News

UN Independent Experts Call for a Global Financial Transaction Tax

14 May 2012: A group of UN independent experts has called on the Group of Eight Industrialized Nations (G8) and EU countries to support a proposal for a global financial transaction tax (FTT). Such a tax would be applied to mitigate the costs of the economic, financial, fuel, climate and food crises, and to protect basic human rights.

The UN Special Rapporteurs and other experts met on 14 May 2012, at the UN Headquarters, New York, US. According to the UN Office of the High Commissioner for Human rights (OHCHR), the proposed FTT could generate about US$48 billion across the Group of 20 (G20) countries at a lowest rate, and up to US$250 billion per year at a highest rate, which could be used to offset the costs of the economic, financial, fuel, climate and food crises. OHCHR cites the example of South Korea, which implemented such taxes in a non-discriminatory way to mobilize resources to achieve the right to development.

Virginia Dandan, UN Independent Expert on human rights and international solidarity, highlighted that the FTT is an opportunity for governments to move forward on their commitments to promote sustainable development, which will contribute to the realization of the right to development. [OHCHR Press Release] [UN Press Release]