I think that the current topics on the political agenda today is that of taxation of annuities.
note with regret that the various policy teams lined up for or against this proposal in a priori and without knowing the reason why they say yes or no to such a political plan.
We who are a little more sense of the politicians to speak only good slogan for what they do not know, there permettiao softly to contribute (hopefully) proactive in this debate, knowing che, oltre a chiacchierare su eventuali provvedimenti da adottare , questo Governo non ha la forza e le competenze per fare altro.
Partiamo da una premessa: l’affanno principale di tutti i Governi succedutisi in Italia è quello di reperire risorse da destinare a ricerca e sviluppo ed alla riduzione del costo del lavoro.
Ciò al fine di far ripartire un tessuto imprenditoriale poco competitivo perché carente di investimenti nei settori nevralgici.
Un altro paradosso tutto italiano consiste nel fatto che gli operatori del mercato impegnati nella produzione di beni e servizi sono sottoposti ad una serie di controlli e di gabelle interminabili, mentre i cosiddetti finanzieri o speculatori finanziari, pur non producendo alcun beneficio Social (increase in employment, goods, services, innovation, progress, wealth spread, etc ...) have a very favorable tax system.
would be appropriate to harmonize the tax system applied to financial markets with industry; essentially draining resources obtained through capital gains on speculation the destination, as a kind of tax purposes, the productive sectors of the economy (companies) in the form of contributions to ' product innovation and process and reduce labor costs.
This is also a matter of tax fairness: since the funds have become extremely volatile, it is not practically possible to tax at the national level, and therefore states, inevitably, they got the job mainly to tax and consumption. The capital is, at this time, under-taxed, which is not only unjust, but also creates economic distortions to the detriment of labor.
In our country, the income of financial assets are taxed at different rates: 12.5% \u200b\u200band 27%. This differentiation of rates is not 'justified, either on the basis of equity', or from that of neutrality 'of the levy.
The need to achieve harmonization of the taxation system and 'is shared by the center is the center.
This shows that it is urgent to start a debate on forms of taxation transazioni finanziarie a livello europeo e nazionale.
Questa urgenza del doppio livello di dibattito è condizionata dal fatto che, data la libera circolazione dei capitali, una tassazione solo nazionale avrebbe l’unico effetto di spingere all’estero ingenti somme di denaro, sottratte così ad un regime fiscale penalizzante.
E’ per questo che sarebbe necessario riprendere ad interrogarsi sull’opportunità di istituire la Tobin Tax (di seguito TT) in Italia ed in Europa, confidando nel fatto che anche in Commissione Europea il dibattito è in forma avanzata così come in alcune nazioni del vecchio continente.
Nel 1972 il premio Nobel (1981) per l'economia, James Tobin propose l'imposizione di a small tax on currency transactions, whose objectives were to promote the effectiveness of macroeconomic policies and reduce speculation. The Tobin Tax (as has been defined below) is a measure that can be considered a first but important step towards a comprehensive reform of the international financial system. This is a limited sample, equivalent to 0.1 to 0.5% will apply to all transactions in financial markets.
Let's see how the TT: - The financial speculators operate international transactions for more than 4 trillion dollars a day. The market is large and unpredictable .- Each transaction would be taxed between 0.1 and 0.25% of turnover .- This would discourage Short-term transactions, which are for 90% of speculation, but would leave intact the long-term investments termine.E 'clear that the fundamental aspect of such a measure, it is inappropriate to make speculative investments (generally comparable to raid short-term markets), helping to discourage them.
The revenue of this measure could be collected by the nation states that it would retain up to 80% for national activities (social services, employment programs, reducing the tax wedge, R & D), then allocate the remaining 20% activities of European interest (cooperation, European security policies, environmental protection, contrast to immigration, etc ...).
One of the objections that will be moved to the introduction of TT in one nation is the fact that its effectiveness is shown only when it is introduced in the broader economic context, though, meet supporters, the rate is so low not to penalize the country that adopts it, pushing instead to encourage agreements with other nations.
The TT is also a powerful tool for monetary stability, especially at this stage of EU enlargement. The trade of currency is known to be the richest market in the world. The purchase and sale of currencies like the pound, the euro and Swiss franc is estimated in billions per day and is well suited to speculation. This is harmful to economic systems, since the exchange rate determined: the rate of growth, the price paid for imports, foreign investment and the cost of international loans.
The volatility in this market, caused by currency speculation, therefore represents a threat to economic stability.
The TT is technically feasible: the bond market is electronic. At a time when a speculative transaction is defined, the charge may be levied from the grid through which the transaction takes place, and the proceeds paid to the coffers of the states in which these transactions take place. The TT can therefore be applied at low cost. Moreover, there is already a precedent of European transnational tax and VAT - Value Added Tax.
Another important advantage of the introduction of TT at the EU level is the improvement of the EU financial system now open and fragmented into a unified system capable of managing, controlling and taxing trade in the markets in a consistent manner. It would be of great benefit to the fight against money laundering and terrorist financing.
From a theoretical point of view Keynes had already identified a dichotomy between the real economy and the speculative interference in the determination of asset prices, and noted the need for control the second.
Even Italy has already experienced the interventions by the monetary authorities to defend the pound.
The Governor of the Bank of Italy, Paolo Baffi, managed to put an end to speculation against the pound and reduce inflation under the two decimal places, prohibiting forward transactions against our currency for less than seven days
Nell ' implementation of TT should pay attention to two aspects:
- if the goal is to curb financial speculation, the tax must be "supra-national" or regional level (European Union);
- if the goal is to balance the tax base (Reducing the tax burden on scarce goods - the work - and increase the tax burden on speculative capital - excess -) you can imagine a national response.
regards the second hypothesis, the rate must, however, be very low and inversely proportional to the duration of the speculative.
The enforceability of TT is facilitated by the fact that most currency trading is registered and is using computer systems (electronic purse, etc ...).
Technically, a tax on transactions may also be collected via computerized systems that record immediately, or by using the exchange as withholding agents gli intermediari finanziari autorizzati ad effettuare transazioni sui mercati finanziari e monetari:
- le banche;
- gli intermediari finanziari;
- i concessionari della riscossione;
- Borsa Spa;
- Monte Titoli S.p.A;
Il presupposto d’imposta (il fatto) è lo scambio di titoli, azioni e/o monete e si applica alla vendita o al trasferimento di tutti gli strumenti finanziari, espressi in euro o in altra unità, vale a dire azioni, obbligazioni, buoni del Tesoro, accettazioni bancarie, carta commerciale, opzioni, features, derivati.
Il primo luglio 2004 il Parlamento belga, con un'insolita maggioranza socialista-democristiana, ha approvato il progetto di legge che istituisce the Tobin Tax.
Approval of the Tobin tax is an important fact. The fact that, for obvious reasons, the practical application of the fee is deferred as the Tobin tax is not approved by all euro zone countries not detract from its importance: it is now state law.
This is the second country in the euro area, approving the measure. France has already done two years ago, and his example are likely to remain a good fact, but locked up in splendid isolation: the Belgian example shows that instead of the Tobin tax is a possible measure and is not intended to be a pure affirmation of principio.Anche within the European Union there are various motions regarding the TT but in reality the debate is still in their infancy.
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