Ministers plan world finance tax

1st September 2010, Comments 0 comments

Sixty countries will propose a tax on international financial transactions which could raise 40 billion euros (50 billion dollars) a year to spend on development, ministers said on Wednesday.

"The tax we propose is five cents out of every 1,000 euros -- it is not much, but it is enough to launch the movement," France's Foreign Minister Bernard Kouchner announced in Paris.

"That is equivalent to 30 to 40 billion euros a year," he said, as he hosted a meeting of officials from 12 countries gathered in Paris to review expert advice on the initiative on behalf of the 60 nations involved.

The 60 countries plan to propose the new tax to the United Nations on September 21 at a summit on the UN Millennium Development Goals in New York.

"We are convinced there is a possibility to express political will" to launch the tax, said Charles Michel, the minister for cooperation of Belgium which holds the rotating European Union presidency.

"There is quite a strong consensus for taxing financial transactions in international currencies," said Spain's junior minister for cooperation, Soraya Rodriguez Ramos.

© 2010 AFP

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