Thomas Pringle (Donegal, Independent) | Oireachtas source

I have two points. First, with regard to the transactions moving, the proposal is that the financial transactions tax is levied on the portion of a transaction that belongs in the member state where the financial transactions tax is in place. Therefore, in effect, for a company to move in order to benefit, it would have to deal only in transactions that are outside all the member states participating in the financial transactions tax. The argument that businesses would move does not stand up unless they stop trading completely with any country that has a financial transactions tax in place.

Second, with regard to the risk of businesses moving to London, our rates are already higher than the rates in London and we do not see that draw to London from Dublin despite the more onerous taxes, so that argument does not stand up either. Perhaps the Minister is happy that our tax rates are far higher than the financial transactions tax and that is why the Minister does not want to participate in it.

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