IMF staff warm to 'Robin Hood tax' (Bretton Woods Project)

IMF staff warm to 'Robin Hood tax'

An August IMF working paper by staffer John Brondolo takes the IMF into new territory, giving detailed information on how financial transaction taxes (FTTs) could be implemented. The paper compares "administrative feasibility" of FTTs with the IMF preferred financial activities tax (FAT, see Update 71), finding that, "in principle, an FTT is no more difficult and, in some respects easier, to administer than other taxes." Campaigners for FTTs, dubbed 'Robin Hood taxes', welcomed the paper, and over 90 organisations wrote to IMF head Christine Lagarde in September asking her to "promote the widest possible adoption of FTTs to provide much needed funds for global public goods and discourage high frequency trading."

Related resources

Taxing financial transactions: an assessment of administrative feasibility by John D. Brondolo Paper|IMF|1 August 2011|PDF|URL
IMF issues toolkit on how to implement Robin Hood taxes by Owen Tudor Statement|Touchstone|11 August 2011|Blog|URL

IMF changing position on financial sector taxation? News|Bretton Woods Project|30 September 2010|update 72|url
After the IMF's initial dismissal of a global financial transactions tax, its opposition lately seems to have softened. An August draft working paper by a Fund staffer was welcomed by campaigners for its positive view of FTTs. read article...
IMF bank tax proposals cause controversy News|Bretton Woods Project|17 June 2010|update 71|url
A leaked copy of the IMF's report to the G20 on A fair and substantial contribution by the financial sector which proposes two new financial sector taxes to cover some of the costs of the financial and economic crisis, has been criticised by campaigners for inadequate analysis of the potential of the financial transactions tax (FTT), dubbed the Robin Hood tax. read article...