speculators shifting operations to offshore tax havens, a representative of a "proTobin tax" NGO argued as follows: Agreement between. The duty is short position trading forex levied at a rate.15 for domestic securities and.3 for foreign securities. "To Ease the Crisis, Tax Financial Transactions". 191, 193195, 20514 (2010). This means thatjust like the standard stamp dutythe tax is paid by foreign and UK-based investors who invest in UK incorporated companies. It is unclear whether a financial transaction tax is compatible with European law. (December 2015) A 2011 survey published by YouGov suggests that more than four out of five people in the UK, France, Germany, Spain and Italy think the financial sector has a responsibility to help repair the damage caused by the economic crisis.
In a 1984 paper, Lawrence Summers and Victoria Summers argued, "Such a tax would have the beneficial effects of curbing instability introduced by speculation, reducing the diversion of resources into the financial sector of the economy, and lengthening the horizons of corporate managers.". Retrieved b Cliff Kincaid. This clarification is important in discussions about using a financial transaction tax as a tool to selectively discourage excessive speculation without discouraging any other activity (as. Proposed financial transaction taxes edit Global Tobin tax edit In 2000 a "proTobin tax" NGO proposed that a tax could be used to fund international development: "In the face of increasing income disparity and social inequity, the Tobin Tax represents a rare opportunity to capture. The tax has been criticized by the Indian financial sector and is currently under review.