France creates Robin Hood Tax

Robin Hood Tax campaigners have welcomed an announcement by the French government to implement a financial transactions tax (FTT)

The 0.2% tax will be collected on all transactions involving French companies that are valued at more than €1bn.

The Robin Hood Tax campaign has been fighting for such taxes since 2010, which it hopes will direct a portion of funds from large corporations to positive initiatives such as reducing poverty and tackling climate change.

The new French tax is expected to raise half a billion euros next year and president Francois Hollande has indicated that a proportion of this will be used to help fight global poverty and HIV-AIDS.

David Hillman, spokesperson for the Robin Hood Tax campaign, said: “It’s great news that France is forging ahead with a Robin Hood Tax, showing it’s capable of putting the interests of people before the profits of a privileged few.”

A further nine European countries are expected to join France by creating their own FTTs by December 2012.

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