Activities of Arlene McCARTHY related to 2010/2105(INI)
Plenary speeches (1)
Innovative financing at a global and European level (debate)
Amendments (8)
Amendment 55 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3 a. Welcomes the Commission's recognition that the financial sector is under-taxed, in particular due to the absence of VAT on most financial services and calls for innovative financing measures to raise more from this sector and contribute to shifting the burden of taxation away from working people;
Amendment 61 #
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
3 b. Notes that bank levies, a Financial Activities Tax on bonuses and profits and an FTT each serve different economic objectives and have different revenue- raising potential and therefore should be seen as complementary measures;
Amendment 82 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Should no international agreement be reached within the next few months, urges the EU to move ahead with legislative proposals on the introduction of an EU FTT; stresses that a low rate between 0.01 and 0.05%n appropriate rate and design of tax would prevent major shifts in activity towards other, lower-taxed jurisdictions;
Amendment 84 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Points out that some EU Member States have already introduced similar types of transaction taxes with no apparent negative impacttaxes on specific financial transactions, and that these taxes successfully contribute to tax revenues without evidence of negative impacts on the real economy; furthermore, highlights the fact that EU coordination of such measures would reduce the potential for arbitrage;
Amendment 111 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Calls on the Commission also to address in its feasibility study the geographical asymmetry of transactions and revenues and the possibility of a graded or differentiated rate on the basis of the asset category, the nature of the actor involved or the short-term and speculative nature of the transaction and asks the Commission to draw on all available research;
Amendment 116 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Stresses that an EU FTT should have the broadest base possiblfeasible base so as to guarantee a level playing field in the financial markets and not drive transactions to less transparent vehicles; considers, therefore, that the Commission's feasibility study should look at designs of a tax that could be applied to all spot and derivatives transactions traded on markets as well as Over-The-Counter (OTC) derivatives should be covered;
Amendment 132 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. NotWelcomes the IMF proposal for a Financial Activities Tax (FAT), as endorsed in the recent Commission communication; stresses that an FAT is a solely revenue- oriented tax tool and thereforelevied against the excessive profits and bonuses in the financial sector, while noting it has no direct or indirect potential to restore market balance or to curb speculation in financial transactions; emphasises, moreover, that even if they are given the broadest possible scope FATs offer lower revenue potential than FTTs; believes, therefore, that an FAT can only be abe an important complement to an FTT but is not an alternative;
Amendment 135 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Is aware of different options for the management of the additional revenues generated by the taxation of the financial sector at both national and European level; is convinced that in order to safeguard the European added value of the aforementioned innovative financing tools a substantial part of those revenues should be allocated to the EU budget to finance EU projects and policies while reducing the proportion of EU spending that must be funded from national budgets;