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 Full text 
Wednesday, 23 May 2012 - Strasbourg OJ edition

Explanations of vote

Text tabled : A7-0154/2012

  Joseph Cuschieri (S&D). (MT) Mr President, I would like to refer to the report on the proposal for a Council directive on a common system of financial transaction tax. This report favours the establishment of a financial transaction tax that will burden the financial sector with new taxes. I voted against this report because the introduction of a financial transaction tax goes against the interests of the countries and of the Maltese and Gozitan workers. This tax will lead to a loss of jobs in the Maltese financial sector at a time when our economy is weak. This is an important sector for Malta since it represents 15% of GDP and employs around 6 000 people. In addition, this tax will eat away at the sector’s competitiveness, have a negative impact on GDP and reduce the volume of financial operations due to the delocalisation of financial transactions. With a tax such as this one, financial activities and transactions will end up taking place outside of Malta, in countries that do not have this tax obligation, making it cheaper. Aside from this, it is the consumer who will ultimately end up shouldering the burden of the financial transaction tax.

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