GFDD Attends Seminar on Global Transaction Tax Organized by UBUNTU Forum

On September 22, Global Foundation for Democracy and Development (GFDD) attended the seminar “Innovating in Justice, Innovating in Finance: Time for a Financial and Currency Transaction Tax,” organized by the UBUNTU Forum in collaboration with the Global Progressive Forum and the Center of Concern at the Salvation Army Auditorium in New York City.

The seminar featured interventions by Manuel Manonelles (Director, UBUNTU Forum);
José Maria Fernández López de Turiso (Director-General of Planning and Evaluation of Development Policies, Ministry of Foreign Affairs, Spain); Poul Nyrup Rasmussen (President of Global Progressive Forum and former Prime Minister of Denmark); James Paul (Executive Director, Global Policy Forum); William Pace (Executive Director, World Federalist Movement); and Kevin Dance (Chair, NGO Committee on Financing for Development).

Speakers
discussed actions on the part of their institutions, the United Nations and other entities to push for the implementation of an international financial and currency transaction tax that would be collected and then redistributed for sustainable development objectives.  Mr. William Pace expressed that the funds generated by the proposed global transaction tax would be divided amongst the eight Millennium Development Goals and other human rights and peacekeeping efforts, and that
these funds would be administered through multilateral institutions, regional institutions and parliaments, resulting in an allocation of 50%, 10% and 40% respectively.
Representatives emphasized that the development of an international tax system is integral to strengthening the international system. James Paul indicated that the tax would need to be high enough to produce sufficient enough revenue to slow down speculation. He also pointed out the need for a sound system of
democratic control to avert over sight in governance. Kevin Dance went on to suggest a transaction tax of 5%.

According to the speakers, the governments of Spain, France and Germany favor the implementation of the tax. To date, the governments of the U.S. and the U.K. remain opposed to the enactment of the tax.

GFDD attend seminars and conferences about matters impacting the global community in order to remain at the forefront of academic debate and
network with renowned experts, as part of their mission to bring world-class programs concerning social and economic development and democratization to the Dominican Republic.