14 Amendments of Sirpa PIETIKÄINEN related to 2011/0261(CNS)
Amendment 28 #
Proposal for a directive
Recital 2
Recital 2
(2) In order to prevent distortions through measures taken unilaterally by Member States, bearing in mind the extremely high mobility of most of the relevant financial transactions, and thus to ensure the proper functioning of the internal market, it is important that the basic features of a FTT in the Member States are harmonised, and this Directive implemented, at Union level. Incentives for tax arbitrage in the Union and allocation distortions between financial markets in the Union, as well as possibilities for double or non taxation should thereby be avoided. The model developed in this Directive would, however, seem suitable as a basis for implementation within a more limited group of Member States wanting to adopt an FTT in the possible absence of unanimity of all EU27, by means of enhanced cooperation under Article 329 of the Treaty on the Functioning of the European Union.
Amendment 32 #
Proposal for a directive
Recital 2 a (new)
Recital 2 a (new)
(2a) In line with the European Council conclusions of 17 June 2010, the EU should continue leading the efforts to establish a global approach to the introduction of a financial transaction tax. By means of setting an example for the introduction of such a tax the European Union must push purposefully for a global agreement in the relevant international arena, especially the G20, to establish a common ground for introducing a global FTT.
Amendment 35 #
Proposal for a directive
Recital 2 b (new)
Recital 2 b (new)
(2b) Should the introduction of a broad- scoped FTT, as detailed in this Directive, prove impossible, the Commission should analyse the possibility of introducing an EU VAT for the financial sector, in order to ensure that the sector makes its fair contribution in favour of public finances.
Amendment 36 #
Proposal for a directive
Recital 3
Recital 3
(3) For the internal market to function properlyIn order to reduce the scope for tax avoidance, relocation risk and regulatory arbitrage, 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. For the same reason, it should apply to a broadly determined range of financial institutions. Including the widest possible range of financial instruments and actors also ensures that the tax burden is equally spread amongst all actors alike, whereby the burden is relatively heavier on the more speculative and more disruptive financial transactions. It is noteworthy that the same effect cannot be reached should the scope be limited - e.g. by means of opting for a form of so-called stamp duty, which would place the full tax burden on a much more limited group of instruments traded on regulated markets, without fulfilling the aim of curbing excessive and harmful speculation.
Amendment 50 #
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. In addition, in order to ensure the widest possible coverage of all actors and all transactions, this principle should be supplemented by issuance principle.
Amendment 100 #
Proposal for a directive
Article 1 – paragraph 4 – point a a (new)
Article 1 – paragraph 4 – point a a (new)
(aa) Transactions initiated by national and local public entities, public pension schemes and private statutory pension schemes;
Amendment 117 #
Proposal for a directive
Article 3 – paragraph 2 a (new)
Article 3 – paragraph 2 a (new)
2 a. In order to apply paragraph 1 of this Article on a consistent basis, Member States' competent authorities are required to closely cooperate with each other and with ESMA for the supervision of financial markets.
Amendment 142 #
Proposal for a directive
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Where a financial institution acts in the name or, for the account or by order of another financial institution only that other financial institution shall be liable to pay FTT. When several financial institutions are involved in such process only the original institution with a listing as a trader shall be liable.
Amendment 148 #
Proposal for a directive
Article 10 – paragraph 1
Article 10 – paragraph 1
1. Member States shall lay down registration, accounting, and reporting obligations and other obligations intended to ensure that FTT due to the tax authorities is effectively paid.
Amendment 149 #
Proposal for a directive
Article 10 – paragraph 1 a (new)
Article 10 – paragraph 1 a (new)
1a. A financial institution shall, within six months from the adoption of this Directive, register at the tax authorities of the Member State where it is deemed to be established in accordance with Article 3(1).
Amendment 150 #
Proposal for a directive
Article 10 – paragraph 1 b (new)
Article 10 – paragraph 1 b (new)
1b. A Member State shall inform other Member States of the financial institutions registered at their territory.
Amendment 156 #
Proposal for a directive
Article 11 – title
Article 11 – title
Specific provisions relating to transparency and the prevention of tax evasion, avoidance and abuse
Amendment 160 #
Proposal for a directive
Article 11 – paragraph 3 a (new)
Article 11 – paragraph 3 a (new)
3a. The Eurostat shall collect and publish yearly the financial flows subject to the FTT within the European Union.
Amendment 173 #
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. In addition, the Commission shall analyse and report on national FTT tax revenue collection based on residency of financial institutions and to which extent it differs from a tax distribution based on the underlying customer residency, that is, to which extent financial consolidation is centralizing tax revenues to financial centres.