{"change_dates":[],"dossier":{"amendments":[{"authors":"Marisa Matias, J\u00fcrgen Klute","changes":{},"committee":["ECON"],"date":"2012-11-22T00:00:00","id":"PE500.430-1","location":[["Proposal for a recommendation","Recital D"]],"meps":[96820,96769],"meta":{"created":"2019-07-03T05:17:30"},"new":["D. whereas the Commission's proposal","was welcomed by civil society","organisations which have been asking for","the introduction of FTT for many years;","whereas, on the other hand, a number of","Member States' governments made it clear","that they were not willing to negotiate on","the basis of the proposed directive,"],"old":["D. whereas it quickly became clear that","some Member States had specific","problems which made it impossible for","them to accept the proposed 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PURPOSE: to authorise enhanced cooperation in the area\nof financial transaction tax (FTT).
\nPROPOSED ACT: Council Decision
\nBACKGROUND: in 2011, the Commission took note of an\nongoing debate on additional taxation of the financial sector. This\ndebate originates from the desire to: (i) ensure that the financial\nsector fairly and substantially contributes to the costs of the\ncrisis and that it is taxed in a fair way vis-à-vis other\nsectors for the future, (ii) disincentivise excessively risky\nactivities by financial institutions, (iii) complement regulatory\nmeasures aimed at avoiding future crises and (iv) generate\nadditional revenue for general budgets or specific policy\npurposes.
\nAgainst this background, the Commission adopted a proposal\nfor a Council Directive on a common system of financial\ntransaction tax and amending Directive 2008/7/EC. That proposal set\nout the essential features of such a common system for a broad\nbased FTT in the EU that aims at achieving these objectives. It was\nconceived so as to minimise the risk of relocation. The European\nParliament delivered its favourable opinion on 23 May\n2012.
\nAt the Council meetings of 22 June and 10 July 2012,\nit was ascertained that essential differences in opinion persist as\nregards the need to establish a common system of FTT at EU level\nand that the principle of harmonised tax on financial transactions\nwill not receive unanimous support within the Council in the\nforeseeable future.
\nIn these circumstances, eleven Member States\n(Belgium, Estonia, Germany, Greece, Spain, France, Italy, Austria,\nPortugal, Slovenia and Slovakia) have addressed formal requests to\nthe Commission by letters received between 28 September and 22\nOctober 2012 indicating that they wish to establish enhanced\ncooperation between themselves in the area of the establishment of\na common system of FTT and that the Commission should submit a\nproposal to the Council to that end.
\nThis proposal for a Council Decision is the\nCommission's response to these requests for enhanced\ncooperation.
\nLEGAL BASIS: Article 329(1) of the Treaty on the\nFunctioning of the European Union.
\nCONTENT: the proposal concerns the authorisation of\nenhanced cooperation to Belgium, Germany, Greece, Spain, France,\nItaly, Austria, Portugal, Slovenia and Slovakia in the area of the\nestablishment of a common system of financial transaction\ntax.
\nThe Commission considers that all legal conditions\nset by the Treaties for enhanced cooperation are fulfilled and\nthat it is appropriate and timely to authorise enhanced\ncooperation.
\nThe implementation of a common system of financial\ntransaction tax amongst a sufficient number of Member States would\nentail immediate tangible advantages. The Commission states\nthat:
\n\n· \nthe position of the participating Member States\nin terms of relocation risks, tax revenues and efficiency of the\nfinancial market and avoidance of double taxation or non-taxation\nwould be improved;
\n\n· \nother Member States' legislation and policy in\nthe area would not be affected, whereas operators from such other\nMember States may also benefit from the reduced fragmentation of\nthe internal market;
\n\n· \nthrough a regime along the lines of the original\nCommission proposal it would be possible to address evasive\nactions, distortions and transfers to other\njurisdictions.
\nA proposal for specific measures implementing such\nenhanced cooperation i.e., on substance, for a Directive\non a common system of FTT will be submitted in due\ncourse.
\nPURPOSE: to authorise enhanced cooperation in the area\nof financial transaction tax (FTT).
\nPROPOSED ACT: Council Decision
\nBACKGROUND: in 2011, the Commission took note of an\nongoing debate on additional taxation of the financial sector. This\ndebate originates from the desire to: (i) ensure that the financial\nsector fairly and substantially contributes to the costs of the\ncrisis and that it is taxed in a fair way vis-à-vis other\nsectors for the future, (ii) disincentivise excessively risky\nactivities by financial institutions, (iii) complement regulatory\nmeasures aimed at avoiding future crises and (iv) generate\nadditional revenue for general budgets or specific policy\npurposes.
\nAgainst this background, the Commission adopted a proposal\nfor a Council Directive on a common system of financial\ntransaction tax and amending Directive 2008/7/EC. That proposal set\nout the essential features of such a common system for a broad\nbased FTT in the EU that aims at achieving these objectives. It was\nconceived so as to minimise the risk of relocation. The European\nParliament delivered its favourable opinion on 23 May\n2012.
\nAt the Council meetings of 22 June and 10 July 2012,\nit was ascertained that essential differences in opinion persist as\nregards the need to establish a common system of FTT at EU level\nand that the principle of harmonised tax on financial transactions\nwill not receive unanimous support within the Council in the\nforeseeable future.
\nIn these circumstances, eleven Member States\n(Belgium, Estonia, Germany, Greece, Spain, France, Italy, Austria,\nPortugal, Slovenia and Slovakia) have addressed formal requests to\nthe Commission by letters received between 28 September and 22\nOctober 2012 indicating that they wish to establish enhanced\ncooperation between themselves in the area of the establishment of\na common system of FTT and that the Commission should submit a\nproposal to the Council to that end.
\nThis proposal for a Council Decision is the\nCommission's response to these requests for enhanced\ncooperation.
\nLEGAL BASIS: Article 329(1) of the Treaty on the\nFunctioning of the European Union.
\nCONTENT: the proposal concerns the authorisation of\nenhanced cooperation to Belgium, Germany, Greece, Spain, France,\nItaly, Austria, Portugal, Slovenia and Slovakia in the area of the\nestablishment of a common system of financial transaction\ntax.
\nThe Commission considers that all legal conditions\nset by the Treaties for enhanced cooperation are fulfilled and\nthat it is appropriate and timely to authorise enhanced\ncooperation.
\nThe implementation of a common system of financial\ntransaction tax amongst a sufficient number of Member States would\nentail immediate tangible advantages. The Commission states\nthat:
\n\n· \nthe position of the participating Member States\nin terms of relocation risks, tax revenues and efficiency of the\nfinancial market and avoidance of double taxation or non-taxation\nwould be improved;
\n\n· \nother Member States' legislation and policy in\nthe area would not be affected, whereas operators from such other\nMember States may also benefit from the reduced fragmentation of\nthe internal market;
\n\n· \nthrough a regime along the lines of the original\nCommission proposal it would be possible to address evasive\nactions, distortions and transfers to other\njurisdictions.
\nA proposal for specific measures implementing such\nenhanced cooperation i.e., on substance, for a Directive\non a common system of FTT will be submitted in due\ncourse.
\nPURPOSE: to authorise enhanced cooperation in the area\nof financial transaction tax (FTT).
\nPROPOSED ACT: Council Decision
\nBACKGROUND: in 2011, the Commission took note of an\nongoing debate on additional taxation of the financial sector. This\ndebate originates from the desire to: (i) ensure that the financial\nsector fairly and substantially contributes to the costs of the\ncrisis and that it is taxed in a fair way vis-à-vis other\nsectors for the future, (ii) disincentivise excessively risky\nactivities by financial institutions, (iii) complement regulatory\nmeasures aimed at avoiding future crises and (iv) generate\nadditional revenue for general budgets or specific policy\npurposes.
\nAgainst this background, the Commission adopted a proposal\nfor a Council Directive on a common system of financial\ntransaction tax and amending Directive 2008/7/EC. That proposal set\nout the essential features of such a common system for a broad\nbased FTT in the EU that aims at achieving these objectives. It was\nconceived so as to minimise the risk of relocation. The European\nParliament delivered its favourable opinion on 23 May\n2012.
\nAt the Council meetings of 22 June and 10 July 2012,\nit was ascertained that essential differences in opinion persist as\nregards the need to establish a common system of FTT at EU level\nand that the principle of harmonised tax on financial transactions\nwill not receive unanimous support within the Council in the\nforeseeable future.
\nIn these circumstances, eleven Member States\n(Belgium, Estonia, Germany, Greece, Spain, France, Italy, Austria,\nPortugal, Slovenia and Slovakia) have addressed formal requests to\nthe Commission by letters received between 28 September and 22\nOctober 2012 indicating that they wish to establish enhanced\ncooperation between themselves in the area of the establishment of\na common system of FTT and that the Commission should submit a\nproposal to the Council to that end.
\nThis proposal for a Council Decision is the\nCommission's response to these requests for enhanced\ncooperation.
\nLEGAL BASIS: Article 329(1) of the Treaty on the\nFunctioning of the European Union.
\nCONTENT: the proposal concerns the authorisation of\nenhanced cooperation to Belgium, Germany, Greece, Spain, France,\nItaly, Austria, Portugal, Slovenia and Slovakia in the area of the\nestablishment of a common system of financial transaction\ntax.
\nThe Commission considers that all legal conditions\nset by the Treaties for enhanced cooperation are fulfilled and\nthat it is appropriate and timely to authorise enhanced\ncooperation.
\nThe implementation of a common system of financial\ntransaction tax amongst a sufficient number of Member States would\nentail immediate tangible advantages. The Commission states\nthat:
\n\n· \nthe position of the participating Member States\nin terms of relocation risks, tax revenues and efficiency of the\nfinancial market and avoidance of double taxation or non-taxation\nwould be improved;
\n\n· \nother Member States' legislation and policy in\nthe area would not be affected, whereas operators from such other\nMember States may also benefit from the reduced fragmentation of\nthe internal market;
\n\n· \nthrough a regime along the lines of the original\nCommission proposal it would be possible to address evasive\nactions, distortions and transfers to other\njurisdictions.
\nA proposal for specific measures implementing such\nenhanced cooperation i.e., on substance, for a Directive\non a common system of FTT will be submitted in due\ncourse.
\nThe Council took stock of developments\nregarding the introduction of a financial transaction tax (FTT) in\na number of Member States wishing to participate in enhanced\ncooperation, and discussed how to proceed with the\ndossier.
\nIn 2011, the Commission issued a proposal for a Directive\nto establish a common system of financial transaction tax\nthroughout the Union. Because this proposal did not receive\nsufficient support in the Council, 11 Member States asked the\nCommission to present its proposal for enhanced cooperation in this\narea.
\nThe Commission's\nproposal, submitted on 23 October, would allow Belgium, Germany,\nEstonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia\nand Slovakia to introduce the FTT via enhanced cooperation. The Netherlands indicated that they would be\ninterested in participating under certain conditions.
\nIn June, the European Council suggested that a\ndecision be taken by December. Based on Article 329(1) of the\nTreaty on the Functioning of the European Union, the decision\nrequires a qualified majority for adoption by the Council, with the\nconsent of the European Parliament.
\nA number of Member States not wishing to join the\nenhanced cooperation indicated that they would wish to receive a\nmore detailed assessment of its impact on the internal market\nbefore supporting the decision authorising enhanced\ncooperation.
\nThe Committee on Economic and Monetary Affairs adopted\nthe report by Anni PODIMATA (S&D, EL) on the proposal for a\nCouncil decision authorising enhanced cooperation in the area of\nthe creation of a financial transaction tax.
\nThe committee recommends that the European Parliament\ngives its consent to the draft Council decision, without\nprejudice to which Member States participate in the enhanced\ncooperation.
\nMembers recall that in its resolution\nof 23 May 2012, Parliament stated that:
\nThe Council is\ncalled upon to adopt a decision pursuant to Article 333(2) TFEU,\nstipulating that, when it comes to the proposal for a Council\nDirective implementing enhanced cooperation in the area of FTT\npursuant to Article 113 TFEU, it will act under the ordinary\nlegislative procedure.
\nThe Council discussed the latest developments\nconcerning the introduction of a financial transaction tax (FTT) in\na number of Member States through the \"enhanced cooperation\"\nprocedure.
\nIn 2011, the Commission proposed a directive aimed at\nintroducing an FTT throughout the EU, but Council discussions in\nJune and July this year revealed support for the proposal to be\ninsufficient.
\nAs a result of letters it had received from Member\nStates, the Commission presented, on 23 October 2012, a proposal\nfor a decision authorising Belgium, Germany, Estonia, Greece,\nSpain, France, Italy, Austria, Portugal, Slovenia and Slovakia to\nintroduce an FTT via enhanced cooperation.
\nProgress on this dossier is reflected in a report\non tax issues to be submitted to the European Council. The\nreport gives an overview on the state of play of Council work\nregarding some key legislative proposals, which were specifically\nmentioned in the aforementioned conclusions, such as Energy\nTaxation, the Common Consolidated Corporate Tax Base, the Financial\nTransaction Tax, the revision of the Savings Tax Directive and the\nNegotiating Directives for Savings Taxation agreements with third\ncountries.
\nThe priorities set out in the programme of the Cypriot\nPresidency illustrate that the Council's work has continued to\nfocus on how to combat the evasion of taxes and tax fraud over the\nlast few months. Ensuring effective tax revenues in Member\nStates has indeed gained in importance following the financial\ncrisis and in times of tight budgets. The report shows the extent\nto which the Council has been developing concrete ways to improve\nthe fight against tax fraud and tax evasion, including in relation\nto third countries.
\nDiscussions on tax issues during the Cypriot\nPresidency have also taken into account the potential role of\ntaxation as an incentive/disincentive in the context of broader\nchallenges such as growth stimulation, dealing with climate change\nand drawing appropriate conclusions from the financial\ncrisis.
\nAs regards the common system of financial transaction\ntax, Ministers were informed of the\nlatest state of play at the November 2012 session. Comments allowed\nthe Cyprus Presidency to assess possible next steps regarding this\nfile.
\nBased on Article 329(1) of the Treaty on the\nFunctioning of the European Union, the decision requires a\nqualified majority for adoption by the Council, with the consent of\nthe European Parliament. A legislative act defining the substance\nof the enhanced cooperation would be adopted subsequently,\nrequiring unanimous agreement by the participating Member\nStates.
\nOn 30 November, the Permanent Representatives\nCommittee decided to send a letter to the European Parliament\nrequesting its consent on a draft decision that would authorise\nenhanced cooperation.
\nThe Council will continue work on the text once the\nParliament has given its consent, and in the light of comments made\nby delegations.
\nThe European Parliament adopted by 533 votes to 91,\nwith 32 abstentions, a legislative resolution on the proposal for a\nCouncil decision authorising enhanced cooperation in the area of\nthe creation of a financial transaction tax.
\nThe European Parliament gives its consent to\nthe draft Council decision, without prejudice to which Member\nStates participate in the enhanced cooperation.
\nMore than nine Member States have indicated their intention to establish enhanced\ncooperation between themselves in the area of the creation of a\ncommon system of FTT by addressing a request to the Commission in\naccordance with Article 329(1) TFEU. The Commission subsequently\npresented a proposal for a Council decision authorising enhanced\ncooperation.
\nParliament has verified the compliance of this\ninitiative with Article 20 of the\nTreaty on European Union (TEU).
\nMembers recall that in its resolution\nof 23 May 2012, Parliament stated that:
\nThe Council is called upon to adopt a decision pursuant to Article 333(2) TFEU,\nstipulating that, when it comes to the proposal for a Council\nDirective implementing enhanced cooperation in the area of FTT\npursuant to Article 113 TFEU, it will act under the ordinary\nlegislative procedure.
\nThe Committee on Economic and Monetary Affairs adopted\nthe report by Anni PODIMATA (S&D, EL) on the proposal for a\nCouncil decision authorising enhanced cooperation in the area of\nthe creation of a financial transaction tax.
\nThe committee recommends that the European Parliament\ngives its consent to the draft Council decision, without\nprejudice to which Member States participate in the enhanced\ncooperation.
\nMembers recall that in its resolution\nof 23 May 2012, Parliament stated that:
\nThe Council is\ncalled upon to adopt a decision pursuant to Article 333(2) TFEU,\nstipulating that, when it comes to the proposal for a Council\nDirective implementing enhanced cooperation in the area of FTT\npursuant to Article 113 TFEU, it will act under the ordinary\nlegislative procedure.
\nThe European Parliament adopted by 533 votes to 91,\nwith 32 abstentions, a legislative resolution on the proposal for a\nCouncil decision authorising enhanced cooperation in the area of\nthe creation of a financial transaction tax.
\nThe European Parliament gives its consent to\nthe draft Council decision, without prejudice to which Member\nStates participate in the enhanced cooperation.
\nMore than nine Member States have indicated their intention to establish enhanced\ncooperation between themselves in the area of the creation of a\ncommon system of FTT by addressing a request to the Commission in\naccordance with Article 329(1) TFEU. The Commission subsequently\npresented a proposal for a Council decision authorising enhanced\ncooperation.
\nParliament has verified the compliance of this\ninitiative with Article 20 of the\nTreaty on European Union (TEU).
\nMembers recall that in its resolution\nof 23 May 2012, Parliament stated that:
\nThe Council is called upon to adopt a decision pursuant to Article 333(2) TFEU,\nstipulating that, when it comes to the proposal for a Council\nDirective implementing enhanced cooperation in the area of FTT\npursuant to Article 113 TFEU, it will act under the ordinary\nlegislative procedure.
\nPURPOSE: to authorise enhanced cooperation in the area\nof financial transaction tax (FTT).
\nPROPOSED ACT: Council Decision
\nBACKGROUND: in 2011, the Commission took note of an\nongoing debate on additional taxation of the financial sector. This\ndebate originates from the desire to: (i) ensure that the financial\nsector fairly and substantially contributes to the costs of the\ncrisis and that it is taxed in a fair way vis-à-vis other\nsectors for the future, (ii) disincentivise excessively risky\nactivities by financial institutions, (iii) complement regulatory\nmeasures aimed at avoiding future crises and (iv) generate\nadditional revenue for general budgets or specific policy\npurposes.
\nAgainst this background, the Commission adopted a proposal\nfor a Council Directive on a common system of financial\ntransaction tax and amending Directive 2008/7/EC. That proposal set\nout the essential features of such a common system for a broad\nbased FTT in the EU that aims at achieving these objectives. It was\nconceived so as to minimise the risk of relocation. The European\nParliament delivered its favourable opinion on 23 May\n2012.
\nAt the Council meetings of 22 June and 10 July 2012,\nit was ascertained that essential differences in opinion persist as\nregards the need to establish a common system of FTT at EU level\nand that the principle of harmonised tax on financial transactions\nwill not receive unanimous support within the Council in the\nforeseeable future.
\nIn these circumstances, eleven Member States\n(Belgium, Estonia, Germany, Greece, Spain, France, Italy, Austria,\nPortugal, Slovenia and Slovakia) have addressed formal requests to\nthe Commission by letters received between 28 September and 22\nOctober 2012 indicating that they wish to establish enhanced\ncooperation between themselves in the area of the establishment of\na common system of FTT and that the Commission should submit a\nproposal to the Council to that end.
\nThis proposal for a Council Decision is the\nCommission's response to these requests for enhanced\ncooperation.
\nLEGAL BASIS: Article 329(1) of the Treaty on the\nFunctioning of the European Union.
\nCONTENT: the proposal concerns the authorisation of\nenhanced cooperation to Belgium, Germany, Greece, Spain, France,\nItaly, Austria, Portugal, Slovenia and Slovakia in the area of the\nestablishment of a common system of financial transaction\ntax.
\nThe Commission considers that all legal conditions\nset by the Treaties for enhanced cooperation are fulfilled and\nthat it is appropriate and timely to authorise enhanced\ncooperation.
\nThe implementation of a common system of financial\ntransaction tax amongst a sufficient number of Member States would\nentail immediate tangible advantages. The Commission states\nthat:
\n\n· \nthe position of the participating Member States\nin terms of relocation risks, tax revenues and efficiency of the\nfinancial market and avoidance of double taxation or non-taxation\nwould be improved;
\n\n· \nother Member States' legislation and policy in\nthe area would not be affected, whereas operators from such other\nMember States may also benefit from the reduced fragmentation of\nthe internal market;
\n\n· \nthrough a regime along the lines of the original\nCommission proposal it would be possible to address evasive\nactions, distortions and transfers to other\njurisdictions.
\nA proposal for specific measures implementing such\nenhanced cooperation i.e., on substance, for a Directive\non a common system of FTT will be submitted in due\ncourse.
\nPURPOSE: to authorise enhanced cooperation in the area\nof financial transaction tax (FTT).
\nPROPOSED ACT: Council Decision
\nBACKGROUND: in 2011, the Commission took note of an\nongoing debate on additional taxation of the financial sector. This\ndebate originates from the desire to: (i) ensure that the financial\nsector fairly and substantially contributes to the costs of the\ncrisis and that it is taxed in a fair way vis-à-vis other\nsectors for the future, (ii) disincentivise excessively risky\nactivities by financial institutions, (iii) complement regulatory\nmeasures aimed at avoiding future crises and (iv) generate\nadditional revenue for general budgets or specific policy\npurposes.
\nAgainst this background, the Commission adopted a proposal\nfor a Council Directive on a common system of financial\ntransaction tax and amending Directive 2008/7/EC. That proposal set\nout the essential features of such a common system for a broad\nbased FTT in the EU that aims at achieving these objectives. It was\nconceived so as to minimise the risk of relocation. The European\nParliament delivered its favourable opinion on 23 May\n2012.
\nAt the Council meetings of 22 June and 10 July 2012,\nit was ascertained that essential differences in opinion persist as\nregards the need to establish a common system of FTT at EU level\nand that the principle of harmonised tax on financial transactions\nwill not receive unanimous support within the Council in the\nforeseeable future.
\nIn these circumstances, eleven Member States\n(Belgium, Estonia, Germany, Greece, Spain, France, Italy, Austria,\nPortugal, Slovenia and Slovakia) have addressed formal requests to\nthe Commission by letters received between 28 September and 22\nOctober 2012 indicating that they wish to establish enhanced\ncooperation between themselves in the area of the establishment of\na common system of FTT and that the Commission should submit a\nproposal to the Council to that end.
\nThis proposal for a Council Decision is the\nCommission's response to these requests for enhanced\ncooperation.
\nLEGAL BASIS: Article 329(1) of the Treaty on the\nFunctioning of the European Union.
\nCONTENT: the proposal concerns the authorisation of\nenhanced cooperation to Belgium, Germany, Greece, Spain, France,\nItaly, Austria, Portugal, Slovenia and Slovakia in the area of the\nestablishment of a common system of financial transaction\ntax.
\nThe Commission considers that all legal conditions\nset by the Treaties for enhanced cooperation are fulfilled and\nthat it is appropriate and timely to authorise enhanced\ncooperation.
\nThe implementation of a common system of financial\ntransaction tax amongst a sufficient number of Member States would\nentail immediate tangible advantages. The Commission states\nthat:
\n\n· \nthe position of the participating Member States\nin terms of relocation risks, tax revenues and efficiency of the\nfinancial market and avoidance of double taxation or non-taxation\nwould be improved;
\n\n· \nother Member States' legislation and policy in\nthe area would not be affected, whereas operators from such other\nMember States may also benefit from the reduced fragmentation of\nthe internal market;
\n\n· \nthrough a regime along the lines of the original\nCommission proposal it would be possible to address evasive\nactions, distortions and transfers to other\njurisdictions.
\nA proposal for specific measures implementing such\nenhanced cooperation i.e., on substance, for a Directive\non a common system of FTT will be submitted in due\ncourse.
\nThe Council discussed the latest developments\nconcerning the introduction of a financial transaction tax (FTT) in\na number of Member States through the \"enhanced cooperation\"\nprocedure.
\nIn 2011, the Commission proposed a directive aimed at\nintroducing an FTT throughout the EU, but Council discussions in\nJune and July this year revealed support for the proposal to be\ninsufficient.
\nAs a result of letters it had received from Member\nStates, the Commission presented, on 23 October 2012, a proposal\nfor a decision authorising Belgium, Germany, Estonia, Greece,\nSpain, France, Italy, Austria, Portugal, Slovenia and Slovakia to\nintroduce an FTT via enhanced cooperation.
\nProgress on this dossier is reflected in a report\non tax issues to be submitted to the European Council. The\nreport gives an overview on the state of play of Council work\nregarding some key legislative proposals, which were specifically\nmentioned in the aforementioned conclusions, such as Energy\nTaxation, the Common Consolidated Corporate Tax Base, the Financial\nTransaction Tax, the revision of the Savings Tax Directive and the\nNegotiating Directives for Savings Taxation agreements with third\ncountries.
\nThe priorities set out in the programme of the Cypriot\nPresidency illustrate that the Council's work has continued to\nfocus on how to combat the evasion of taxes and tax fraud over the\nlast few months. Ensuring effective tax revenues in Member\nStates has indeed gained in importance following the financial\ncrisis and in times of tight budgets. The report shows the extent\nto which the Council has been developing concrete ways to improve\nthe fight against tax fraud and tax evasion, including in relation\nto third countries.
\nDiscussions on tax issues during the Cypriot\nPresidency have also taken into account the potential role of\ntaxation as an incentive/disincentive in the context of broader\nchallenges such as growth stimulation, dealing with climate change\nand drawing appropriate conclusions from the financial\ncrisis.
\nAs regards the common system of financial transaction\ntax, Ministers were informed of the\nlatest state of play at the November 2012 session. Comments allowed\nthe Cyprus Presidency to assess possible next steps regarding this\nfile.
\nBased on Article 329(1) of the Treaty on the\nFunctioning of the European Union, the decision requires a\nqualified majority for adoption by the Council, with the consent of\nthe European Parliament. A legislative act defining the substance\nof the enhanced cooperation would be adopted subsequently,\nrequiring unanimous agreement by the participating Member\nStates.
\nOn 30 November, the Permanent Representatives\nCommittee decided to send a letter to the European Parliament\nrequesting its consent on a draft decision that would authorise\nenhanced cooperation.
\nThe Council will continue work on the text once the\nParliament has given its consent, and in the light of comments made\nby delegations.
\nThe Council discussed the latest developments\nconcerning the introduction of a financial transaction tax (FTT) in\na number of Member States through the \"enhanced cooperation\"\nprocedure.
\nIn 2011, the Commission proposed a directive aimed at\nintroducing an FTT throughout the EU, but Council discussions in\nJune and July this year revealed support for the proposal to be\ninsufficient.
\nAs a result of letters it had received from Member\nStates, the Commission presented, on 23 October 2012, a proposal\nfor a decision authorising Belgium, Germany, Estonia, Greece,\nSpain, France, Italy, Austria, Portugal, Slovenia and Slovakia to\nintroduce an FTT via enhanced cooperation.
\nProgress on this dossier is reflected in a report\non tax issues to be submitted to the European Council. The\nreport gives an overview on the state of play of Council work\nregarding some key legislative proposals, which were specifically\nmentioned in the aforementioned conclusions, such as Energy\nTaxation, the Common Consolidated Corporate Tax Base, the Financial\nTransaction Tax, the revision of the Savings Tax Directive and the\nNegotiating Directives for Savings Taxation agreements with third\ncountries.
\nThe priorities set out in the programme of the Cypriot\nPresidency illustrate that the Council's work has continued to\nfocus on how to combat the evasion of taxes and tax fraud over the\nlast few months. Ensuring effective tax revenues in Member\nStates has indeed gained in importance following the financial\ncrisis and in times of tight budgets. The report shows the extent\nto which the Council has been developing concrete ways to improve\nthe fight against tax fraud and tax evasion, including in relation\nto third countries.
\nDiscussions on tax issues during the Cypriot\nPresidency have also taken into account the potential role of\ntaxation as an incentive/disincentive in the context of broader\nchallenges such as growth stimulation, dealing with climate change\nand drawing appropriate conclusions from the financial\ncrisis.
\nAs regards the common system of financial transaction\ntax, Ministers were informed of the\nlatest state of play at the November 2012 session. Comments allowed\nthe Cyprus Presidency to assess possible next steps regarding this\nfile.
\nBased on Article 329(1) of the Treaty on the\nFunctioning of the European Union, the decision requires a\nqualified majority for adoption by the Council, with the consent of\nthe European Parliament. A legislative act defining the substance\nof the enhanced cooperation would be adopted subsequently,\nrequiring unanimous agreement by the participating Member\nStates.
\nOn 30 November, the Permanent Representatives\nCommittee decided to send a letter to the European Parliament\nrequesting its consent on a draft decision that would authorise\nenhanced cooperation.
\nThe Council will continue work on the text once the\nParliament has given its consent, and in the light of comments made\nby delegations.
\nPURPOSE: to authorise enhanced cooperation in the area\nof financial transaction tax.
\nLEGISLATIVE ACT: Council Decision 2013/52/EU\nauthorising enhanced cooperation in the area of financial\ntransaction tax.
\nCONTENT: this Decision authorises 11 Member States\nto introduce a financial transactions tax (FTT) by means of\nenhanced cooperation. The 11 countries concerned are:\nBelgium, Germany, Estonia, Greece, Spain, France, Italy,\nAustria, Portugal, Slovenia and Slovakia.
\nIt should be recalled that in 2011, the Commission\ntook note of a debate which was ongoing at all levels on additional\ntaxation of the financial sector. This debate originates\nfrom the desire to ensure that the financial sector fairly and\nsubstantially contributes to the costs of the crisis and that it is\ntaxed in a fair way vis-à-vis other sectors for the\nfuture.
\nIn this context, on 28 September 2011, the Commission\nadopted a proposal for a Council Directive\non a common system of financial transaction tax\n(FTT).
\nAt the Council meeting of 22 June 2012, it was\nascertained that there was no unanimous support for a common system\nof financial transaction tax (FTT) as proposed by the\nCommission.
\nIn these circumstances, 11 Member States\naddressed requests to the Commission by letters received in\nSeptember and October 2012 indicating that they wished to establish\nenhanced cooperation between themselves in the area of\nFTT.
\nThese Member States requested that the scope and\nobjectives of the enhanced cooperation be based on the\nCommissions 2011 proposal for a Directive.
\nEnhanced cooperation in the area of the establishment\nof a common system of FTT aims at ensuring the proper functioning\nof the internal market. At the scale of this cooperation, it avoids\nthe coexistence of differing national regimes and thus an undue\nfragmentation of the market, as well as ensuing problems in the\nform of distortions of competition, deflections of trade between\nproducts, actors and geographical areas, and incentives for\noperators to avoid taxation through operations with little economic\nvalue.
\nSubject to\ncompliance with any conditions of participation laid down in this\nDecision, enhanced cooperation in the area referred to therein\nis open at any time to all Member States willing to comply with\nthe acts already adopted within this framework in accordance with\nArticle 328 of the Treaty on the Functioning of the European Union\n(TFEU).
\nENTRY INTO FORCE: 22/01/2013.
\nThe European Parliament adopted by 533 votes to 91,\nwith 32 abstentions, a legislative resolution on the proposal for a\nCouncil decision authorising enhanced cooperation in the area of\nthe creation of a financial transaction tax.
\nThe European Parliament gives its consent to\nthe draft Council decision, without prejudice to which Member\nStates participate in the enhanced cooperation.
\nMore than nine Member States have indicated their intention to establish enhanced\ncooperation between themselves in the area of the creation of a\ncommon system of FTT by addressing a request to the Commission in\naccordance with Article 329(1) TFEU. The Commission subsequently\npresented a proposal for a Council decision authorising enhanced\ncooperation.
\nParliament has verified the compliance of this\ninitiative with Article 20 of the\nTreaty on European Union (TEU).
\nMembers recall that in its resolution\nof 23 May 2012, Parliament stated that:
\nThe Council is called upon to adopt a decision pursuant to Article 333(2) TFEU,\nstipulating that, when it comes to the proposal for a Council\nDirective implementing enhanced cooperation in the area of FTT\npursuant to Article 113 TFEU, it will act under the ordinary\nlegislative procedure.
\nThe Committee on Economic and Monetary Affairs adopted\nthe report by Anni PODIMATA (S&D, EL) on the proposal for a\nCouncil decision authorising enhanced cooperation in the area of\nthe creation of a financial transaction tax.
\nThe committee recommends that the European Parliament\ngives its consent to the draft Council decision, without\nprejudice to which Member States participate in the enhanced\ncooperation.
\nMembers recall that in its resolution\nof 23 May 2012, Parliament stated that:
\nThe Council is\ncalled upon to adopt a decision pursuant to Article 333(2) TFEU,\nstipulating that, when it comes to the proposal for a Council\nDirective implementing enhanced cooperation in the area of FTT\npursuant to Article 113 TFEU, it will act under the ordinary\nlegislative procedure.
\nThe Council took stock of developments\nregarding the introduction of a financial transaction tax (FTT) in\na number of Member States wishing to participate in enhanced\ncooperation, and discussed how to proceed with the\ndossier.
\nIn 2011, the Commission issued a proposal for a Directive\nto establish a common system of financial transaction tax\nthroughout the Union. Because this proposal did not receive\nsufficient support in the Council, 11 Member States asked the\nCommission to present its proposal for enhanced cooperation in this\narea.
\nThe Commission's\nproposal, submitted on 23 October, would allow Belgium, Germany,\nEstonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia\nand Slovakia to introduce the FTT via enhanced cooperation. The Netherlands indicated that they would be\ninterested in participating under certain conditions.
\nIn June, the European Council suggested that a\ndecision be taken by December. Based on Article 329(1) of the\nTreaty on the Functioning of the European Union, the decision\nrequires a qualified majority for adoption by the Council, with the\nconsent of the European Parliament.
\nA number of Member States not wishing to join the\nenhanced cooperation indicated that they would wish to receive a\nmore detailed assessment of its impact on the internal market\nbefore supporting the decision authorising enhanced\ncooperation.
\nThe Council took stock of developments\nregarding the introduction of a financial transaction tax (FTT) in\na number of Member States wishing to participate in enhanced\ncooperation, and discussed how to proceed with the\ndossier.
\nIn 2011, the Commission issued a proposal for a Directive\nto establish a common system of financial transaction tax\nthroughout the Union. Because this proposal did not receive\nsufficient support in the Council, 11 Member States asked the\nCommission to present its proposal for enhanced cooperation in this\narea.
\nThe Commission's\nproposal, submitted on 23 October, would allow Belgium, Germany,\nEstonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia\nand Slovakia to introduce the FTT via enhanced cooperation. The Netherlands indicated that they would be\ninterested in participating under certain conditions.
\nIn June, the European Council suggested that a\ndecision be taken by December. Based on Article 329(1) of the\nTreaty on the Functioning of the European Union, the decision\nrequires a qualified majority for adoption by the Council, with the\nconsent of the European Parliament.
\nA number of Member States not wishing to join the\nenhanced cooperation indicated that they would wish to receive a\nmore detailed assessment of its impact on the internal market\nbefore supporting the decision authorising enhanced\ncooperation.
\nPURPOSE: to authorise enhanced cooperation in the area\nof financial transaction tax (FTT).
\nPROPOSED ACT: Council Decision
\nBACKGROUND: in 2011, the Commission took note of an\nongoing debate on additional taxation of the financial sector. This\ndebate originates from the desire to: (i) ensure that the financial\nsector fairly and substantially contributes to the costs of the\ncrisis and that it is taxed in a fair way vis-à-vis other\nsectors for the future, (ii) disincentivise excessively risky\nactivities by financial institutions, (iii) complement regulatory\nmeasures aimed at avoiding future crises and (iv) generate\nadditional revenue for general budgets or specific policy\npurposes.
\nAgainst this background, the Commission adopted a proposal\nfor a Council Directive on a common system of financial\ntransaction tax and amending Directive 2008/7/EC. That proposal set\nout the essential features of such a common system for a broad\nbased FTT in the EU that aims at achieving these objectives. It was\nconceived so as to minimise the risk of relocation. The European\nParliament delivered its favourable opinion on 23 May\n2012.
\nAt the Council meetings of 22 June and 10 July 2012,\nit was ascertained that essential differences in opinion persist as\nregards the need to establish a common system of FTT at EU level\nand that the principle of harmonised tax on financial transactions\nwill not receive unanimous support within the Council in the\nforeseeable future.
\nIn these circumstances, eleven Member States\n(Belgium, Estonia, Germany, Greece, Spain, France, Italy, Austria,\nPortugal, Slovenia and Slovakia) have addressed formal requests to\nthe Commission by letters received between 28 September and 22\nOctober 2012 indicating that they wish to establish enhanced\ncooperation between themselves in the area of the establishment of\na common system of FTT and that the Commission should submit a\nproposal to the Council to that end.
\nThis proposal for a Council Decision is the\nCommission's response to these requests for enhanced\ncooperation.
\nLEGAL BASIS: Article 329(1) of the Treaty on the\nFunctioning of the European Union.
\nCONTENT: the proposal concerns the authorisation of\nenhanced cooperation to Belgium, Germany, Greece, Spain, France,\nItaly, Austria, Portugal, Slovenia and Slovakia in the area of the\nestablishment of a common system of financial transaction\ntax.
\nThe Commission considers that all legal conditions\nset by the Treaties for enhanced cooperation are fulfilled and\nthat it is appropriate and timely to authorise enhanced\ncooperation.
\nThe implementation of a common system of financial\ntransaction tax amongst a sufficient number of Member States would\nentail immediate tangible advantages. The Commission states\nthat:
\n\n· \nthe position of the participating Member States\nin terms of relocation risks, tax revenues and efficiency of the\nfinancial market and avoidance of double taxation or non-taxation\nwould be improved;
\n\n· \nother Member States' legislation and policy in\nthe area would not be affected, whereas operators from such other\nMember States may also benefit from the reduced fragmentation of\nthe internal market;
\n\n· \nthrough a regime along the lines of the original\nCommission proposal it would be possible to address evasive\nactions, distortions and transfers to other\njurisdictions.
\nA proposal for specific measures implementing such\nenhanced cooperation i.e., on substance, for a Directive\non a common system of FTT will be submitted in due\ncourse.
\nThe Council took stock of developments\nregarding the introduction of a financial transaction tax (FTT) in\na number of Member States wishing to participate in enhanced\ncooperation, and discussed how to proceed with the\ndossier.
\nIn 2011, the Commission issued a proposal for a Directive\nto establish a common system of financial transaction tax\nthroughout the Union. Because this proposal did not receive\nsufficient support in the Council, 11 Member States asked the\nCommission to present its proposal for enhanced cooperation in this\narea.
\nThe Commission's\nproposal, submitted on 23 October, would allow Belgium, Germany,\nEstonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia\nand Slovakia to introduce the FTT via enhanced cooperation. The Netherlands indicated that they would be\ninterested in participating under certain conditions.
\nIn June, the European Council suggested that a\ndecision be taken by December. Based on Article 329(1) of the\nTreaty on the Functioning of the European Union, the decision\nrequires a qualified majority for adoption by the Council, with the\nconsent of the European Parliament.
\nA number of Member States not wishing to join the\nenhanced cooperation indicated that they would wish to receive a\nmore detailed assessment of its impact on the internal market\nbefore supporting the decision authorising enhanced\ncooperation.
\nThe Council discussed the latest developments\nconcerning the introduction of a financial transaction tax (FTT) in\na number of Member States through the \"enhanced cooperation\"\nprocedure.
\nIn 2011, the Commission proposed a directive aimed at\nintroducing an FTT throughout the EU, but Council discussions in\nJune and July this year revealed support for the proposal to be\ninsufficient.
\nAs a result of letters it had received from Member\nStates, the Commission presented, on 23 October 2012, a proposal\nfor a decision authorising Belgium, Germany, Estonia, Greece,\nSpain, France, Italy, Austria, Portugal, Slovenia and Slovakia to\nintroduce an FTT via enhanced cooperation.
\nProgress on this dossier is reflected in a report\non tax issues to be submitted to the European Council. The\nreport gives an overview on the state of play of Council work\nregarding some key legislative proposals, which were specifically\nmentioned in the aforementioned conclusions, such as Energy\nTaxation, the Common Consolidated Corporate Tax Base, the Financial\nTransaction Tax, the revision of the Savings Tax Directive and the\nNegotiating Directives for Savings Taxation agreements with third\ncountries.
\nThe priorities set out in the programme of the Cypriot\nPresidency illustrate that the Council's work has continued to\nfocus on how to combat the evasion of taxes and tax fraud over the\nlast few months. Ensuring effective tax revenues in Member\nStates has indeed gained in importance following the financial\ncrisis and in times of tight budgets. The report shows the extent\nto which the Council has been developing concrete ways to improve\nthe fight against tax fraud and tax evasion, including in relation\nto third countries.
\nDiscussions on tax issues during the Cypriot\nPresidency have also taken into account the potential role of\ntaxation as an incentive/disincentive in the context of broader\nchallenges such as growth stimulation, dealing with climate change\nand drawing appropriate conclusions from the financial\ncrisis.
\nAs regards the common system of financial transaction\ntax, Ministers were informed of the\nlatest state of play at the November 2012 session. Comments allowed\nthe Cyprus Presidency to assess possible next steps regarding this\nfile.
\nBased on Article 329(1) of the Treaty on the\nFunctioning of the European Union, the decision requires a\nqualified majority for adoption by the Council, with the consent of\nthe European Parliament. A legislative act defining the substance\nof the enhanced cooperation would be adopted subsequently,\nrequiring unanimous agreement by the participating Member\nStates.
\nOn 30 November, the Permanent Representatives\nCommittee decided to send a letter to the European Parliament\nrequesting its consent on a draft decision that would authorise\nenhanced cooperation.
\nThe Council will continue work on the text once the\nParliament has given its consent, and in the light of comments made\nby delegations.
\nThe Committee on Economic and Monetary Affairs adopted\nthe report by Anni PODIMATA (S&D, EL) on the proposal for a\nCouncil decision authorising enhanced cooperation in the area of\nthe creation of a financial transaction tax.
\nThe committee recommends that the European Parliament\ngives its consent to the draft Council decision, without\nprejudice to which Member States participate in the enhanced\ncooperation.
\nMembers recall that in its resolution\nof 23 May 2012, Parliament stated that:
\nThe Council is\ncalled upon to adopt a decision pursuant to Article 333(2) TFEU,\nstipulating that, when it comes to the proposal for a Council\nDirective implementing enhanced cooperation in the area of FTT\npursuant to Article 113 TFEU, it will act under the ordinary\nlegislative procedure.
\nThe European Parliament adopted by 533 votes to 91,\nwith 32 abstentions, a legislative resolution on the proposal for a\nCouncil decision authorising enhanced cooperation in the area of\nthe creation of a financial transaction tax.
\nThe European Parliament gives its consent to\nthe draft Council decision, without prejudice to which Member\nStates participate in the enhanced cooperation.
\nMore than nine Member States have indicated their intention to establish enhanced\ncooperation between themselves in the area of the creation of a\ncommon system of FTT by addressing a request to the Commission in\naccordance with Article 329(1) TFEU. The Commission subsequently\npresented a proposal for a Council decision authorising enhanced\ncooperation.
\nParliament has verified the compliance of this\ninitiative with Article 20 of the\nTreaty on European Union (TEU).
\nMembers recall that in its resolution\nof 23 May 2012, Parliament stated that:
\nThe Council is called upon to adopt a decision pursuant to Article 333(2) TFEU,\nstipulating that, when it comes to the proposal for a Council\nDirective implementing enhanced cooperation in the area of FTT\npursuant to Article 113 TFEU, it will act under the ordinary\nlegislative procedure.
\nPURPOSE: to authorise enhanced cooperation in the area\nof financial transaction tax.
\nLEGISLATIVE ACT: Council Decision 2013/52/EU\nauthorising enhanced cooperation in the area of financial\ntransaction tax.
\nCONTENT: this Decision authorises 11 Member States\nto introduce a financial transactions tax (FTT) by means of\nenhanced cooperation. The 11 countries concerned are:\nBelgium, Germany, Estonia, Greece, Spain, France, Italy,\nAustria, Portugal, Slovenia and Slovakia.
\nIt should be recalled that in 2011, the Commission\ntook note of a debate which was ongoing at all levels on additional\ntaxation of the financial sector. This debate originates\nfrom the desire to ensure that the financial sector fairly and\nsubstantially contributes to the costs of the crisis and that it is\ntaxed in a fair way vis-à-vis other sectors for the\nfuture.
\nIn this context, on 28 September 2011, the Commission\nadopted a proposal for a Council Directive\non a common system of financial transaction tax\n(FTT).
\nAt the Council meeting of 22 June 2012, it was\nascertained that there was no unanimous support for a common system\nof financial transaction tax (FTT) as proposed by the\nCommission.
\nIn these circumstances, 11 Member States\naddressed requests to the Commission by letters received in\nSeptember and October 2012 indicating that they wished to establish\nenhanced cooperation between themselves in the area of\nFTT.
\nThese Member States requested that the scope and\nobjectives of the enhanced cooperation be based on the\nCommissions 2011 proposal for a Directive.
\nEnhanced cooperation in the area of the establishment\nof a common system of FTT aims at ensuring the proper functioning\nof the internal market. At the scale of this cooperation, it avoids\nthe coexistence of differing national regimes and thus an undue\nfragmentation of the market, as well as ensuing problems in the\nform of distortions of competition, deflections of trade between\nproducts, actors and geographical areas, and incentives for\noperators to avoid taxation through operations with little economic\nvalue.
\nSubject to\ncompliance with any conditions of participation laid down in this\nDecision, enhanced cooperation in the area referred to therein\nis open at any time to all Member States willing to comply with\nthe acts already adopted within this framework in accordance with\nArticle 328 of the Treaty on the Functioning of the European Union\n(TFEU).
\nENTRY INTO FORCE: 22/01/2013.
\n