FINANCE MINISTER MICHAEL Noonan has ruled out Ireland joining 11 other eurozone countries in introducing a common tax on financial market transactions.
Noonan said that the introduction of a financial transaction tax – or ‘Robin Hood’ tax as it is known – would potentially see Ireland lose jobs to the UK – where the tax will not be introduced. Broadly the measure involves a small levy on currency market transactions as well as trading in shares, bonds and derivatives with 11 countries including France and Germany set to adopt it.
It has been estimated that the tax could yield as much as €57 billion if introduced on a EU-wide basis but the concern for Ireland is that its introduction could undermine its competitiveness and see jobs transferred to the UK and other countries.
So today we want to know, should Ireland introduce a financial transaction tax?
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