All material subject to strictly enforced copyright laws. © 2022 ITR is part of the Euromoney Institutional Investor PLC group.

Robin Hood Tax campaign

Non-governmental organisation

Robin Hood Tax campaign

Just a couple of years ago, it would have been difficult to imagine non-governmental organisations campaigning for a financial transaction tax (FTT) as among the world’s greatest influences in tax.

But in January 2013, 11 EU member states were given the green light to implement the FTT. Now four of the five biggest economies in Europe are signed up to introducing what was once considered to be a radical, fringe idea.

“It was a historic moment for FTT campaigners around Europe who’d witnessed the tax move from political backwater to brink of reality,” says Simon Chouffot of the Robin Hood Tax Campaign (RHTC). “It was proof that member states can act to ensure banks pay for the damage they caused. The 11 countries involved make up 90% of eurozone GDP, 66% of EU GDP.”

The UK is notable in its opposition to the FTT. This makes the British-based RHTC - which has attracted the support of hundreds prominent business leaders, economists and celebrities from around the world - even more important as it continues to pile pressure on the government to join its European neighbours in adopting the FTT.

“In a year where banks were mired in some of the biggest scandals in the history of banking, the tax remains popular amongst the European electorate,” says Chouffot. “Bank lobbyists have been scrambled to fight a rearguard action - realising it is too late for the proposal to be rejected they are attempting to water down the FTT proposal. Campaigners have focused on ensuring this will not happen.”

Named after the English folk hero who took from the rich to give to the poor, it is the RHTC’s mission to see an FTT which taxes the banks to generate billions in revenue to fight climate change and relieve poverty in the UK and abroad.

“2013 was the year in which the FTT moved from being a great idea to a political reality,” says Chouffot. “The 11 states should be congratulated for standing up to the might of the financial sector and committing to implement a moderate and proven tax that will ensure the financial sector contributes towards the costs of the crisis they precipitated.”

Further reading

European Parliament bolsters FTT

Mayor Boris Johnson fails to understand FTT by calling on European banks to headquarter in London

Legal opinion means EU FTT to be further watered down but not derailed

The Global Tax 50 2013

« Previous

Akhilesh Ranjan

View the complete list

Next »

Pascal Saint-Amans

More from across our site

But experts cast doubt on HMRC's data and believe COVID-19 would have increased the revenue shortfall.
EY’s plan to separate its auditing and consulting businesses might lessen scrutiny from global regulators, but the brand identity could suffer, say sources.
Multinationals are asking world leaders to put a scale on carbon pricing to tackle climate change at the 48th G7 summit in Germany, from June 26 to 28.
The state secretary told the French press that the country continues to oppose pillar two’s global minimum tax rate following an Ecofin meeting last week.
This week the Biden administration has run into opposition over a proposal for a federal gas tax holiday, while the European Parliament has approved a plan for an EU carbon border mechanism.
12th annual awards announce winners
Businesses need to improve on data management to ensure tax departments become much more integrated, according to Microsoft’s chief digital officer at a KPMG event.
Businesses must ensure any alternative benchmark rate is included in their TP studies and approved by tax authorities, as Libor for the US ends in exactly a year.
Tax directors warn that a lack of adequate planning for VAT rule changes could leave businesses exposed to regulatory errors and costly fines.
Tax professionals have urged suppliers of goods from Great Britain to Northern Ireland to pause any plans to restructure their supply chains following the NI Protocol Bill.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree