or the IPOs, the liquidations of the market makers, the bonds convertible into shares and the derivatives will be exempt. On the other hand, it is trying to find more bases with which to increase the collection: in France, for example, it has already been postponed on several occasions to tax intraday operations – those that are made and undone in the day – adducing technical problems. Although with little success, in France there is also an attempt to tax the high frequency trading (purchase of securities that are automatically decided by computer using algorithms), or non-payment insurance (CDS) whose buyers do not own the asset they cover.
Although the final document is very close to being closed, political negotiations and the search for higher revenues can still condition the final design. Thus, Podemos has insistently claimed to penalize derivatives. However, it has been argued that many provide legitimate risk hedges, and that it would be very easy to divert them to other financial centers, losing that business area. The National Securities Market Commission (CNMV) has shown against punishing them. In general, it has charged against this tax in all its versions in each of the drafts. Even its president, Sebastián Albella, declared in public that there was a risk of relocation and that it could have "harmful" consequences.
The so-called Tobin tax was devised as an instrument with which to curb speculative financial operations. The economist John Maynard Keynes already proposed it for the actions. And then the Nobel laureate in Economics James Tobin developed it to tackle the volatility of currencies. Although Tobin himself censored it as a way to increase revenue, soon the governments used it to seek more income. One of the first was Sweden in 1984. There the initiative failed. Trading volume sank 30% in about two years, and five years later it was abolished.
However, the lesson has been learned and the type has been sought to be a small percentage that causes less distortion. It has already been launched in large countries such as France and Italy. "In France it is charged at the close of the day. It is a cost that has been assumed. Although it is true that in the first year the volume contracted fell by 10%, it is not considered to have been an insurmountable obstacle, "explains an agent operating in the French markets.
Critics argue that it should only be applied if it is done in the rest of the countries of the euro zone, precisely to avoid relocations. "Spain is not France or Italy. Compete with smaller squares that do not have the tribute. Finances are global and difficult to tax, "market sources say.
Despite having promised a tax on the bank, President Pedro Sanchez dismissed the tax after the president of Santander, Ana Botín, threatened to move the headquarters of the entity out of the country. So Sanchez now needs a tribute with which he can say that it taxes the banks.
A European initiative
Ten EU countries now support the Tobin tax. Former Minister of Economy Luis de Guindos, of the PP, even announced it several times. However, in Europe they have not agreed for more than five years because depending on what is most serious, one country or another benefits, explain Brussels sources. The European Commission even advocated a rate of 0.1% for shares and 0.01% for derivatives.
In any case, the Government of Sanchez considers that this tax has been implemented successfully in France, where in 2016 it collected 947 million with the rate of 0.2% and 1.450 million with the rate of 0.3% in 2017. There fixed for companies with a market capitalization exceeding 1,000 million.
According to figures from Bolsas y Mercados Españoles (BME), volumes contracted in shares reached 651,489 million euros in 2017. The number of operations on shares amounted to 50.9 million.
At present, the purchase of shares involves the commissions of the broker and of BME. Only pay when the dividend or goodwill is received when selling and not reinvested. In that case, the capital tax is applied with a rate between 19% and 23%.