Ultimately, through this policy, the European Commission aims to raise direct revenues for the European Union. Ten of the EU member states already impose some forms of a financial transaction tax; and the proposal aims to harmonise different existing financial transaction tax rates. The proposed policy will be applicable if any party to the transaction is located in the EU. ...Show more

Summary

The United Kingdom and the proposed European Union Financial Transaction Tax Introduction The European Union financial transaction tax (EU FTT) is an official proposal put forward by the European Commission with intent to introduce a financial transaction tax system within the EU’s 27 member states by 2014…
Author : lily02
The United Kingdom and Proposed European Union Financial Transaction Tax essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"The United Kingdom and Proposed European Union Financial Transaction Tax"
with a personal 20% discount.
Grab the best paper

Related Essays

Income Tax and Corporation Tax in the United Kingdom
The report will cover the following: the scope & core rules of income tax and corporation tax; direct taxes v indirect taxes; revenue generated by direct & indirect taxes; tax revenues & UK government expenditure; progressivity of income tax & corporation tax in the UK; responsibility of notification of income and payment of tax.
15 pages (3750 words) Essay
Banking System in the United Kingdom
These words were extracted from the final report of the United Kingdom’s Independent Commission on Banking published on September 12, 2011. The report focused on activities for a proposal to ring-fence the banking system within the United Kingdom. To summarize the term “ring-fencing” (Moe, 2011), the proposed UK banks will enclose their retail operations as legally separate entities that are well funded and can operate independently of the rest of the financial group.
10 pages (2500 words) Essay
Residency Rights in the United Kingdom under European Union Law
1 Two theories have been used in an attempt to elaborate on the EU provision of free movement of persons. The discrimination theory aims at eliminating protectionism and ensuring that persons and goods are treated formally and the same way as the nationals of the particular states.
6 pages (1500 words) Essay
European Union Financial Transaction Tax
This tax is meant to have an impact on financial transactions amongst institutions of finance that charge against the bonds and shares exchange across contract derivatives (Alworth and Arachi 2012). This initiative however does not affect businesses and citizens.
10 pages (2500 words) Essay
Proposed European Union Financial Transaction Tax
The imposed tax was set to affect monetary transactions happening between fiscal institutions directly by levying 0.1% on any exchange of stakes and bonds, and 0.01% on all offshoot contracts. Due to its proposed gains, many people have since nicknamed the law as the ‘Robin Hood Tax’.
9 pages (2250 words) Essay
Company Law in the European Union
14 pages (3500 words) Essay
The United Kingdom and the European Union Free Market
The reality is otherwise as federalism implements a system of power that is controlled by a democratic process (ley Berry). The Single Market, which resulted from the Single European Act, is a very important commercial measure that has been adopted by the European Union on the 31st of December 1992.
12 pages (3000 words) Essay
The programme for the harmonisation of Company Law in the European Union
The harmonisation of Company Law was considered to be a part integral to this process. As such, Company Law has developed into one of the most harmonised legal areas in the European Community.
17 pages (4250 words) Essay
Applied Economics
In this case, this can be achieved through looking at data involving four major economic factors of a country namely: Inflation, money at its local currency unit (LCU), revenue collected form tax and the gross domestic product of a given country. The following
1 pages (250 words) Essay
The United Nations And the European Union
According to the report based on the research and available data, the paper evaluates effectiveness and efficiency of the UN and EU for maintaining collective security and stability on a global level and raises the question over the effectiveness of the UN’s peacekeeping programs and EU’s foreign policies.
15 pages (3750 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT