O’REILLY STATES IRISH POSITION IN RELATION TO FINANCIAL TRANSACTION TAX

Speaking during the Social Affairs Committee at the Council of Europe in Strasbourg, the Leader of the Irish Delegation and Fine Gael TD for Cavan and Monaghan, Deputy Joe O’Reilly, firmly stated the Irish position in relation to the contentious proposal for the introduction of a ‘Financial Transaction Tax’.

Speaking during the Committee session this morning, the Deputy reiterated Ireland’s position on the proposed Tax. ‘I would like to officially state Ireland’s position by affirming that the proposals being made are not acceptable to us. In our view, it would have a negative impact on jobs in the Financial Sector in Dublin. In my constituency of Cavan/Monaghan, there are a lot of people working in that sector in Dublin and any threat to their jobs would be unthinkable. Although we would welcome any moves to strengthen our Economy and the wider European Economy, the proposed Tax would have to be universally applied to all twenty-seven member states for it to have any kind of positive impact. We currently have Stamp Duty on share transactions at 1% however; we don’t want to go beyond that at present. This is a view that is also shared by our nearest neighbours, Great Britain along with other Member States like Luxembourg and the Netherlands.’

After Deputy O’Reilly’s input the Committee took Ireland’s position on Board.
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Senator Joe O'Reilly representing Cavan & Monaghan 2010. | An ExSite website