25 Amendments of Sharon BOWLES related to 2013/0045(CNS)
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 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 50 #
Proposal for a directive
Recital 10
Recital 10
(10) The chargeability and taxable amount should be harmonised so as to avoidnot distortions in the internal market.
Amendment 51 #
Proposal for a directive
Recital 11 a (new)
Recital 11 a (new)
(11a) The participating Member States should take responsibility for establishing mechanisms to ensure that financial institutions in non-participating member states, and in third countries, adequately compensate tax authorities in participating Member States for the costs incurred in ensuring and verifying payment due by those overseas financial institutions.
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 69 #
Proposal for a directive
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
(2a) The method of collecting an FTT shall be WTO compliant and consistent with other international agreements including BITs, FTAs and not prejudice future and pending EU investment and trade agreements.
Amendment 70 #
Proposal for a directive
Article 1 – paragraph 2 b (new)
Article 1 – paragraph 2 b (new)
(2b) In accordance with the principle of Article 2(3) for the Council Decision of 29 September 2000 on the system of the European Communities' own resources and the savings tax directive, Member States collecting tax on behalf of a participating Member State shall be entitled to retain 25% of the revenues from any FTT for costs incurred.
Amendment 78 #
Proposal for a directive
Article 2 – paragraph 1 – point 2 – point e
Article 2 – paragraph 1 – point 2 – point e
(e) a repurchase agreement, a reverse repurchase agreement, a securities lending and borrowing agreement including cancelled orders made when engaging in high frequency trading;
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 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 100 #
Proposal for a directive
Article 3 – paragraph 1 a (new)
Article 3 – paragraph 1 a (new)
(1a) In the event of a wider FTT it will be extended to those other territories on mutual terms.
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 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 158 #
Proposal for a directive
Article 11 – paragraph 6 a (new)
Article 11 – paragraph 6 a (new)
(6a) Member states shall disclose publically and annually to the Commission and Eurostat transaction volumes against which revenues have been collected by type of institution.
Amendment 159 #
Proposal for a directive
Article 11 – paragraph 6 b (new)
Article 11 – paragraph 6 b (new)
(6b) The participating Member States shall establish mechanisms to ensure that financial institutions in non-participating member states, and in third countries, adequately compensate tax authorities in participating Member States for the costs incurred in ensuring and verifying payment due by those overseas financial institutions.
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 168 #
Proposal for a directive
Article 19 – paragraph 1
Article 19 – paragraph 1
Every fivetwo years and for the first time by 31 December 2016six months following entry into force of this directive, the Commission shall submit to the Council a report on the application of this Directive including any negative impact or distortive effect this may have had on the functioning of the internal market, and, where appropriate, a proposal.
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.
Amendment 171 #
Proposal for a directive
Article 19 – paragraph 2 a (new)
Article 19 – paragraph 2 a (new)
(2a) Where that report demonstrates any negative impact on or distortions to the functioning of the internal market, the Commission shall make a recommendation to repeal this directive.