France creates Robin Hood Tax
Robin Hood Tax campaigners have welcomed an announcement by the French government to implement a financial transactions tax (FTT). The 0.2% tax will be collected on all transactions involving French companies that are valued at more than 1.5 billion dollars.
The Robin Hood Tax activists who have been campaigning since 2010, hope the tax will direct a portion of funds from large corporations to positive initiatives such as reducing poverty and tackling climate change.
The new French tax is expected to raise half a billion euros next year and President Francois Hollande has indicated that a proportion of this will be used to help fight global poverty and HIV-AIDS.
David Hillman, spokesperson for the Robin Hood Tax, said, “It’s great news that France is forging ahead with a Robin Hood Tax, showing it’s capable of putting the interests of people before the profits of a privileged few.”
A further nine European countries are expected to join France by creating their own FTTs by December 2012.
Source: Positive News UK