Advocacy International attended President Chirac’s high-level conference on Innovative Financing for development in Paris.
The Stamp Out Poverty campaign and others have argued for a tax on foreign exchange trades. These trades, unlike other financial sector trades are currently untaxed and accrue huge financial benefits to the financial institutions which engage in these activities. What is proposed is a small tax of 0.005% on every transaction, when for example a trader sells sterling in order to buy dollars. Although the rate of the tax proposed, at half of one-hundredth of a per cent, seems extremely low, the sums which could potentially be raised are very large.
Read more on the CTT at the Stamp Out Poverty website: http://www.tobintax.org.uk
