(AGI) G20/TAXATION: SARKOZY ANNOUNCES GROWING SUPPORT TOBIN TAX

(AGI/AE) Cannes, 04 nov. -French President Nicolas Sarkozy said on Friday 4 November after the G20 summit in Cannes that many have joined France in its fight for a tax on financial transactions, namely Germany, the European Commission, Spain, Argentina, the African Union, Ethiopia and the Secretary General of the United Nations. He hoped such a tax would see the light of day next year and that most of its proceeds would be used to fund development policies. He explained that three years ago, only development charities were talking about a tax on financial transactions (FTT), which they called a Robin Hood Tax, but it was now being discussed by world leaders. He said he shared charities' disappointment that other key issues at the G20 summit had been overshadowed by the sovereign debt crisis. On Thursday, Sarkozy said that an FTT was feasible technically, vital financially and unavoidable ethically.

In their final statement, the G20 leaders say: "We also agree that, over time, new sources of funding need to be found to address development needs and climate change. We discussed a set of options for innovative financing highlighted by Mr Bill Gates. Some of us have implemented or are prepared to explore some of these options. We acknowledge the initiatives in some of our countries to tax the financial sector." Nicolas Sarkozy argues that it is not good enough to say that we have to wait until everyone agrees.

The president of the European Commission, Jose' Manuel Barroso, briefed the G20 on the draft legislation unveiled by the European Commission in September 2011 on the introduction of an FTT, saying on Friday that more had to be done for the poor. He made no attempt to hide the fact that there was disagreement about this. Sarkozy said that some countries were highly opposed to the idea. Within the EU, it is known that the United Kingdom and Sweden do not want any tax on financial transactions.

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23:03 - 04 novembre 2011