22 Amendments of Sharon BOWLES related to 2011/0261(CNS)
Amendment 44 #
Proposal for a directive
Recital 7 a (new)
Recital 7 a (new)
(7a) Where a transaction is considered directly related to the commercial and treasury activities of a non-financial counterparty for the purposes of Article 4 point 4 (d a), due account should be taken of that non-financial counterparty's overall hedging and risk-mitigation strategies and whether the transaction is economically appropriate for the reduction of risks in the conduct and management of a non-financial counterparty.
Amendment 48 #
Proposal for a directive
Recital 12
Recital 12
(12) In order to concentrate the taxation on the financial sector as such rather than on citizens and because financial institutions execute the vast majority of transactions on financial markets, the tax should apply only to those institutions, whether they trade in their own name, in the name of other persons, for their on own account or for the account of other persons.
Amendment 49 #
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 the residence principle. However, applying this principle must not result in extra- territorial taxation infringing on the potential tax base for other countries.
Amendment 54 #
Proposal for a directive
Recital 14
Recital 14
(14) The minimum tax rates should be set at a level sufficiently high for the harmonisation objective of this Directive to be achieved. At the same time, they have to be low enough so that delocalisation risks are minimiseduniform in all Member States. They have to be low enough so that delocalisation risks are minimized as well as increases in the cost of capital for business investments. The tax rate should not unduly reduce the value of pension rights.
Amendment 70 #
Proposal for a directive
Article 1 – paragraph 2
Article 1 – paragraph 2
2. This Directive shall apply to all financial transactions, on condition that at least one party to the transaction is established in a Member State and that a financial institution established in the territory of a 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 transaction between financial institutions in the EU.
Amendment 75 #
Proposal for a directive
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. In the event of a wider FTT it will be extended to those other territories on mutual terms.
Amendment 90 #
Proposal for a directive
Article 1 – paragraph 4 – point d a (new)
Article 1 – paragraph 4 – point d a (new)
(da) transactions directly related to the commercial activities and treasury activities of a non-financial counterparty (end user). Compliance with this exemption shall be confirmed in the general audit of the end user.
Amendment 102 #
Proposal for a directive
Article 2 – paragraph 1 – point 1 – introductory part
Article 2 – paragraph 1 – point 1 – introductory part
(1) ‘Financial transaction’ means any of the following conducted between financial institutions:
Amendment 103 #
Proposal for a directive
Article 2 – paragraph 1 – point 1 – point a
Article 2 – paragraph 1 – point 1 – point a
(a) the purchase and sale of a financial instrument before netting and settlement, including repurchase and reverse repurchase and securities lending and borrowing agreements, including cancelled orders made when engaging in high frequency trading;
Amendment 107 #
Proposal for a directive
Article 2 – paragraph 1 – point 7 – point d
Article 2 – paragraph 1 – point 7 – point d
Amendment 113 #
Proposal for a directive
Article 2 – paragraph 1 – point 7 – point f
Article 2 – paragraph 1 – point 7 – point f
Amendment 114 #
Proposal for a directive
Article 3 – paragraph 1 – point e
Article 3 – paragraph 1 – point e
Amendment 126 #
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 1
Article 8 – paragraph 2 – subparagraph 1
The rates shall be fixed by each Member State as aat a uniform percentage of the taxable amount.
Amendment 130 #
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 2 – introductory part
Article 8 – paragraph 2 – subparagraph 2 – introductory part
Those rates shall not be lower thanbe:
Amendment 143 #
Proposal for a directive
Article 9 – paragraph 3
Article 9 – paragraph 3
Amendment 145 #
Proposal for a directive
Article 9 – paragraph 4
Article 9 – paragraph 4
Amendment 151 #
Proposal for a directive
Article 10 – paragraph 2
Article 10 – paragraph 2
2. Member States shall adopt measures to ensure that every persfinancial institution liable for payment of FTT submits to the tax authorities a return setting out all the information needed to calculate the FTT that has become chargeable during a period of one month including the total value of the transactions taxed at each rate. The FTT return shall be submitted by the tenth day of the month following the month during which the FTT became chargeable.
Amendment 153 #
Proposal for a directive
Article 10 – paragraph 4
Article 10 – paragraph 4
Amendment 155 #
Proposal for a directive
Article 10 – paragraph 5 a (new)
Article 10 – paragraph 5 a (new)
5 a. Member states shall disclose annually to the Commission and Eurostat transaction volumes against which revenues have been collected.
Amendment 157 #
Proposal for a directive
Article 11 – paragraph 1
Article 11 – paragraph 1
1. Member StatCommon EU rules shall be adopt measuresed to prevent tax evasion, avoidance and abuse.
Amendment 165 #
Proposal for a directive
Article 12
Article 12
Member States shall not maintain orbe prevented from introduceing taxes on financial transactions other than the FTT object of this Directive or value-added tax as provided for in Council Directive 2006/112/EC.
Amendment 174 #
Proposal for a directive
Article 16 – paragraph 2
Article 16 – 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 and it shall take into account the progress on taxation of the financial sector in the international context, as well as alternative ways of taxing the financial sector, e.g. by imposing a VAT on financial services or the instruction of a Financial Activity Tax.