CITUB demands a tax on financial transactions

The imporsition of a tax on financial transactions would stimulate production and lead to higher economic growth, stated yesterday the Chairman of the Confederation of Independent Trade Unions of Bulgaria (CITUB), Plamen Dimitrov. According to him, the adoption of such a tax would positively affect  fairness of taxation in the financial sector and can reduce speculations therin as well as contribute to the return of the financial capital to the manufacturing sector. The introduction of this tax will motivate banks to finance production, said CITUB representatives.
The proposal was made during the International Conference dubbed "Employment and Income: Dialogue for Growth and Better Future of Bulgaria". 

Bulgarian President Rosen Plevneliev was also in favour of this suggestion. The syndicates will also insist on the drafting of a transparent and clear methodology on the formation of bank interests, taking into account the financial risk, which would allow businesses to forecast and plan their relations with financial institutions. According to Dimitrov, the main reason for the low incomes in Bulgaria is the unfair primary income formation.
"And this is not because of the crisis. In fact, the compensation of Bulgarian employees is 36.5% of GDP on average versus 49.3% of the EU average level. This predetermines the primary reallocation of income and hence the resulting total injustice," reckoned the CITUB Chairman. We have the right to receive higher remunerations because we produce more output, specified he.

It is possible that by the end of the year, the unemployment rate in Bulgaria to reach 18-19%, indicated Sharan Burrow, General Secretary of the International Trade Union Confederation (ITUC). She explained that in our country, many people have remained jobless as a result of the recession of 2009 – 2011. In fact, the employment index goes down, the unemployment rate has doubled, reported Borough. For 2011, according to the data of the National Agency for Employment, it stood at 11.2% (editor's note).

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