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Another G20 country moves on Robin Hood tax…

Owen Tudor reports:

Hard on the heels of the rather limited French extension to taxes on financial transactions, the South Korean government has announced plans to start taxing index options and futures.

Set low (0.01% on options and 0.001% on futures – because margins are so low), the new taxes complement Stamp Duty on share sales of 5%, ten times the level of the UK version.

Extending existing Stamp Duty to derivatives is exactly what the Robin Hood Tax campaign has been urging on UK politicians and now on the French Government, and although South Korea has a smaller financial market than Europe, it is a significant move because the Asian economic powerhouse is a G20 member state.

Another one bites the dust, and the Robin Hood Tax moves a step closer.

When will UK and US politicians feel comfortable with making a move themselves?

Find out more at Robin Hood tax:
In a nutshell, the big idea behind the Robin Hood Tax is to generate billions of pounds – hopefully even hundreds of billions of pounds. That money will fight poverty in the UK and overseas. It will tackle climate change. And it will come from fairer taxation of the financial sector.

A tiny tax on the financial sector can generate £20 billion annually in the UK alone. That's enough to protect schools and hospitals. Enough to stop massive cuts across the public sector. Enough to build new lives around the world – and to deal with the new climate challenges our world is facing."


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