58 Amendments of Nils TORVALDS related to 2013/0045(CNS)
Amendment 22 #
Proposal for a regulation
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The European Parliament rejects the Commission proposal
Amendment 24 #
Draft legislative resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
(1a) Calls on the Commission to demonstrate in a comprehensive impact assessment and cost benefit analysis that any enhanced cooperation will respect the competences, rights and obligations of those Member States which do not participate in it.
Amendment 25 #
Draft legislative resolution
Paragraph 1 b (new)
Paragraph 1 b (new)
(1b) Calls on the Commission to analyse and to propose the introduction of an EU wide VAT on financial services or Financial Activity Tax.
Amendment 30 #
Proposal for a directive
Recital 1 a (new)
Recital 1 a (new)
(1a) Prior to the introduction of an FTT the Commission shall demonstrate that enhanced cooperation will not undermine the internal market or economic, social and territorial cohesion. It shall also demonstrate that it does not constitute a barrier to or discrimination in trade between Member States, nor distort competition between them. The Commission shall present a new robust analysis and impact assessment, of the consequences the proposal for a common FTT both on participating and non participating countries as well as on the Single Market as a whole.
Amendment 32 #
Proposal for a directive
Recital 1 b (new)
Recital 1 b (new)
(1b) It is important to emphasize that non- participating Member States' interests should be taken into account after the this Directive on enhanced cooperation has been implemented since the introduction of the tax will effect the single market as a whole. A tax with a narrower tax base would reduce the negative effects of the tax.
Amendment 34 #
Proposal for a directive
Recital 2 a (new)
Recital 2 a (new)
(2a) According to the difference in scope between the initial Commission proposal for a common FTT and existing national financial transaction tax regimes this enhanced cooperation in regard to FTT may not be regarded as furthering the Union's objectives, protecting its interests and reinforcing its integration process within the meaning of Article 20 TEU.
Amendment 37 #
Proposal for a directive
Recital 2 b (new)
Recital 2 b (new)
(2b) The extraterritorial aspects of enhanced cooperation have not been fully considered sufficiently to ensure that it will respect the rights, competences and obligations of the non-participating Member States. Therefore the Commission shall closely monitor the implementation of an FTT adopted under enhanced cooperation with regard to articles 326 and 327 of the Treaty and report annually to the Council and European Parliament on any adverse affects this has in respect of those provisions.
Amendment 39 #
Proposal for a directive
Recital 3 a (new)
Recital 3 a (new)
(3a) Any harmonisation of FTTs amongst participating Member States must not result in extra-territorial taxation infringing on the potential tax base for other non participating EU countries.
Amendment 41 #
Proposal for a directive
Recital 4
Recital 4
Amendment 44 #
Proposal for a directive
Recital 4 a (new)
Recital 4 a (new)
Amendment 45 #
Proposal for a directive
Recital 6 a (new)
Recital 6 a (new)
(6a) Transactions on public debt from EU Member States should not be included in the scope of the tax
Amendment 48 #
Proposal for a directive
Recital 9
Recital 9
(9) The provisions of Council Directive 2008/7/EC of 12 February 2008 concerning indirect taxes on the raising of capital28 continue to be fully applicable. Article 5(1)(e) and (2) of that Directive is relevant to the area covered by this Directive and prohibits, subject to Article 6(1)(a) of that Directive, the imposition of any tax whatsoever on the transactions referred to in its provisions. Transactions in respect of which Directive 2008/7/EC prohibits or could prohibit the imposition of taxes should therefore not be subject to FTT. Independently from the extent to which Directive 2008/7/EC prohibits taxation of the issuance of shares and units collective investment undertakings, considerations of tax neutrality require a single treatment of issuances and redemptions by all these undertakings. The redemption of shares and units thus issued are however not in the nature of a primary market transaction and should thus be taxable.
Amendment 54 #
Proposal for a directive
Recital 15
Recital 15
(15) Because of the high mobility of financial transactions and in order to help mitigating potential tax avoidance, the FTT should be applied on the basis of the residence principle. To further minimise the risk of relocation of transactions, while maintaining a single reference to ‘establishment’ for ease of application, this principle should be supplemented by elements of the issuance principle. Thus, for transactions in certain financial instruments, the persons involved should be considered established in the participating Member State in which the instrument has been issued.
Amendment 55 #
Proposal for a directive
Recital 15 a (new)
Recital 15 a (new)
(15a) The FTT should not be levied on parties to the transaction that is not located within a participating Member State. This is to respect the sovereignty of the jurisdiction of non-participating Member States and third countries. Fundamental principles of international taxation limit a states right to taxation to its own jurisdiction. Every infringement on this fundamental principle may lead to undesirable counter measures from affected jurisdictions. Accordingly, FTT should only be levied on Financial Institutions within the territory of a participating Member State.
Amendment 56 #
Proposal for a directive
Recital 15 b (new)
Recital 15 b (new)
(15b) The residence principle should not be complemented by the "transfer of legal title principle" in this Directive.
Amendment 58 #
Proposal for a directive
Recital 16
Recital 16
(16) The minimum tax rates should be set at a level sufficiently high for the harmonisation objective of a common FTT to be achieved. At the same time, they have to be low enough so that delocalisation risks are minimised as well as increases in the cost of funding for business. The tax rate should not in any way reduce the value of pension rights.
Amendment 60 #
Proposal for a directive
Recital 19 a (new)
Recital 19 a (new)
Amendment 72 #
Proposal for a directive
Article 2 – paragraph 1 – point 2 – point b
Article 2 – paragraph 1 – point 2 – point b
Amendment 76 #
Proposal for a directive
Article 2 – paragraph 1 – point 2 – point e
Article 2 – paragraph 1 – point 2 – point e
Amendment 80 #
Proposal for a directive
Article 2 – paragraph 1 – point 5
Article 2 – paragraph 1 – point 5
Amendment 81 #
Proposal for a directive
Article 2 – paragraph 1 – point 7 a (new)
Article 2 – paragraph 1 – point 7 a (new)
(7a) 'market maker' means a market maker as defined in article 4 of Directive [MiFID], a person who holds himself out on the financial markets on a continuous basis as being willing to deal on own account by buying and selling financial instruments against his proprietary capital;
Amendment 82 #
Proposal for a directive
Article 2 – paragraph 1 – point 7 b (new)
Article 2 – paragraph 1 – point 7 b (new)
Amendment 83 #
Proposal for a directive
Article 2 – paragraph 1 – point 7 c (new)
Article 2 – paragraph 1 – point 7 c (new)
(7 c) 'SME, small and medium-sized enterprises' means a company that has an average market capitalisation of less than EUR 200 000 000 in accordance with Article 4 (12) in Regulation No.../...[MiFID];
Amendment 85 #
Proposal for a directive
Article 2 – paragraph 1 – point 8 – point e
Article 2 – paragraph 1 – point 8 – point e
Amendment 88 #
Proposal for a directive
Article 2 – paragraph 1 – point 8 – point f
Article 2 – paragraph 1 – point 8 – point f
Amendment 92 #
Proposal for a directive
Article 2 – paragraph 1 – point 8 – point g
Article 2 – paragraph 1 – point 8 – point g
(g) an alternative investment fund (AIF) and an alternative investment fund manager (AIFM) as defined in Article 4 of Directive 2011/61/EU of the European Parliament and of the Council except where the leverage of the AIF complies with the requirement set out in Article 51(3) of Directive 2009/65/EC;
Amendment 93 #
Proposal for a directive
Article 2 – paragraph 1 – point 8 – point j
Article 2 – paragraph 1 – point 8 – point j
Amendment 95 #
Proposal for a directive
Article 2 – paragraph 1 – point 12 a (new)
Article 2 – paragraph 1 – point 12 a (new)
(12a) 'Public debt' means debt titles issued by any of the levels of administration of a participating Member State.
Amendment 98 #
Proposal for a directive
Article 3 – paragraph 1
Article 3 – paragraph 1
1. This Directive shall apply to all financial transactions, on the condition that at least one party to the transaction is established in the territory of a participating Member State and that a financial institution established in the territory of a participating Member State is party to the transaction, acting either for its own account or for the account of another person, or is acting in the name of a party to the transactioninstitutions as defined in this Directive, established in the territory of a participating Member State, entering into transactions in instruments that are admitted to trading or traded on a Regulated Market, MTF or OTF and issued in participating Member States for which there is a liquid market, as defined in accordance with Regulation [..../...MIFIR]. This Directive shall not apply where the financial institution is acting as a market maker in relation to a client request, or hedging risks associated with fulfilling that role.
Amendment 103 #
Proposal for a directive
Article 3 – paragraph 2 – point c a (new)
Article 3 – paragraph 2 – point c a (new)
(ca) SME growth markets;
Amendment 105 #
Proposal for a directive
Article 3 – paragraph 2 – point c b (new)
Article 3 – paragraph 2 – point c b (new)
(cb) Small and medium-sized enterprises;
Amendment 106 #
Proposal for a directive
Article 3 – paragraph 2 – point c c (new)
Article 3 – paragraph 2 – point c c (new)
(c c) a pension fund or an institution for occupational retirement provision as defined in Article 6(a) of Directive 2003/41/EC of the European Parliament and of the Council36 , an investment manager of such fund or institution;
Amendment 107 #
Proposal for a directive
Article 3 – paragraph 2 – point c d (new)
Article 3 – paragraph 2 – point c d (new)
(cd) an undertaking for collective investments in transferable securities (UCITS) as defined in Article 1(2) of Directive 2009/65/EC of the European Parliament and of the Council35 and a management company as defined in Article 2(1)(b) of Directive 2009/65/EC;
Amendment 108 #
Proposal for a directive
Article 3 – paragraph 2 – point c e (new)
Article 3 – paragraph 2 – point c e (new)
(ce) a branch or subsidiary of an institution established in a participating Member State pursuant to point (c) of Article 4 paragraph 1 but operating in a non participating Member State where it is not trading in an instrument issued in a participating Member State;
Amendment 109 #
Proposal for a directive
Article 3 – paragraph 2 – point c f (new)
Article 3 – paragraph 2 – point c f (new)
(cf) Financial institutions acting as market makers or undertaking transactions associated with that activity including the hedging of risks resulting from that activity.
Amendment 115 #
Proposal for a directive
Article 3 – paragraph 4 – point g a (new)
Article 3 – paragraph 4 – point g a (new)
(ga) instruments issued in non- participating Member States.
Amendment 116 #
Proposal for a directive
Article 3 – paragraph 4 – point g a (new)
Article 3 – paragraph 4 – point g a (new)
(ga) Transactions of public debt.
Amendment 120 #
Proposal for a directive
Article 3 – paragraph 4 – point g b (new)
Article 3 – paragraph 4 – point g b (new)
(gb) Intragroup transactions between entities of a consolidated group and entities of a network of decentralised banks under the condition that the respective financial instruments are owned by them and similar types of transactions comprising the transfer of the risk linked to the financial instrument;
Amendment 121 #
Proposal for a directive
Article 3 – paragraph 4 – point g b (new)
Article 3 – paragraph 4 – point g b (new)
(gb) Transactions with any financial product issued by SMEs
Amendment 122 #
Proposal for a directive
Article 3 – paragraph 4 – point g c (new)
Article 3 – paragraph 4 – point g c (new)
(g c) A reverse repurchase agreement, a repurchase agreement, a contractual agreement on securities lending and borrowing.
Amendment 124 #
Proposal for a directive
Article 3 – paragraph 4 – point g d (new)
Article 3 – paragraph 4 – point g d (new)
(gd) Currency and interest rate related derivatives as specified in MiFID Annex 1 Section C.
Amendment 125 #
Proposal for a directive
Article 3 – paragraph 4 – point g e (new)
Article 3 – paragraph 4 – point g e (new)
(ge) primary market transactions referred to in Article 5(c) of Regulation (EC) No 1287/2006, including the activity of underwriting and subsequent allocation of financial instruments in the framework of their issue and the issue and redemption of shares and units of undertakings for collective investments in transferable securities (UCITS) as defined in Article 1(2) of Directive 2009/65/EC of the European Parliament and the Council22 and alternative investment funds (AIF) as defined in Article 4(1)(a) of Directive 2011/61/EU of the European Parliament and the Council;
Amendment 126 #
Proposal for a directive
Article 3 – paragraph 4 – point g f (new)
Article 3 – paragraph 4 – point g f (new)
(gf) transactions in relation to market making activities.
Amendment 127 #
Proposal for a directive
Article 3 – paragraph 4 – point g g (new)
Article 3 – paragraph 4 – point g g (new)
(gg) bonds and transactions in financial instruments related to hedging or market making activities in bond markets.
Amendment 128 #
Proposal for a directive
Article 3 – paragraph 4 – point g h (new)
Article 3 – paragraph 4 – point g h (new)
(g h) derivatives transactions which result from market making activity or related hedging or are objectively measureable as reducing risks directly relating to commercial activity or treasury financing specified in accordance with Regulation [.../...EMIR].
Amendment 130 #
Proposal for a directive
Article 4 – paragraph 1 – point f
Article 4 – paragraph 1 – point f
Amendment 132 #
Proposal for a directive
Article 4 – paragraph 1 – point g
Article 4 – paragraph 1 – point g
(g) it is party, acting either for its own account or for the account of another person, or is acting in the name of a party to the transaction, to a financial transaction in a structured product or one of the financial instruments referred to in Section C of Annex I of Directive 2004/39/EC issued within the territory of that Member State, with the exception of instruments referred to in points (4) to (10) of that Section which are not traded on an organised platform.
Amendment 134 #
Proposal for a directive
Article 4 – paragraph 2 – point c
Article 4 – paragraph 2 – point c
Amendment 136 #
Proposal for a directive
Article 7 – paragraph 1
Article 7 – paragraph 1
In the case of financial transactions referred to in point 2(c) of Article 2(1) and, in respect of derivative contracts, in points 2(a), 2(b) and 2(d) of Article 2(1), the taxable amount of the FTT shall be the notional amounteconomic value referred to in the derivatives contract at the time of the financial transaction.
Amendment 141 #
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 2 – introductory part
Article 9 – paragraph 2 – subparagraph 2 – introductory part
Those rates shall not be lower thanbe:
Amendment 142 #
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 2 – point a
Article 9 – paragraph 2 – subparagraph 2 – point a
(a) 0.01% in respect of the financial transactions referred to in Article 6;
Amendment 144 #
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 2 – point b
Article 9 – paragraph 2 – subparagraph 2 – point b
(b) 0.001% in respect of financial transactions referred to in Article 7.
Amendment 145 #
Proposal for a directive
Article 9 – paragraph 2 – subparagraph 2 – point b a (new)
Article 9 – paragraph 2 – subparagraph 2 – point b a (new)
(ba) 0,02% on over the counter derivatives
Amendment 150 #
Proposal for a directive
Article 10 – paragraph 1 – subparagraph 1 – point a
Article 10 – paragraph 1 – subparagraph 1 – point a
(a) it is party to the transaction, acting either for its own account or for the account of another person;
Amendment 151 #
Proposal for a directive
Article 10 – paragraph 1 – subparagraph 1 – point b
Article 10 – paragraph 1 – subparagraph 1 – point b
Amendment 152 #
Proposal for a directive
Article 10 – paragraph 3
Article 10 – paragraph 3
Amendment 163 #
Proposal for a directive
Article 15 a (new)
Article 15 a (new)
Article 15 a Establishment of the FTT Committee 1. The Commission shall establish an expert working group (the FTT Committee) comprising representatives from all EU Member States, the Commission, the ECB, and ESMA to assist participating Member States in the effective implementation of this Directive and prevent tax fraud, evasion and avoidance and to preserve the integrity of the Single market. 2. The FTT Committee shall assess the effective implementation of this Directive, assess the effects on the single market, for participating and non participating Member States, and detect avoidance schemes including abusive arrangements as defined in Article 14 in order to propose countermeasures, where appropriate, making full use of Union law in the field of taxation and financial services regulation and of the instruments for cooperation on tax matters established by international organisations including the OECD and the Council of Europe.
Amendment 170 #
Proposal for a directive
Article 19 – paragraph 2
Article 19 – paragraph 2
In that report the Commission shall, at least, examine the impact of the FTT on the proper functioning of the internal market, the financial markets and the real economy as well as alternative ways of taxing the financial sector, e.g. by imposing a VAT on financial services or the instruction of an Financial Activity Tax and it shall take into account the progress on taxation of the financial sector in the international context.