EEC suggests tax on all exchange currency operations in EAEU

MOSCOW, Apr 15 (PRIME) -- The Eurasian Economic Commission (EEC) has offered a tax on all currency operations at the exchanges of Russia, Belarus, Kazakhstan, Armenia, and Kyrgyzstan to fight speculators, a spokesperson for the commission told PRIME on Wednesday.

The commission published the materials that suggest using the tax money to finance the union’s target programs.

The spokesperson said that the tax at a minimum rate is common practice in the world to curb speculations on the currency exchanges.

“The tax instruments, including the turnover tax on all operations with currency at a minimal rate like 0.01% suggested by the Noble-prize winner (James) Tobin, is widely discussed in the E.U., ASEAN, and other regional unions,” the spokesperson said.

“Regarding the EAEU, this tax, which will not be a burden for the players of the currency market, will produce 30 to 50 billion rubles per year, which will become a good basis for replenishment of the union’s budget and creation and implementation of target programs.”

(73.3150 rubles – U.S. $1)

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