Paul Murphy (Dublin South West, Solidarity) | Oireachtas source

I move amendment No. 51:

In page 47, after line 35, to insert the following:

"Chapter 7

Financial Transaction Tax

34.The Minister shall, within 6 months of the passing of this Act, bring a report on the potential additional income that would be raised by imposing a Financial Transaction Tax.".

I will be extremely brief in discussing the next couple of amendments because I do not believe there is any point in forcing us to stay here for hours more than necessary. We are not going to convince the Minister. Amendment No. 51 is to call for a report on the potential income that would be raised by imposing a financial transaction tax. All the indications are that the revenue raised would be heading towards €1 billion. The European Commission is in favour of such a tax, as are many of the European states. It would be charged at a rate of 0.1% on transfers of shares and 0.1% on derivatives, but the Government will not countenance it because it touches in some small way on the interests of finance capital.

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