Joe Higgins (Dublin West, Socialist Party)
Link to this: Individually | In context

Question 163: To ask the Minister for Finance if he has discussed the proposal for a European-wide transaction tax with other EU leaders. [3675/12]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

As I have stated clearly in the past, if such a tax cannot be introduced on a global basis, I think it would be better if it were introduced on an EU-wide basis. This would prevent any distortion of activity within the Union. Our major concern is that, if an FTT is introduced, it could affect the financial services industry, especially in the IFSC, and lead to some activities and jobs moving abroad. If, as some countries have proposed, the tax was to be brought in under enhanced co-operation arrangements, we would fear we could lose business to London, since the UK is strongly opposed to this initiative. In the past, certain financial activities moved to London when other countries enacted similar taxes. The current draft proposal is still being discussed at EU Council Working Party level and will be considered again by the Council of Ministers later this year. I have made clear our views, as has the Taoiseach, in discussion with our European colleagues.