Ireland says no to ‘Robin Hood’ tax

Ireland will not take part in an EU “Robin Hood” tax on financial institutions, despite the fact that the country’s share of the levy will then go elsewhere.

While Ireland levies stamp duty when shares of big companies change hands, the sale and purchase of derivatives, blamed for much of the economic catastrophe, are not taxed.

The EU wanted to introduce the tax throughout the eurozone, estimating it would bring in over €57bn a year, of which Ireland would receive a minimum of €500m.