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BRICS countries oppose idea of universal banking tax – Russian ambassador

November 09, 2011, 13:43 UTC+3
BRICS countries, namely Brazil, Russia, India, China, and South Africa, are against a universal banking tax
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MOSCOW, November 9 (Itar-Tass) —— BRICS countries, namely Brazil, Russia, India, China, and South Africa, are against a universal banking tax, Russian ambassador at large Vadim Lukov said on Wednesday.

“We do not support the proposal of some countries to introduce a universal banking tax,” Lukov, who is a Russian foreign ministry coordinator of BRICS-related issues, told a scientific conference at the Moscow State Institute of International Relations (MGIMO). “We think such tax unfair.”

“Banks from the BRICS countries did not take part in the global financial speculations that climaxed in financial tensions and the bankruptcy of the United States’ systemic banks, did they? The situation was just the other way round,” he said. “These [American] banks used funds from BRICS banks among others for their mercenary ends, consulting no one. Then why should all others be subject to taxation?”

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