French Parliament passes resolution to present European Robin Hood Tax legislation

Posted on June 8th, 2011 by Ned Kelly

The French National Assembly has passed a resolution to partner with the German government in proposing a European Financial Transaction Tax (Robin Hood Tax) with revenues raised committed to development and climate change.

The resolution praises President Sarkozy for his commitment to the FTT  and decides that together with the German chancellor and government present a draft legislation for the implementation of financial transaction tax at the latest at the first meeting of the EU Council in autumn, which contains the following elements:

- a tax of 0.05% on all financial transactions;
- with as tax basis all transactions on exchanges and OTC, comprising stocks, bonds and derivatives, as well as currency transactions;
- attribution of the tax revenues to the national budgets;
- such a draft legislation should be presented at European level, or, if this should not be possible, in the Euro-zone or by a group of member countries;

The revenues should be used for “innovative finance, particularly for development and the struggle against climate change, which is a priority of the French G20 Presidency and a precondition for success of the next world summit on climate in South Africa.”

If you feel like testing your French….. the original of the text can be found on the National Assembly website.

Or take a look at the English translation from our excellent French-speaking intern and merry Robin Hood Tax campaign supporter, Annick.

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