Activities of Miguel PORTAS related to 2011/0261(CNS)
Shadow reports (1)
REPORT on the proposal for a Council directive on a common system of financial transaction tax and amending Directive 2008/7/EC PDF (373 KB) DOC (529 KB)
Amendments (17)
Amendment 4 #
Proposal for a directive
Recital 1
Recital 1
(1) The recent financial crisis has led to debates at all levels about a possible additional tax on the financial sector and in particular a financial transactions tax (FTT). This debate stems from the desire to ensure the financial sector contribute to covering the costs of the crisis and that it is taxed in a fair way vis-à-vis other sectors for the future; to dis-incentivise excessively risky activities by financial institutions; to complement regulatory measures aimed at avoiding future crises and to generate additional revenue for general budgets or specific policy purposthe European Union budget, above all in order to promote employment, social and environment policies.
Amendment 7 #
Proposal for a directive
Recital 13
Recital 13
(13) 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 thein accordance with an issuance principle, supplemented by a residence principle.
Amendment 8 #
Proposal for a directive
Recital 16 a (new)
Recital 16 a (new)
(16a) Bearing in mind the Commission proposal on the multiannual financial framework for the period 2014-2020 and, in particular, the provisions on the own- resources of the Union laid down in the Treaties, the revenue accruing from the FTT should be administered at Union level, as an own resource, and should be linked to specific Union policies or public goods, in particular action to combat poverty at world and European level, action to combat unemployment and the fight against climate change.
Amendment 9 #
Proposal for a directive
Article 1 – paragraph 1 a (new)
Article 1 – paragraph 1 a (new)
1a. The FTT shall constitute a financial resource of the Union, and the revenue accruing from its application shall be added to the Union budget.
Amendment 11 #
Proposal for a directive
Article 2 – paragraph 1 – point 2 a (new)
Article 2 – paragraph 1 – point 2 a (new)
(2a) Issuance 1. For the purposes of this Directive a financial instrument is deemed to be issued within the territory of a Member State or the Union where it is issued by a legal entity that is registered in a Member State. 2. In the case of a derivative, the condition of issuance within the territory of a Member State or the Union is fulfilled where the reference or underlying instrument is issued by a legal entity that is registered in a Member State. 3. In the case of a structured instrument, the condition of issuance within the territory of a Member State or the Union is fulfilled when the structured instrument is based on or backed by a greater than 20% proportion of assets or financial instruments and derivatives with reference to financial instruments issued by a legal entity that is registered in a Member State.
Amendment 12 #
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 1
Article 8 – paragraph 2 – subparagraph 1
The minimum rates shall be fixed by each Member State as a percentage of the taxable amount not lower than 0.1%.
Amendment 13 #
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 2 – introductory part
Article 8 – paragraph 2 – subparagraph 2 – introductory part
Amendment 14 #
Proposal for a directive
Article 8 – paragraph 3
Article 8 – paragraph 3
3. Member States shall apply the same rate to all financial transactions that fall under the same category pursuThe Commission shall define an increment system relating to the minimum rate, whereby categories of instruments shall be defined by level of complexity and maturity intervals. These increments shall increase the tax on the most complex instruments antd to paragraph 2 (a) and (b)hose with the shortest maturities.
Amendment 19 #
Proposal for a directive
Recital 1
Recital 1
(1) The recent financial crisis has led to debates at all levels about a possible additional tax on the financial sector and in particular a financial transactions tax (FTT). This debate stems from the desire to ensure the financial sector contribute to covering the costs of the crisis and that it is taxed in a fair way vis-à-vis other sectors for the future; to dis-incentivise excessively risky activities by financial institutions; to complement regulatory measures aimed at avoiding future crises and to generate additional revenue for general budgets or specific policy purposthe European Union budget, above all in order to promote employment, social and environment policies.
Amendment 37 #
Proposal for a directive
Recital 3
Recital 3
(3) For the internal market to function properly, FTT should apply to trade in a wide range of financial instruments, including structured products, both in the organised markets and "over-the-counter", as well as to the conclusion and modification of all derivative contracts, penalising the most complex and least transparent instruments and those based on short-term financing considerations. For the same reason, it should apply to a broadly determined range of financial institutions.
Amendment 52 #
Proposal for a directive
Recital 13
Recital 13
(13) 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 thein accordance with an issuance principle, supplemented by a residence principle.
Amendment 60 #
Proposal for a directive
Recital 17 a (new)
Recital 17 a (new)
(17a) Bearing in mind the Commission proposal on the multiannual financial framework for the period 2014-2020 and, in particular, the provisions on the own- resources of the Union laid down in the Treaties, the revenue accruing from the FTT should be administered at Union level, as an own resource, and should be linked to specific Union policies or public goods, in particular action to combat poverty at world and European level, action to combat unemployment and the fight against climate change.
Amendment 74 #
Proposal for a directive
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. The FTT shall constitute a financial resource of the Union, and the revenue accruing from its application shall be added to the Union budget.
Amendment 119 #
Proposal for a directive
Article 3 a (new)
Article 3 a (new)
Article 3a Issuance 1. For the purposes of this Directive a financial instrument is deemed to be issued within the territory of a Member State or the Union where it is issued by a legal entity that is registered in a Member State. 2. In the case of a derivative, the condition of issuance within the territory of a Member State or the Union is fulfilled where the reference or underlying instrument is issued by a legal entity that is registered in a Member State. 3. In the case of a structured instrument, the condition of issuance within the territory of a Member State or the Union is fulfilled when the structured instrument is based on or backed by a greater than 20% proportion of assets or financial instruments and derivatives with reference to financial instruments issued by a legal entity that is registered in a Member State.
Amendment 127 #
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 1
Article 8 – paragraph 2 – subparagraph 1
The minimum rates shall be fixed by each Member State as a percentage of the taxable amount not lower than 0.1%.
Amendment 128 #
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 2
Article 8 – paragraph 2 – subparagraph 2
Amendment 136 #
Proposal for a directive
Article 8 – paragraph 3
Article 8 – paragraph 3
3. Member States shall apply the same rate to all financial transactions that fall under the same category pursuThe Commission shall define an increment system relating to the minimum rate, whereby categories of instruments shall be defined by level of complexity and maturity intervals. These increments shall increase the tax on the most complex instruments antd to paragraph 2 (a) and (b)hose with the shortest maturities.