Treaty on Global Currency Transactions Tax

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Treaty on Global Currency Transactions Tax

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PART II Currency [Exchange] Transaction Tax

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[Currency exchange Transaction Tax]

[Currency exchange Transaction Tax]

ARTICLE 3

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§1 Contracting States shall introduce a Currency Exchange Transaction Tax according to principles as determined in art 4 to 16 of this Treaty.

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§2 Revenues of the CTT:

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1. Contracting States, members of OECD, excluding however Mexico and South Korea, shall, on a regular basis, pay 80% of revenue from the CTT [or as will be agreed] to the Global Intervention Fund established under article 17.

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2. The other States including Mexico and South Korea, shall pay 30% of revenues [or as will be agreed] to the Global Intervention Fund.

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§3 For the period until the Review Conference is convened as meant in art. 24 § 1 there shall be an additional tax on domestic currency lending to the non-Members as will be determined by the Council established under art 18. The tax rate will be 2% [or as will be agreed]. The tax collection shall follow the principles laid out in articles 4 to 16.

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§4 The Council, on a motion of the Democratic Assembly, established under art. 19 shall set a tax of 25% on any capital outflows or inflows to and from non-co-operative tax havens, which threaten, in any possible way, the prospects of success of this Treaty. Failure to do so in six months, on the request of the Democratic Assembly, will result in the Democratic Assembly having the full capacity to act on this matter autonomously.

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