Financial Transaction Tax

This conference notes the ICTU document. The Case for the Financial Transaction Tax, which argues that the financial sector, having absorbed large amounts of taxpayers money should make a fair contribution to the recovery. Since the publication of this report eleven EU countries have decided to go ahead and introduce such a tax. The Irish Government has stood aloof, out of concern for employment in the IFSC. It is the belief of Congress that such concerns are exaggerated and misguided, especially due to the design of the tax. By remaining outside the FTT we allow tax authorities in other Member States to collect tax on trades made in Ireland and by firms based in Ireland, thus imposing further hardship on Irish taxpayers. This Conference welcomes the publication of the proposal for a Marshall Plan for Europe with its statement that such a plan would only benefit those EU countries that have already introduced a Financial Transaction Tax Conference therefore calls upon the Irish Government to join the FTT procedure at the earliest possible date. Conference calls upon the CSO to collect and publish data on the amount of FTT revenue lost to the Irish authorities for as long as Ireland stays outside the FTT.