Brussels, 02/03/2010 (Agence Europe) - “I am very aware of the positive impact that taxation can have on reaching our environmental objectives and I intend to push forward a 'green' taxation agenda”, starting with a review of energy taxation, explained EU Taxation Commissioner Algirdas Šemeta at the 2010 Tax Forum in Brussels on Monday 1 March. EU rules will introduce the carbon footprint in calculating taxes on goods and services not covered by the EU carbon trading system.
Discussing whether it was a good idea to tax the financial industry to pay for the economic crisis across the board created by abuses carried out in the financial industry, Šemeta said that the debate had started by discussing a tax on financial transactions but had then moved on to discussing whether to tax risky assets held by financial institutions. Sweden, for example, levies a low tax on banks' assets (apart from own capital resources) and uses the funds culled in this way for a Financial Stability Fund (see EUROPE 10059). “Should this path be followed more widely? To answer this question, we need to carefully assess not only the revenue potential of these tax instruments, but also their effects on the structure of the markets concerned, as well as on the projection and household sectors,” said Šemeta. (M.B./transl.fl)