Kātene renews call for financial transaction tax

Thursday, 29 September 2011, 5:16 pm
Press Release: The Maori Party

Rahui Katene
MP for Te Tai Tonga | Maori Party Deputy Whip
Thursday 29 September 2011

Kātene renews call for financial transaction tax

Māori Party MP Rāhui Kātene has renewed calls for a Financial Transaction Tax (FTT) in light of recent developments in the European Union (EU).

The European Union Executive Board this week approved a proposal that would impose a 0.1% financial transaction tax on all stocks and bonds traded within the EU. This has been estimated to raise up to $55billion in revenue.[1]

“The Māori Party has long advocated for an FTT (see footnote 2)” said Mrs Kātene. “Now is the time to look seriously into the merits of the financial transaction tax approach in New Zealand, and follow the lead of the European Union.

Mrs Katene said it was a crime that the New Zealand Tax Working Group did not explore the possibility of an Financial Transaction Tax when it released its report into the New Zealand tax system last year. “But the European Union is now setting a precedent that New Zealand should follow.”

“Money speculators, financial lending institutions, stock market traders and the like are not currently taxed on their transactions in New Zealand. This is unfair as every other sector of the New Zealand economy pays its fair share of tax such as the dairy, manufacturing and service sectors. Why not the finance sector?”

ENDS

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Kātene renews call for financial transaction tax

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