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Improving Access to HIV Services for Mobile and Migrant ...

Improving Access to HIV Services for Mobile and Migrant ...

Chapter 6: Alternative

Chapter 6: Alternative Systems 1. Alternative Systems. Financial Transaction Tax. Financial transaction tax is a micro tax which is applied to financial transactions, for example, share transactions, bonds and derivatives. It is a tax which is gaining popularity within some of the countries within the European Commission and in particular France. Within the European debate on this subject the resource of how the resources can be utilised has generated the following ideas: to help fund the Millennium Development Goals, eradicate poverty, and also help pay for the European Community. As such, there is no agreement on what the money would be used for. 2. Current financial transaction tax systems currently in place include: the UK stamp duty reserve tax which is a levy of 0.5% tax on all transactions involving shares in British companies. In Taiwan there are taxes which apply to securities and financial futures contracts entered into in Taiwan. The tax is paid by the seller of the transactions at a rate of 0.3% for shares, 0.1% for bonds and up to 0.1% percent for futures. In France, up until 2008 there was a financial market tax paid by buyers and Sellers of market securities, (shares, bonds and other securities). The tax rate was a 0.3% for transactions below €153,000. This tax was abolished in 2008. 3. The operation of the tax is similar to the VAT where financial intermediaries will be responsible for collecting the tax and then paying this to the government. Ultimately, it will be the buyer and seller of securities that will pay the final tax. 4. In a report commissioned by UNITAID 11 it was recommended that the structure of any financial transaction tax should: tax stocks and bonds by collecting tax at the level of central securities depositors, regardless of where they are located. With derivatives transactions, tax the transaction when one of the parties to the derivative contract is a citizen or tax resident of the country collecting the tax. 5. For Antigua & Barbuda there is no domestic stock exchange. The Antigua & Barbuda stock market is integrated into the Eastern Caribbean Securities Exchange Limited (ECSE), the Eastern Caribbean Central Securities Registry Limited (ECCSR) and the Eastern Caribbean Central Securities Depository Limited (ECCSD). These entities are licensed under the Securities Act of 2001, a uniform regional body of legislation in Anguilla, Antigua and Barbuda, Dominica, Grenada, Montserrat, St Christopher and Nevis, Saint Lucia, and St Vincent and the Grenadines. The Act provides for the protection of 11 Tax on financial transactions, an implementation guide. UNITAID. September 2011 36

the investing public by creating the Eastern Caribbean Securities Regulatory Commission (ECSRC) that regulates the securities market and exchanges. 6. The challenge is to define who would be responsible for the implementation of any legislation that would target transactions in the ECSE and whether this would be the government of Antigua & Barbuda or the OECS. 7. As an illustrative example of the challenges of implementing this type of tax across regional entities the developments on this theme with the European Union can be used. The European Commission is currently looking at the issue of a common system of financial transaction tax for Europe and there are potential similarities in the approach that would have to be undertaken with respect to the OECS countries. In the proposal prepared by the European Union the methodology used was to consider a number of factors not least: the Commission financing and regulatory context, results of discussion with member states, impact assessment for example reaction from the market and impact on growth, legal basis especially in relation to domestic tax law and corporation residency criteria, scope of the tax and what elements of the transactions and the type of transactions to be included, payment of the tax and prevention of evasion and finally, budgetary consideration including what the revenue could be used for. It is outside the scope of this consultancy to explore the merits of a regional or common approach to financial transaction tax other than to highlight, the potential merits and challenges of this approach. 37

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