Robin Hood tax

For the more general category of "financial transaction taxes", see Financial transaction tax. For the more general category of "currency transactions taxes", see Currency transaction tax.

The Robin Hood Tax (UK-based campaigning group)
Founded2010
FocusPolitical lobbying, marshaling grassroots support.
Location
  • United Kingdom and international
Area served
International
MethodNew media, social networking and creative marketing
WebsiteThe Robin Hood Tax

The Robin Hood tax is a package of financial transaction taxes (FTT) proposed by a campaigning group of civil society non-governmental organizations (NGOs). Campaigners have suggested the tax could be implemented globally, regionally, or unilaterally by individual nations.

Conceptually similar to the Tobin tax (which was proposed for foreign currency exchange only), it would affect a wider range of asset classes including the purchase and sale of bonds, commodities, mutual funds, stocks, unit-trusts, and derivatives such as futures and options.

A United-Kingdom-based global campaign for the Robin Hood tax was launched on 10 February 2010[1] and is being run by a coalition of over 50 charities and organisations, including Christian Aid, Comic Relief and UNICEF.[2] The UK government published a response[3] favouring instead bank levies and a financial activities tax, citing the International Monetary Fund's report to the June 2010 G20 meeting, "A Fair and Substantial Contribution by the Financial Sector".[4] The Robin Hood tax campaign also supports both a Bank levy and a Financial Activity Tax, saying they are agnostic about the chosen mechanism providing it involves a sizeable transfer of wealth from the financial sector to the needy. However most of their campaigning efforts have focussed on the FTT variant.

By autumn 2011 the Robin Hood campaign had gained considerable extra momentum and support from prominent opinion formers, with a proposal from the European Commission to implement an FTT tax at EU level set to enter the legislative pipeline. The proposal, supported by eleven EU member states, was approved in the European Parliament in December 2012,[5] and by the Council of the European Union in January 2013.[6][7][8][9] The formal agreement on the details of the EU FTT still need to be decided upon and approved by the European Parliament.

In June 2023, the European Commission stated that 'the prospects of reaching an agreement' on the FTT, in the future were 'limited' adding there was 'little expectation that any proposal would be agreed in the short term.'[10]

  1. ^ Kylie MacLellan and Ron Askew (10 February 2010). "'Robin Hood' tax campaign launched". Reuters. Archived from the original on 12 February 2010. Retrieved 19 March 2010.
  2. ^ page on the coalitions web site showing the full membership
  3. ^ HM Treasury: Robin Hood Tax
  4. ^ A Fair and Substantial Contribution by the Financial Sector
  5. ^ "Eleven EU countries get Parliament's all clear for a financial transaction tax". European Parliament. 12 December 2012. Retrieved 27 December 2012.
  6. ^ "Financial transaction tax: Council agrees to enhanced cooperation" (PDF). Council of the European Union. 22 January 2013. Retrieved 25 January 2013.
  7. ^ Phillip Inman (22 January 2013). "EU approves financial transaction tax for 11 eurozone countries". TheGuardian.com. Retrieved 25 January 2013.
  8. ^ "Robin Hood Gets Go Ahead in Europe" Archived 27 January 2013 at the Wayback Machine RobinHoodTax.org, 23 January 2013
  9. ^ "Barnier: Europe's 'Robin Hood' tax 'politically and morally right'" CNN, 25 January 2013
  10. ^ Parliament, European. "Financial transaction tax (FTT) | Legislative Train Schedule". European Parliament. Retrieved 3 March 2024.