3 Amendments of Franz OBERMAYR related to 2011/0261(CNS)
Amendment 13 #
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 that the financial sector, where the crisis largely originated, contributes 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 , particularly for specific policy purposesmeasures to mitigate the negative effects of the crisis on the real economy.
Amendment 22 #
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. For the same reason, it should apply to a broadly determined range of financial instituand given that a large proportion of the revenue from a FTT would come from the United Kingdom, such a tax should apply to all financial centres in the EU. Otherwise there is a risk that it might not achieve the hoped- for regulatory effect and that harmful distortions of competition could emerge within the Single Market. In view of the wide range of financial instruments, a differentiated approach should be taken. Particularly high-risk financial products such as derivatives should be treated differently (taxed at a higher rate) than pension funds and other forms of long- term asset protections.
Amendment 24 #
Proposal for a directive
Recital 11
Recital 11
(11) In the interest of equal treatment, a single tax rate should apply within each category of transactions, namely trade in financial instruments other than derivatives, on the one hand, and the purchase/sale, transfer, conclusion and modification of derivatives agreemencurbing excessively risky financial activities and thus preventing future crises, a higher tax rate should apply to specially high-risk financial products than to less speculative products.