TAX NEWS - June 2010

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Transaction Tax Idea An Important Signal

Jean-Pierre Jouyet, chairman of the French stock market regulator Autorite des Marches Financiers, said Monday that the idea of a proposed tax on financial transactions is a strong signal.

"Overall, in one way or another, it is important to have a contribution from market activities," Jouyet said, speaking at a press conference on the regulator's annual report.

"The idea that there should be a bigger contribution from those operating in financial markets based on the operations they carry out, seems to me to be an important signal", he said.

Jouyet said he hopes an agreement will be reached on the principle behind the transaction tax but that the matter is far from settled and questions on how it would be implemented remain.

Jouyet warned that financial institutions shouldn't be asked "for everything and its opposite", adding that taxation objectives, increasing regulation and increasing lending shouldn't hinder each other.

Commenting the recent decision by the German government to ban short-selling on some financial products, Jouyet said that such measures only make sense if they are carried out on a European level.

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