17 Amendments of Markus FERBER related to 2021/2097(INI)
Amendment 4 #
Motion for a resolution
Citation 23 a (new)
Citation 23 a (new)
— having regard to the Commission report of 24 March 2017 entitled 'Accelerating the capital markets union: addressing national barriers to capital flows' (COM(2017) 147 final),
Amendment 7 #
Motion for a resolution
Citation 28 a (new)
Citation 28 a (new)
— having regard to the OECD Treaty Relief and Compliance Enhancement (TRACE) project,
Amendment 21 #
Motion for a resolution
Recital D
Recital D
D. whereas withholding taxes can reduce the risk of tax evasion and avoidance, thus remaining a reliable policy tool until the implementation of the above-mentioned agreement by the G20/OECD Inclusive Framework on BEPSbut increase the risk of double- taxation;
Amendment 29 #
Motion for a resolution
Recital E
Recital E
E. whereas complex, lengthy and costly refund procedures increase the administrative burden for cross-border investments and may create an obstacle to market integration; whereas such obstacles even remain in the Single Market constituting a major barrier to the free flow of capital and the completion of the Capital Markets Union; whereas such obstacles are particularly severe for retail investors and might discourage them from cross-border investments;
Amendment 31 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
E a. whereas previous initiatives to improve the efficiency of current withholding tax procedures, such as the European Commission's 2017 voluntary Code of Conduct on Withholding Tax, have yielded only limited results;
Amendment 32 #
Motion for a resolution
Recital E b (new)
Recital E b (new)
E b. whereas the Commission has estimated the total costs of withholding tax refund procedures to be around 8.4bn EUR in 2016, which was mainly due to foregone tax relief (due to complex compliance procedures and costly expert advice), the costs of reclaim procedures and opportunity costs (delayed refunds mean that the money cannot be used for other purposes)1a; whereas such costs are disproportionally borne by small and retail investors that have less capacity to deal with complex administrative procedures; _________________ 1aCOM(2017) 147 final; Accelerating the capital markets union: addressing national barriers to capital flows
Amendment 33 #
Motion for a resolution
Recital E c (new)
Recital E c (new)
E c. whereas in many Member States withholding tax refund procedures cannot be done online or must be processed through a local agent1a further complicating the process for non-domestic investors; whereas a move to digital solutions will significantly facilitate the process for tax authorities and investors making the process quicker, more reliable and easier to monitor for tax authorities; whereas such a move towards digital solutions should also encompass elements such as the digitalisation of tax residency proofs; _________________ 1aCOM(2017) 147 final, Accelerating the capital markets union: addressing national barriers to capital flows
Amendment 34 #
Motion for a resolution
Recital E d (new)
Recital E d (new)
E d. whereas the resource-intensive and lengthy procedures might lead non- domestic investors to forego their right to apply for tax refunds that they are entitled to making the prospect of cross-border investments less attractive; whereas such tax disadvantages might cause investors to forego the benefits of cross-border portfolio diversification;
Amendment 51 #
Motion for a resolution
Recital G a (new)
Recital G a (new)
G a. whereas the Commission has announced the objective of alleviating the tax-associated burden in cross-border investment as one of the key action points in its 2020 communication "A Capital Markets Union for people and businesses- new action plan";
Amendment 57 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Welcomes the considerable progress made in the fight against harmful tax practices in recent years, both at EU and international level, while stressing that moresimilar efforts are needed to tackle taxation-based obstacles to cross-border investments;
Amendment 97 #
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 129 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Notes that although Directive 2014/107/EU has facilitated the exchange of information, other obstacles to the detection of cum-ex and cum-cum schemes exist, including the timeliness of exchangesettlement delays in securities transactions, the scope of the exchange of information on capital gains, and the insufficient spontaneous exchange of information;
Amendment 138 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. NotWelcomes the Commission’s intention to put forward a proposal by the end of 2022 establishing a European withholding tax framework for dividend, interest or royalty payments, accompanied by a mechanism for the exchange of information and cooperation among tax administrations;
Amendment 144 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
Amendment 149 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Encourages the development of a harmonised, easy-to use and digital EU procedure for withholding tax refunds for all Member States, thereby addressing the concerns about regulatory discrepancies;
Amendment 156 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Notes that digitalising these procedures and improving cooperation between national tax administrations could reduce the administrative burden and uncertainty in cross-border investments while speeding up procedures for investors and tax authorities alike;
Amendment 166 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Takes note ofWelcomes the option to establish an EU system for relief at source; highlights that a move towards this type of system cannot be detrimental to the fight against tax abuse; stresses that, in all circumstances, compliance, that should be the preferred option; notes that well- working, quick, standardised and digital withholding tax refund procedures would only bye the destination state with the agreement reached by the G20/OECD Inclusive Framework must be a prerequisite for relief at sourcesecond-best option, but would still constitute an improvement over the status quo;