Acta Juridica Hungarica
Volume/Issue:
Volume 54: Issue 3
Taxation of the financial sector: Robin Hood taxes and regulatory framework
Author:
Dániel Deák Corvinus University of Budapest H-1093 Budapest Fővám tér 8 Hungary

Search for other papers by Dániel Deák in
Current site
Google Scholar
PubMed Close
Pages:
237–254
Online Publication Date:
20 Nov 2013
Publication Date:
01 Sep 2013
Article Category:
Research Article
DOI:
https://doi.org/10.1556/ajur.54.2013.3.3
Keywords:
bank leverage taxation; Robin Hood taxes
Full access

The so-called bank levy—a tax levied on bank leverage—has been proliferated to date. They are the product of reacting to the global financial crisis that started in the autumn of 2008. Therefore, they can only be understood in the context of the crisis. Since one or two decades, the financial industry has produced much innovation that is to be reflected in taxation. The application of bank levy is thus the result of the reforms initiated in the sphere of financial regulation rather than tax law. Financial and tax laws are different from each other in many respects, however, as it will be discussed below where the constitutional background for the introduction of financial taxes will be explored.

  • Soros, G.: The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means. Public Affairs, New York, 2008.

    Soros G. , '', in The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What it Means. Public Affairs , (2008 ) -.

  • Schäfer, D.: Financial Transaction Tax Contributes to more Sustainability in Financial Markets. Intereconomics, (2012) 2, 76.

    Schäfer D. , 'Financial Transaction Tax Contributes to more Sustainability in Financial Markets ' (2012 ) 2 Intereconomics : 76 -.

    • Search Google Scholar

  • Schulmeister, S.: A general financial transactions tax: Strong pros, weak cons. Intereconomics, (2012) 2, 89.

    Schulmeister S. , 'A general financial transactions tax: Strong pros, weak cons ' (2012 ) 2 Intereconomics : 89 -.

    • Search Google Scholar

  • Buckley, R. P.: A financial transaction tax: The one essential reform. Intereconomics, (2012) 2, 103.

    Buckley R. P. , 'A financial transaction tax: The one essential reform ' (2012 ) 2 Intereconomics : 103 -.

    • Search Google Scholar

  • Koslowski, P.: The Ethics of Banking; Conclusions from the Financial Crisis. Springer Science+Business Media B.V. 2011, Chapter 3: The ethical economy of the capital market. 36.

    Koslowski P. , '', in The Ethics of Banking; Conclusions from the Financial Crisis , (2011 ) -.

  • Ibid. Chapter 10 Financial Overstretch: The Epochal Disturbance of the Invisible Hand of the Market by the Financial Industry. 147.

    Koslowski P. , '', in The Ethics of Banking; Conclusions from the Financial Crisis , (2011 ) -.

  • Ibid. Chapter 10 Financial Overstretch: The Epochal Disturbance of the Invisible Hand of the Market by the Financial Industry. 151.

    Koslowski P. , '', in The Ethics of Banking; Conclusions from the Financial Crisis , (2011 ) -.

  • Ibid. Chapter 2: The ethical economy of the credit market. 29.

    Koslowski P. , '', in The Ethics of Banking; Conclusions from the Financial Crisis , (2011 ) -.

  • Hilferding, R.: Finanzkapital. Wien, 1947. 514.

    Hilferding R. , '', in Finanzkapital , (1947 ) -.

  • Galbraith, J. K.: The new industrial state. Boston, 1967. 71.

    Galbraith J. K. , '', in The new industrial state , (1967 ) -.

  • Review of current practices for taxation of financial instruments, profits and remuneration of the financial sector, PwC TAXUD Working Paper No.31, Brussels, 6 June 2012.

  • Hellgardt, A.: Comparing apples and oranges? Public, private, tax and criminal law in financial markets regulation. Max Planck Institute for Tax Law and Public Finance, Working Paper, No. 2012-04, Munich, June 2012.

    Hellgardt A. , '', in Comparing apples and oranges? Public, private, tax and criminal law in financial markets regulation , (2012 ) -.

  • Corrective tax is a means of regulation that is connected to the estimated harm rather than to the harm actually done. See Shavell, S.: The optimal structure of law enforcement. Journal of Law and Economics, 36 (April 1993) 1, Part 2, 284.

    Shavell S. , 'The optimal structure of law enforcement ' (1993 ) 36 Journal of Law and Economics : 284 -.

    • Search Google Scholar

  • op. cit. 285.

    Shavell S. , 'The optimal structure of law enforcement ' (1993 ) 36 Journal of Law and Economics : 285 -.

    • Search Google Scholar

  • op. cit. 3.

    Hellgardt A. , '', in Comparing apples and oranges? Public, private, tax and criminal law in financial markets regulation , (2012 ) -.

  • Summers, R. S.: The technique element in law; A tribute to Hans Kelsen. California Law Review, 59 (1971), 745.

    Summers R. S. , 'The technique element in law; A tribute to Hans Kelsen ' (1971 ) 59 California Law Review : 745 -.

    • Search Google Scholar

  • Beck, H.- Prinz, A.: Moralisierung in der Steuerpolitik: Was taugen die jüngsten Steuervorschläge? Wirtschaftsdienst, 90 (Dezember 2010) 12, 824.

    Prinz A. , 'Moralisierung in der Steuerpolitik: Was taugen die jüngsten Steuervorschläge? ' (2010 ) 90 Wirtschaftsdienst : 824 -.

    • Search Google Scholar

  • Laclau, E.: Populism: What's in a name? University of Essex, Centre for Theoretical Studies in the Humanities and Social Sciences; Online papers, Colchester, 2005.

  • Neumann, E.: Tiefenpsychologie und neue Ethik. Opus Magnum 2005, www.opus-magnum.de ; Erstmals erschienen Zürich: Rascher, 1949, Paras 68, 78, 120, 122

  • All these Robin Hood taxes can be found in Hungary.

  • See more for that in Deak, D.: Neutrality and legal certainty in tax law and the effective protection of taxpayers’ rights. Acta Juridica Hungarica, 49 (2008) 2, 178–180.

    Deak D. , 'Neutrality and legal certainty in tax law and the effective protection of taxpayers’ rights ' (2008 ) 49 Acta Juridica Hungarica : 178 -180 .

    • Search Google Scholar

  • Freud, S.: Massenpsychologie und Ich-Analyse. Wien, 1921, 16, 18, 21, 23.

    Freud S. , '', in Massenpsychologie und Ich-Analyse , (1921 ) -.

  • A fair and substantial contribution by the financial sector, IMF final report for the G-20, June 2010.

  • The White House Office of the Press Secretary, January 14, 2010.

  • Dodd-Frank Wall Street Reform and Consumer Protection Act, Pub. L. No. 111-203 (H.R. 4173), 124 Stat. 1376

  • COM(2010) 549 final.

  • Proposal for a Council Directive on a common system of financial transaction tax and amending Directive 2008/7/EC, COM(2011) 594 final. The Commission submitted a new proposal under No. COM(2013) 71 final on 14 February 2013, now based on the enhanced cooperation in the area of financial transaction tax that is to be introduced in eleven Member States.

  • Understanding between the Hungarian Government and the Hungarian Bankers’ Association of 15 December 2011.

  • For the analysis of the current crisis tax of financial enterprises and the financial transactions tax, the law on which has been passed, but will be applicable from the next year no, see Deak, D.: Bizarr magyar pénzügyi adók (Bizarre Hungarian financial taxes). Figyelő, (2012) 31, 54–55.}

    Deak D. , '', in Figyelő , (2012 ) -.

  • Page, R. T.: Foolish Revenge or Shrewd Regulation? Financial-Industry Tax Law Reforms Proposed in the Wake of the Financial Crisis. Tulane Law Review, 85 (2010–2011), 200.

    Page R. T. , 'Foolish Revenge or Shrewd Regulation? Financial-Industry Tax Law Reforms Proposed in the Wake of the Financial Crisis ' (2010 ) 85 Tulane Law Review : 200 -.

    • Search Google Scholar

  • Prinz, A.: Moralisierung in der Steuerpolitik: Was taugen die jüngsten Steuervorschläge? Wirtschaftsdienst, 90 (Dezember 2010) op. cit. 822.

  • Debt Bias and Other Distortions: Crisis-Related Issues in Tax Policy; Prepared by the IMF Fiscal Affairs Department; Approved by Carlo Cottarelli; 12 June 2009, para. 21, p. 14, para. 29, p. 16, para. 32, p. 17, para. 49, p. 24 para. 53, p. 25, para. 57, p. 26, para. 63, p. 28, para. 68, p. 30.

  • Collapse
  • Expand
Cover Acta Juridica Hungarica
Acta Juridica Hungarica
Print ISSN:
1216-2574
Online ISSN:
1588-2616

Senior editors

Editor(s)-in-Chief: Éva Jakab

Co-Editor(s):
Viktor Lőrincz,
Fruzsina Orosz

Editor(s):
Samanatha Cheesman,
Zsuzsa Fejes,
Attila Kun,
Gábor Sulyok,
Márton Varju

Editorial Board

    1. Attila Badó
    1. Myátyás Bódig (Aberdeen)
    1. Zoltán Csehi
    1. Péter Cserne (Hull)
    1. Balázs Gellér
    1. András Jakab
    1. Miklós Király
    1. György Kiss
    1. Jan Kudrna (Praha)
    1. Herbert Küpper (Regensburg)
    1. Konrad Lachmayer (Durham)
    1. Andzrej Stanisław Mączyński (Kraków)
    1. Guido Pfeifer (Frankfurt am Main)
    1. Miklós Szabó
    1. Zoltán Szente
    1. G.J.J. Heerma van Voss (Leiden)
    1. Bernd Waas (Frankfurt am Main)
    1. Fryderyk Zoll (Osnabrück)

Advisory Board

    1. Péter Erdő
    1. Gábor Hamza
    1. Attila Harmathy
    1. László Kecskés
    1. Tibor Király
    1. László Korinek
    1. László Sólyom
    1. Lajos Vékás
    1. Imre Vörös

Acta Juridica Hungarica
P.O. Box 25
HU–1250 Budapest,Hungary
Phone: (36 1) 355 7384
Fax. (36 1) 375 7858
E-mail: acta.juridica@tk.mta.hu

  Indexing and Abstracting Services:

  • Information technology and the Law
  • International Bibliographies IBZ and IBR
  • Worldwide Political Science Abstractss
  • Translation Studies Abstracts
  • SCOPUS
  • Cabell's Directories
  • HeinOnline

 

Acta Juridica Hungarica
Language English
Size  
Year of
Foundation		 1959
Publication
Programme		 changed title
Volumes
per Year		  
Issues
per Year		  
Founder Magyar Tudományos Akadémia  
Founder's
Address		 H-1051 Budapest, Hungary, Széchenyi István tér 9.
Publisher Akadémiai Kiadó
Publisher's
Address		 H-1117 Budapest, Hungary 1516 Budapest, PO Box 245.
Responsible
Publisher		 Chief Executive Officer, Akadémiai Kiadó
ISSN 1216-2574 (Print)
ISSN 1588-2616 (Online)

Monthly Content Usage

Abstract Views Full Text Views PDF Downloads
Jun 2024 0 22 2
Jul 2024 0 10 2
Aug 2024 0 12 6
Sep 2024 0 25 1
Oct 2024 0 112 4
Nov 2024 0 26 3
Dec 2024 0 0 0