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Tobin Tax Effect on Forex

  • #121
  • Mar 14, 2012 4:09pm Mar 14, 2012 4:09pm
Yea sure you can be relieved that it is not being implemented and it might not be implemented in forex either way, but this is more then about individual inconvenience.

This is the perfect example of how democracy does not and never will work. The problem here isn't capitalism, it's how a retards or criminals vote counts the same as that of an intellectual. Which automatically leads to retards or criminals being voted to run our countries since they are in the majority.

For decades Europe has been laughing at the USA for being a bunch of dumb hillbilly's who keep voting for George Bush, but it's still undecided which part of the world truly harbours the most idiots. It's not really that strange because every day of my life I have to deal with these buffoons, so it is only natural that this demographic is represented in politics.
  • #122
  • Mar 23, 2012 4:31pm Mar 23, 2012 4:31pm
http://www.spiegel.de/politik/deutsc...823435,00.html

it took them long to realize but better late then sorry
  • #123
  • Mar 24, 2012 1:38pm Mar 24, 2012 1:38pm
Quoting torkay77
http://www.spiegel.de/politik/deutsc...823435,00.html

it took them long to realize but better late then sorry

it's an english forum. could you translate the main info?
  • #124
  • Mar 25, 2012 1:00am Mar 25, 2012 1:00am
could you translate the main info?[/quote]

Basically the german minister concluded the transaction tax is not a happening thing, cause they canīt get all the Europeans to agree..(Nehterlands, Ireland,Sweeden).

BUT, heīs considering something like : "equally valuable alternatives".
Now they are all confused, cause the opposition pushes for a broad tax on every chart in the universe, and they want to force it through, as a condition to sign the European Fiscal Pact, which the ruling party cannot afford to loose..(and they need their signature..)

In the end of the day, they will look for "some deal" to "buy" the opposition, starting with something like the English Stamp tax ,or maybe other ways...

The good news is Germany is a heavy weight, so if they donīt make it....

sleep little Tobin, sleep...
  • #125
  • Jun 7, 2012 5:09am Jun 7, 2012 5:09am
http://www.welt.de/politik/deutschla...anzsteuer.html

this stupid tax is back

not again
  • #126
  • Jun 7, 2012 5:29am Jun 7, 2012 5:29am
Move away to some where they don't bend you over.
  • #127
  • Jun 7, 2012 6:59am Jun 7, 2012 6:59am
Could someone translate the essens of the article above?
  • #128
  • Jun 7, 2012 7:37am Jun 7, 2012 7:37am
Quoting FoZzyBoy
Could someone translate the essens of the article above?
From 2014 on, everyone sitting in the EU will be taxed 0,1% on shares/bonds and 0,01% on derivatives.
Never whishing, always trading.
  • #129
  • Jun 7, 2012 7:40am Jun 7, 2012 7:40am
Quoting Hova
From 2014 on, everyone sitting in the EU will be taxed 0,1% on shares/bonds and 0,01% on derivatives.
Is it the Euro area or EU?
  • #130
  • Jun 7, 2012 7:44am Jun 7, 2012 7:44am
Quoting neil324
Is it the Euro area or EU?
Seems to be EU.
Never whishing, always trading.
  • #131
  • Jun 7, 2012 7:45am Jun 7, 2012 7:45am
Quoting FoZzyBoy
Could someone translate the essens of the article above?
the article just relates to Germany, well the parties just agreed there will be some kind of transaction tax in Germany even other EU countries do not follow...so no fixed decisions yet but they like to follow the EU proposal...like usual they have no clue what they are talking about and hopefully they soon will be confronted with reality

the only good thing is they might exclude small home investors or give a tax exempt amount

and still not sure if forex will be included, is it a derivate or not?
  • #132
  • Jun 7, 2012 8:04am Jun 7, 2012 8:04am
Quoting Hova
Seems to be EU.
Thanks.
  • #133
  • Jun 7, 2012 8:10am Jun 7, 2012 8:10am
Forex=derivatives
  • #134
  • Jun 7, 2012 12:51pm Jun 7, 2012 12:51pm
Quoting torkay77
http://www.welt.de/politik/deutschla...anzsteuer.html

this stupid tax is back

not again
yes itīs coming in Germany
SPD wins the game...you can look at details in their homepage...and they definitely will include forex (Devisenspekulanten)

http://www.spd.de/aktuelles/finanztransaktionssteuer/

Awsome how in their homepage they repeat over and over again that the whole blame of the crisis lies on the Financial system, and their speculators...
Sure, politicians are not to be blamed, they never made any debts right...specially the ones no country could ever pay right....?
They are so honest these guys....and people believe the whole lie...

2104 make your million till then aftwr that : game over, or move out of central Europe...
  • #135
  • Edited 1:56pm Jun 7, 2012 1:40pm | Edited 1:56pm
stop panic!
as i mentioned on page 6 already, spot transactions are excluded!


Which transactions will be excluded from the proposed tax?
Only transactions related to financial instruments would be covered by the Commission's proposal. This means all transactions in which private households or SMEs were involved would fall out of the scope of the tax. For instance, house mortgages, bank borrowing by SMEs, or contributions to insurance contracts would not be included. Spot currency exchange transactions and the raising of capital by enterprises or public bodies, including e.g. public development banks through the issuance of bonds and shares on the primary market, would not be taxed either.



http://europa.eu/rapid/pressReleases...guiLanguage=en


Also taxing i.e. EURGBP(both EU currencies) would violate EU law. Just read the EU report proper and not the biased-SPD BS
  • #136
  • Jun 7, 2012 1:57pm Jun 7, 2012 1:57pm
Quoting MCFly
Forex=derivatives
Real spot forex with a real broker / exchange is not a derivative and was explicitly exempt from any tax in the eu commissions proposal in order to not mess up foreign exchange volatility / rates.

A virtual marketmaker however would probably fall under the derivative case but if people have not learned by now to not piss their money away at all the MT bucketshops then well... maybe that would keep them from it.
  • #137
  • Jun 8, 2012 1:46am Jun 8, 2012 1:46am
And what if you live in EU but have broker in US, will tax still be applied to your account?
  • #138
  • Jun 8, 2012 1:49am Jun 8, 2012 1:49am
Quoting fx111
And what if you live in EU but have broker in US, will tax still be applied to your account?
1st) It's not a derivative. Don't use a bucketshop and you are fine.
2nd) Yes you will be taxed if the originating good was given out in the EU even if you would live in the US using a US broker.
  • #139
  • Jun 8, 2012 2:21am Jun 8, 2012 2:21am
Quoting unknown4x
1st) It's not a derivative. Don't use a bucketshop and you are fine.
Well, for real forex you need a hell of a lot of money, i'm talking about retailers spot forex, and that is probably derivate.

Quoting unknown4x
2nd) Yes you will be taxed if the originating good was given out in the EU even if you would live in the US using a US broker.
I really hope this tax won't screw liquidity and make crazy spreads.
So is it going to be taxed 0.01% just on opening of a trade or on closing of a trade also? And is it going to be taxed just balance or leverage with which you buy/sell currency?

Let's say for example if i have 10 000$ balance and use leverage 1 lot (100 000$), i buy currency with one lot, if they tax 100 000$ that would be 10$ = 1 pip on opening trade and 10$ tax on closing trade. So it would mean i would pay 2 pips spread more than i pay it now. If that is how it's gonna work, i can handle that.
  • #140
  • Jun 8, 2012 4:03am Jun 8, 2012 4:03am
Quoting unknown4x
Real spot forex with a real broker / exchange is not a derivative and was explicitly exempt from any tax in the eu commissions proposal in order to not mess up foreign exchange volatility / rates.

A virtual marketmaker however would probably fall under the derivative case but if people have not learned by now to not piss their money away at all the MT bucketshops then well... maybe that would keep them from it.
All I wanted to say is that they will handle Forex like derivatives. The SPD will never ever exclude forex trading. The only hope is thet the FDP was clever enough to leaving some backdoors open. I mean there are many unclear phrases.

Even when they start with 0.1%/0.01% I bet when the SPD/Grüne will win the next elections they raise the tax. The "Abgeltungssteuer" then will be increased to 30%.

Every german retail trader has to pay the tax. It makes no difference if you are client of a local or american brocker. Do you save the "Abgeltungssteuer" when you trade with an foreign brocker? I don't think so. It's funny that the stupid politicians really think they can distract banks from transfering there investment business in other countries where there is not such a tax.
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