BUSINESS INFORMATION - British charity Oxfam joined calls for the G20 to implement a tax on global financial transactions Friday, saying it could increase to 50 billion dollars to help the poor.
In a paper published in connection with the gathering of G20 finance ministers for a meeting in
London, Oxfam says, retribution, also known as the Tobin tax, is one of several actions that can be taken from the steps to reduce poverty will not hit taxpayers.
Other reforms include tax-free cash bailouts and reallocate the International Monetary Fund (IMF) which can collect a total of 280 billion U.S. dollars, said Oxfam.
Head regulator Financial Services Authority (FSA) UK Adair Turner caused controversy last month when he asked for a tax on financial transactions to curb the sector, which he described as "swollen".
A Tobin tax is a small tax on foreign exchange transactions, initially proposed by American economist James Tobin in the 1970s to prevent speculative trading
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