31 Amendments of Pascal CANFIN related to 2011/0261(CNS)
Amendment 15 #
Proposal for a directive
Recital 1 a (new)
Recital 1 a (new)
(1a) The revenue collected from the FTT should contribute to the provision of global public goods such as development cooperation and the fight against climate change.
Amendment 23 #
Proposal for a directive
Recital 10
Recital 10
(10) In order to allow for the taxable amount to be determined as easily as possible so as to limit costs for businesses and for tax administrations, in the case of financial transactions other than those related to derivatives agreements reference should be made normally to the consideration granted in the context of the transaction. Where no consideration is granted or where the consideration granted is lower than the market price, the latter should be referred to as a fair reflection of the value of the transaction. Equally for reasons of ease of calculation, the notional amount should be used where derivatives agreements are purchased/sold, transferred, concluded or modifiedAs for derivatives agreements, the taxable amount should be computed on a risk- based analysis of the contract. The tax base should be supervised on a continuous basis and the European Central Bank should be asked for advice in annually adjusting the tax base to guarantee that the tax burden for derivative contracts is at least as high as from a direct investment into the underlying assets.
Amendment 25 #
Proposal for a directive
Recital 1 a (new)
Recital 1 a (new)
(1a) The revenue collected should contribute to the provision of global public goods such as development cooperation and the fight against climate change.
Amendment 25 #
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, complemented by the issuance and ownership principles.
Amendment 30 #
Proposal for a directive
Recital 18 a (new)
Recital 18 a (new)
(18a) In case no agreement amongst the EU 27 is found by 1 September 2012, Member States willing to implement the FTT should advance by formally requesting enhanced cooperation in accordance with the Article 329 TFEU. The European Parliament should give its consent speedily, under the condition that the Member States in question commit to adopt in accordance with the Article 333 (2) TFEU a decision stipulating that they will act under the ordinary legislative procedure.
Amendment 31 #
Proposal for a directive
Article 1 – paragraph 2
Article 1 – paragraph 2
2. This Directive shall apply to all financial transactions, including spot currency 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.
Amendment 33 #
Proposal for a directive
Article 1 – paragraph 2 a (new)
Article 1 – paragraph 2 a (new)
2a. A tax of 0, 1% shall apply to cancelled financial transactions if on average per trading day the number of cancelled financial transactions exceeds 15 times the number of executed financial transactions.
Amendment 34 #
Proposal for a directive
Recital 2 a (new)
Recital 2 a (new)
Amendment 38 #
Proposal for a directive
Article 3 – paragraph 1 – point e a (new)
Article 3 – paragraph 1 – point e a (new)
(ea) ) it is party to a financial transaction in relation to a financial instrument issued within the territory of a Member State or the Union.
Amendment 39 #
Proposal for a directive
Article 3 a (new)
Article 3 a (new)
Amendment 40 #
Proposal for a directive
Article 3 b (new)
Article 3 b (new)
Article 3b Ownership Principle 1. A financial transaction in relation to which no FTT has been levied shall be deemed legally unenforceable and shall not result in a transfer of legal title of the underlying instrument. 2. A financial transaction referred to in paragraph 1 of this Article shall not be eligible for central clearing under the Regulation (EU) No .../2012 of the European Parliament and the Council of ... on OTC derivatives, central counterparties and trade repositories [EMIR] nor be eligible to fulfil the capital adequacy requirements under the Regulation (EU) No .../2012 of the European Parliament and the Council of ... on prudential requirements for credit institutions and investment firms [CRD IV]. 3. In the case of automatic electronic payment schemes with or without the participation of payment settlement agents, revenue authorities of a Member State may establish a system of automatic electronic collection of the FTT and certificates of transferring of legal titles.
Amendment 41 #
Proposal for a directive
Article 6 – paragraph 1
Article 6 – paragraph 1
In the case of financial transactions referred to in point 1(c) of Article 2(1) and, in respect of derivative agreements, in points 1(a) and 1(b) of Article 2(1), the taxable amount of the FTT shall be the notional amount of the derivatives agreement at the time of the financial transactionshall be computed on a risk-based analysis of the contract. The tax base shall be supervised on a continuous basis and the European Central Bank shall be asked for advice in annually adjusting the tax base to guarantee that the tax burden for derivative contracts is at least as high as from a direct investment into the underlying assets.
Amendment 45 #
Proposal for a directive
Recital 10
Recital 10
(10) In order to allow for the taxable amount to be determined as easily as possible so as to limit costs for businesses and for tax administrations, in the case of financial transactions other than those related to derivatives agreements reference should be made normally to the consideration granted in the context of the transaction. Where no consideration is granted or where the consideration granted is lower than the market price, the latter should be referred to as a fair reflection of the value of the transaction. Equally for reasons of ease of calculation, the notional amount should be used where derivatives agreements are purchased/sold, transferred, concluded or modifiedAs for derivatives agreements, the taxable amount should be computed on a risk- based analysis of the contract. The tax base should be supervised on a continuous basis and the European Central Bank should be asked for advice in annually adjusting the tax base to guarantee that the tax burden for derivative contracts is at least as high as from a direct investment into the underlying assets.
Amendment 46 #
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 2 – point b
Article 8 – paragraph 2 – subparagraph 2 – point b
(b) 0.01% in respect of financial transactions referred to in Article 6.
Amendment 50 #
Proposal for a directive
Article 9 – paragraph 4 a (new)
Article 9 – paragraph 4 a (new)
4a. A financial transaction in relation to which no FTT has been levied shall be deemed legally unenforceable and shall not result in the transfer of legal title of the underlying asset.
Amendment 51 #
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, complemented by the issuance and ownership principles.
Amendment 53 #
Proposal for a directive
Article 12 a (new)
Article 12 a (new)
Article 12a Enhanced Cooperation In case no agreement amongst the EU 27 is found by 1 September 2012, Member States willing to implement the FTT shall advance by formally requesting enhanced cooperation in accordance with the Article 329 TFEU. The European Parliament shall give its consent speedily, under the condition that the Member States in question commit to adopt in accordance with Article 333 (2) TFEU a decision stipulating that they will act under the ordinary legislative procedure
Amendment 68 #
Proposal for a directive
Recital 18 a (new)
Recital 18 a (new)
(18a) In case no agreement amongst the EU 27 is found by September 1st 2012, Member States willing to implement the FTT should advance by formally requesting enhanced cooperation under TFEU article 329. The EP should give its consent speedily, under the condition that the Member States commit to invoking TFEU article 333 paragraph 2 to adopt a decision stipulating that they will act under the ordinary legislative procedure.
Amendment 71 #
Proposal for a directive
Article 1 – paragraph 2
Article 1 – paragraph 2
2. This Directive shall apply to all financial transactions, onin accordance with Article 3, subject to the following condition thats: (a) 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 or (b) the transaction involves a financial instrument issued by legal entities registered in the Union.
Amendment 72 #
Proposal for a directive
Article 1 – paragraph 2
Article 1 – paragraph 2
2. This Directive shall apply to all financial transactions, including spot currency 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.
Amendment 115 #
Proposal for a directive
Article 3 – paragraph 1 – point e a (new)
Article 3 – paragraph 1 – point e a (new)
(ea) it is party to a financial transaction in relation to a financial instrument issued within the territory of Member States.
Amendment 116 #
Proposal for a directive
Article 3 – paragraph 1 – point e b (new)
Article 3 – paragraph 1 – point e b (new)
(eb) it is party to a financial transaction for the account of, or acts in the name of, a third party established in that Member State pursuant to points (a), (b), (c) or (d);
Amendment 118 #
Proposal for a directive
Article 3 a (new)
Article 3 a (new)
Article 3 a Issuance Principle 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 significant proportion of assets or financial instruments and derivatives with reference to financial instruments is issued by a legal entity that is registered in a Member State.
Amendment 120 #
Proposal for a directive
Article 3 b (new)
Article 3 b (new)
Article 3 b Ownership Principle 1. A financial transaction in relation to which no FTT has been levied shall be deemed legally unenforceable and shall not result in a transfer of legal title of the underlying instrument. 2. A financial transaction under paragraph 1 shall not be eligible for central clearing under the provisions of Regulation (EU) No .../2012 of the European Parliament and of the Council of ... on OTC derivatives, central counterparties and trade repositories [EMIR] nor be eligible to fulfil the capital adequacy requirements under Regulation (EU) No .../2012 of the European Parliament and the Council of ... on prudential requirements for credit institutions and investment firms [CRD IV]. 3. In the case of automatic electronic payment schemes with or without the participation of payment settlement agents, revenue authorities of a Member State may establish a system of automatic electronic collection of the tax and certificates of transferring of legal titles.
Amendment 124 #
Proposal for a directive
Article 6 – paragraph 1
Article 6 – paragraph 1
In the case of financial transactions referred to in point 1(c) of Article 2(1) and, in respect of derivative agreements, in points 1(a) and 1(b) of Article 2(1), the taxable amount of the FTT shall be the notional amount of the derivatives agreement at the time of the financial transactionshall be computed on a risk-based analysis of the contract. The tax base shall be supervised on a continuous basis and the European Central Bank shall be asked for advice in annually adjusting the tax base to guarantee that the tax burden for derivative contracts is at least as high as from a direct investment into the underlying assets.
Amendment 133 #
Proposal for a directive
Article 8 – paragraph 2 – subparagraph 2 – point b
Article 8 – paragraph 2 – subparagraph 2 – point b
(b) 0.01% in respect of financial transactions referred to in Article 6.
Amendment 138 #
Proposal for a directive
Article 8 – paragraph 3 a (new)
Article 8 – paragraph 3 a (new)
3a. A tax of 0.1% shall apply to cancelled transaction orders if on average per trading day the number of cancelled transaction orders exceeds 15 times the number of executed transaction orders.
Amendment 147 #
Proposal for a directive
Article 9 – paragraph 4 a (new)
Article 9 – paragraph 4 a (new)
4a. A financial transaction in relation to which no FTT has been levied shall be deemed legally unenforceable and shall not result in the transfer of legal title of the underlying asset.
Amendment 158 #
Proposal for a directive
Article 11 – paragraph 1 a (new)
Article 11 – paragraph 1 a (new)
1a. The Commission shall establish an expert level Working Group (FTT Committee) including representatives from the Member States that supervises the application of this directive. Member States shall appoint bodies and sufficiently configurate them with competences to take immediate counter actions in case of abuse. The FTT Committee shall supervise financial transactions in order to detect schemes of avoidance, propose countermeasures in a duly manner and coordinate their implementation on national level if necessary.
Amendment 167 #
Proposal for a directive
Article 12 a (new)
Article 12 a (new)
Article 12a Enhanced Cooperation In case no agreement amongst the EU 27 is found by September 1st 2012, Member States willing to implement the FTT shall advance by formally requesting enhanced cooperation under Article 329 of TFEU . The European Parliament shall give its consent speedily, under the condition that the Member States commit to invoking Article 333(2) of TFEU to adopt a decision stipulating that they will act under the ordinary legislative procedure.
Amendment 168 #
Proposal for a directive
Article 12 b (new)
Article 12 b (new)
Article 12 b General Anti-Abuse Rule Any artificial step included in a transaction or series of transactions for the sole or main purpose of avoiding a liability to financial transaction tax, or which has that effect without other significant commercial benefit arising, shall be ignored for the purposes of computing liabilities to financial transaction taxes, and the transaction shall be taxed as if it were within the scope of this Directive, with liability falling due for payment of that financial transaction tax upon any party related to the entity seeking to avoid the financial transaction tax liability, that shall be resident for the purposes of any tax within the Union. Financial transactions carried out by institutions not covered by Article 2 for the sole purpose of avoiding financial transaction taxation shall be taxed as if the institution was covered by the scope of this Directive.