BETA


2012/0298(APP) Enhanced cooperation in the area of financial transaction tax
Next event: Final act published in Official Journal 2013/01/25 more...

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead ECON PODIMATA Anni (icon: S&D S&D) LULLING Astrid (icon: PPE PPE), TREMOSA I BALCELLS Ramon (icon: ALDE ALDE), TURUNEN Emilie (icon: Verts/ALE Verts/ALE), STREJČEK Ivo (icon: ECR ECR), MATIAS Marisa (icon: GUE/NGL GUE/NGL)
Committee Opinion JURI
Committee Opinion REGI
Committee Opinion IMCO
Lead committee dossier:
Legal Basis:
TFEU 329-p1

Events

2013/01/25
   Final act published in Official Journal
Details

PURPOSE: to authorise enhanced cooperation in the area of financial transaction tax.

LEGISLATIVE ACT: Council Decision 2013/52/EU authorising enhanced cooperation in the area of financial transaction tax.

CONTENT: this Decision authorises 11 Member States to introduce a financial transactions tax (FTT) by means of enhanced cooperation . The 11 countries concerned are: Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia .

It should be recalled that in 2011, the Commission took note of a debate which was ongoing at all levels on additional taxation of the financial sector. This debate originates from the desire to ensure that the financial sector fairly and substantially contributes to the costs of the crisis and that it is taxed in a fair way vis-à-vis other sectors for the future.

In this context, on 28 September 2011, the Commission adopted a proposal for a Council Directive on a common system of financial transaction tax (FTT) .

At the Council meeting of 22 June 2012, it was ascertained that there was no unanimous support for a common system of financial transaction tax (FTT) as proposed by the Commission.

In these circumstances, 11 Member States addressed requests to the Commission by letters received in September and October 2012 indicating that they wished to establish enhanced cooperation between themselves in the area of FTT.

These Member States requested that the scope and objectives of the enhanced cooperation be based on the Commission’s 2011 proposal for a Directive.

Enhanced cooperation in the area of the establishment of a common system of FTT aims at ensuring the proper functioning of the internal market. At the scale of this cooperation, it avoids the coexistence of differing national regimes and thus an undue fragmentation of the market, as well as ensuing problems in the form of distortions of competition, deflections of trade between products, actors and geographical areas, and incentives for operators to avoid taxation through operations with little economic value.

Subject to compliance with any conditions of participation laid down in this Decision, enhanced cooperation in the area referred to therein is open at any time to all Member States willing to comply with the acts already adopted within this framework in accordance with Article 328 of the Treaty on the Functioning of the European Union (TFEU).

ENTRY INTO FORCE: 22/01/2013.

2013/01/22
   EP/CSL - Act adopted by Council after consultation of Parliament
2013/01/22
   EP - End of procedure in Parliament
2013/01/22
   CSL - Council Meeting
2012/12/12
   CZ_SENATE - Contribution
Documents
2012/12/12
   EP - Results of vote in Parliament
2012/12/12
   EP - Decision by Parliament, 1st reading/single reading
Details

The European Parliament adopted by 533 votes to 91, with 32 abstentions, a legislative resolution on the proposal for a Council decision authorising enhanced cooperation in the area of the creation of a financial transaction tax.

The European Parliament gives its consent to the draft Council decision, without prejudice to which Member States participate in the enhanced cooperation.

More than nine Member States have indicated their intention to establish enhanced cooperation between themselves in the area of the creation of a common system of FTT by addressing a request to the Commission in accordance with Article 329(1) TFEU. The Commission subsequently presented a proposal for a Council decision authorising enhanced cooperation.

Parliament has verified the compliance of this initiative with Article 20 of the Treaty on European Union (TEU).

Members recall that in its resolution of 23 May 2012 , Parliament stated that:

the FTT will truly achieve its objectives if introduced at a global level. It also highlighted the importance of the Union to lead efforts to reach agreement on the FTT at a global level by means of setting an example for the introduction of the FTT ; the model for the FTT proposed by the Commission would be a suitable basis for implementation within a group of Member States should they choose to move faster by means of enhanced cooperation.

The Council is called upon to adopt a decision pursuant to Article 333(2) TFEU, stipulating that, when it comes to the proposal for a Council Directive implementing enhanced cooperation in the area of FTT pursuant to Article 113 TFEU, it will act under the ordinary legislative procedure .

Documents
2012/12/11
   EP - Debate in Parliament
2012/12/10
   EP - Committee referral announced in Parliament, 1st reading/single reading
2012/12/04
   CSL - Debate in Council
Details

The Council discussed the latest developments concerning the introduction of a financial transaction tax (FTT) in a number of Member States through the "enhanced cooperation" procedure.

In 2011, the Commission proposed a directive aimed at introducing an FTT throughout the EU, but Council discussions in June and July this year revealed support for the proposal to be insufficient.

As a result of letters it had received from Member States, the Commission presented, on 23 October 2012, a proposal for a decision authorising Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia to introduce an FTT via enhanced cooperation.

Progress on this dossier is reflected in a report on tax issues to be submitted to the European Council. The report gives an overview on the state of play of Council work regarding some key legislative proposals, which were specifically mentioned in the aforementioned conclusions, such as Energy Taxation, the Common Consolidated Corporate Tax Base, the Financial Transaction Tax, the revision of the Savings Tax Directive and the Negotiating Directives for Savings Taxation agreements with third countries.

The priorities set out in the programme of the Cypriot Presidency illustrate that the Council's work has continued to focus on how to combat the evasion of taxes and tax fraud over the last few months . Ensuring effective tax revenues in Member States has indeed gained in importance following the financial crisis and in times of tight budgets. The report shows the extent to which the Council has been developing concrete ways to improve the fight against tax fraud and tax evasion, including in relation to third countries.

Discussions on tax issues during the Cypriot Presidency have also taken into account the potential role of taxation as an incentive/disincentive in the context of broader challenges such as growth stimulation, dealing with climate change and drawing appropriate conclusions from the financial crisis.

As regards the common system of financial transaction tax , Ministers were informed of the latest state of play at the November 2012 session. Comments allowed the Cyprus Presidency to assess possible next steps regarding this file.

Based on Article 329(1) of the Treaty on the Functioning of the European Union, the decision requires a qualified majority for adoption by the Council, with the consent of the European Parliament. A legislative act defining the substance of the enhanced cooperation would be adopted subsequently, requiring unanimous agreement by the participating Member States.

On 30 November, the Permanent Representatives Committee decided to send a letter to the European Parliament requesting its consent on a draft decision that would authorise enhanced cooperation.

The Council will continue work on the text once the Parliament has given its consent, and in the light of comments made by delegations.

Documents
2012/12/04
   EP - Committee report tabled for plenary, 1st reading/single reading
Details

The Committee on Economic and Monetary Affairs adopted the report by Anni PODIMATA (S&D, EL) on the proposal for a Council decision authorising enhanced cooperation in the area of the creation of a financial transaction tax.

The committee recommends that the European Parliament gives its consent to the draft Council decision, without prejudice to which Member States participate in the enhanced cooperation.

Members recall that in its resolution of 23 May 2012 , Parliament stated that:

FTT will truly achieve its objectives if introduced at a global level. It also highlighted the importance of the Union to lead efforts to reach agreement on FTT at a global level by means of setting an example for the introduction of FTT ; the model for FTT proposed by the Commission would be a suitable basis for implementation within a group of Member States should they choose to move faster by means of enhanced cooperation.

The Council is called upon to adopt a decision pursuant to Article 333(2) TFEU, stipulating that, when it comes to the proposal for a Council Directive implementing enhanced cooperation in the area of FTT pursuant to Article 113 TFEU, it will act under the ordinary legislative procedure .

Documents
2012/12/04
   CSL - Council Meeting
2012/11/29
   EP - Vote in committee, 1st reading/single reading
2012/11/22
   EP - Amendments tabled in committee
Documents
2012/11/13
   CSL - Debate in Council
Details

The Council took stock of developments regarding the introduction of a financial transaction tax (FTT) in a number of Member States wishing to participate in enhanced cooperation, and discussed how to proceed with the dossier.

In 2011, the Commission issued a proposal for a Directive to establish a common system of financial transaction tax throughout the Union. Because this proposal did not receive sufficient support in the Council, 11 Member States asked the Commission to present its proposal for enhanced cooperation in this area.

The Commission's proposal, submitted on 23 October, would allow Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia to introduce the FTT via enhanced cooperation. The Netherlands indicated that they would be interested in participating under certain conditions.

In June, the European Council suggested that a decision be taken by December. Based on Article 329(1) of the Treaty on the Functioning of the European Union, the decision requires a qualified majority for adoption by the Council, with the consent of the European Parliament.

A number of Member States not wishing to join the enhanced cooperation indicated that they would wish to receive a more detailed assessment of its impact on the internal market before supporting the decision authorising enhanced cooperation.

Documents
2012/11/13
   CSL - Council Meeting
2012/10/26
   EP - Committee draft report
Documents
2012/10/25
   CSL - Supplementary legislative basic document
Documents
2012/10/23
   EC - Legislative proposal published
Details

PURPOSE: to authorise enhanced cooperation in the area of financial transaction tax (FTT).

PROPOSED ACT: Council Decision

BACKGROUND: in 2011, the Commission took note of an ongoing debate on additional taxation of the financial sector. This debate originates from the desire to: (i) ensure that the financial sector fairly and substantially contributes to the costs of the crisis and that it is taxed in a fair way vis-à-vis other sectors for the future, (ii) disincentivise excessively risky activities by financial institutions, (iii) complement regulatory measures aimed at avoiding future crises and (iv) generate additional revenue for general budgets or specific policy purposes.

Against this background, the Commission adopted a proposal for a Council Directive on a common system of financial transaction tax and amending Directive 2008/7/EC. That proposal set out the essential features of such a common system for a broad based FTT in the EU that aims at achieving these objectives. It was conceived so as to minimise the risk of relocation. The European Parliament delivered its favourable opinion on 23 May 2012.

At the Council meetings of 22 June and 10 July 2012, it was ascertained that essential differences in opinion persist as regards the need to establish a common system of FTT at EU level and that the principle of harmonised tax on financial transactions will not receive unanimous support within the Council in the foreseeable future.

In these circumstances, eleven Member States (Belgium, Estonia, Germany, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia) have addressed formal requests to the Commission by letters received between 28 September and 22 October 2012 indicating that they wish to establish enhanced cooperation between themselves in the area of the establishment of a common system of FTT and that the Commission should submit a proposal to the Council to that end.

This proposal for a Council Decision is the Commission's response to these requests for enhanced cooperation.

LEGAL BASIS: Article 329(1) of the Treaty on the Functioning of the European Union.

CONTENT: the proposal concerns the authorisation of enhanced cooperation to Belgium, Germany, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia in the area of the establishment of a common system of financial transaction tax.

The Commission considers that all legal conditions set by the Treaties for enhanced cooperation are fulfilled and that it is appropriate and timely to authorise enhanced cooperation.

The implementation of a common system of financial transaction tax amongst a sufficient number of Member States would entail immediate tangible advantages . The Commission states that:

· the position of the participating Member States in terms of relocation risks, tax revenues and efficiency of the financial market and avoidance of double taxation or non-taxation would be improved;

· other Member States' legislation and policy in the area would not be affected, whereas operators from such other Member States may also benefit from the reduced fragmentation of the internal market;

· through a regime along the lines of the original Commission proposal it would be possible to address evasive actions, distortions and transfers to other jurisdictions.

A proposal for specific measures implementing such enhanced cooperation – i.e., on substance, for a Directive on a common system of FTT – will be submitted in due course.

2012/09/11
   EP - Responsible Committee

Documents

Activities

AmendmentsDossier
28 2012/0298(APP)
2012/11/22 ECON 28 amendments...
source: PE-500.430

History

(these mark the time of scraping, not the official date of the change)

activities
  • date: 2012-10-23T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2012/0631/COM_COM(2012)0631(COR1)_EN.pdf title: COM(2012)0631 type: Legislative proposal published celexid: CELEX:52012PC0631:EN body: EC commission: DG: url: http://ec.europa.eu/taxation_customs/index_en.htm title: Taxation and Customs Union Commissioner: ŠEMETA Algirdas type: Legislative proposal published
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  • date: 2012-11-29T00:00:00 body: EP type: Vote in committee, 1st reading/single reading committees: body: EP shadows: group: PPE name: LULLING Astrid group: ALDE name: TREMOSA I BALCELLS Ramon group: Verts/ALE name: TURUNEN Emilie group: ECR name: STREJČEK Ivo group: GUE/NGL name: MATIAS Marisa responsible: True committee: ECON date: 2012-09-11T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: S&D name: PODIMATA Anni body: EP responsible: False committee_full: Internal Market and Consumer Protection committee: IMCO body: EP responsible: False committee_full: Legal Affairs committee: JURI body: EP responsible: False committee_full: Regional Development committee: REGI
  • body: CSL meeting_id: 3205 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=3205*&MEET_DATE=04/12/2012 type: Debate in Council title: 3205 council: Economic and Financial Affairs ECOFIN date: 2012-12-04T00:00:00 type: Council Meeting
  • body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A7-2012-396&language=EN type: Committee report tabled for plenary, 1st reading/single reading title: A7-0396/2012 type: Committee report tabled for plenary, 1st reading/single reading committees: body: EP shadows: group: PPE name: LULLING Astrid group: ALDE name: TREMOSA I BALCELLS Ramon group: Verts/ALE name: TURUNEN Emilie group: ECR name: STREJČEK Ivo group: GUE/NGL name: MATIAS Marisa responsible: True committee: ECON date: 2012-09-11T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: S&D name: PODIMATA Anni body: EP responsible: False committee_full: Internal Market and Consumer Protection committee: IMCO body: EP responsible: False committee_full: Legal Affairs committee: JURI body: EP responsible: False committee_full: Regional Development committee: REGI date: 2012-12-04T00:00:00
  • date: 2012-12-10T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP shadows: group: PPE name: LULLING Astrid group: ALDE name: TREMOSA I BALCELLS Ramon group: Verts/ALE name: TURUNEN Emilie group: ECR name: STREJČEK Ivo group: GUE/NGL name: MATIAS Marisa responsible: True committee: ECON date: 2012-09-11T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: S&D name: PODIMATA Anni body: EP responsible: False committee_full: Internal Market and Consumer Protection committee: IMCO body: EP responsible: False committee_full: Legal Affairs committee: JURI body: EP responsible: False committee_full: Regional Development committee: REGI
  • date: 2012-12-11T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20121211&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
  • date: 2012-12-12T00:00:00 docs: url: http://www.europarl.europa.eu/oeil/popups/sda.do?id=22282&l=en type: Results of vote in Parliament title: Results of vote in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P7-TA-2012-498 type: Decision by Parliament, 1st reading/single reading title: T7-0498/2012 body: EP type: Results of vote in Parliament
  • date: 2013-01-22T00:00:00 body: CSL type: Council Meeting council: Economic and Financial Affairs ECOFIN meeting_id: 3215
  • date: 2013-01-22T00:00:00 body: EP type: End of procedure in Parliament
  • date: 2013-01-22T00:00:00 body: EP/CSL type: Act adopted by Council after consultation of Parliament
  • date: 2013-01-25T00:00:00 type: Final act published in Official Journal docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32013D0052 title: Decision 2013/52 url: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2013:022:TOC title: OJ L 022 25.01.2013, p. 0011
commission
  • body: EC dg: Taxation and Customs Union commissioner: ŠEMETA Algirdas
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Economic and Monetary Affairs
committee
ECON
date
2012-09-11T00:00:00
rapporteur
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  • body: CSL type: Council Meeting council: Economic and Financial Affairs ECOFIN meeting_id: 3215 url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=3215*&MEET_DATE=22/01/2013 date: 2013-01-22T00:00:00
  • body: CSL type: Council Meeting council: Economic and Financial Affairs ECOFIN meeting_id: 3205 url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=3205*&MEET_DATE=04/12/2012 date: 2012-12-04T00:00:00
  • body: CSL type: Council Meeting council: Economic and Financial Affairs ECOFIN meeting_id: 3198 url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=3198*&MEET_DATE=13/11/2012 date: 2012-11-13T00:00:00
docs
  • date: 2012-10-25T00:00:00 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=15390%2F12&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC title: 15390/2012 type: Supplementary legislative basic document body: CSL
  • date: 2012-10-26T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE498.132 title: PE498.132 type: Committee draft report body: EP
  • date: 2012-11-22T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE500.430 title: PE500.430 type: Amendments tabled in committee body: EP
  • date: 2012-12-12T00:00:00 docs: url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2012)0631 title: COM(2012)0631 type: Contribution body: CZ_SENATE
events
  • date: 2012-10-23T00:00:00 type: Legislative proposal published body: EC docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2012/0631/COM_COM(2012)0631(COR1)_EN.pdf title: COM(2012)0631 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2012&nu_doc=631 title: EUR-Lex summary: PURPOSE: to authorise enhanced cooperation in the area of financial transaction tax (FTT). PROPOSED ACT: Council Decision BACKGROUND: in 2011, the Commission took note of an ongoing debate on additional taxation of the financial sector. This debate originates from the desire to: (i) ensure that the financial sector fairly and substantially contributes to the costs of the crisis and that it is taxed in a fair way vis-à-vis other sectors for the future, (ii) disincentivise excessively risky activities by financial institutions, (iii) complement regulatory measures aimed at avoiding future crises and (iv) generate additional revenue for general budgets or specific policy purposes. Against this background, the Commission adopted a proposal for a Council Directive on a common system of financial transaction tax and amending Directive 2008/7/EC. That proposal set out the essential features of such a common system for a broad based FTT in the EU that aims at achieving these objectives. It was conceived so as to minimise the risk of relocation. The European Parliament delivered its favourable opinion on 23 May 2012. At the Council meetings of 22 June and 10 July 2012, it was ascertained that essential differences in opinion persist as regards the need to establish a common system of FTT at EU level and that the principle of harmonised tax on financial transactions will not receive unanimous support within the Council in the foreseeable future. In these circumstances, eleven Member States (Belgium, Estonia, Germany, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia) have addressed formal requests to the Commission by letters received between 28 September and 22 October 2012 indicating that they wish to establish enhanced cooperation between themselves in the area of the establishment of a common system of FTT and that the Commission should submit a proposal to the Council to that end. This proposal for a Council Decision is the Commission's response to these requests for enhanced cooperation. LEGAL BASIS: Article 329(1) of the Treaty on the Functioning of the European Union. CONTENT: the proposal concerns the authorisation of enhanced cooperation to Belgium, Germany, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia in the area of the establishment of a common system of financial transaction tax. The Commission considers that all legal conditions set by the Treaties for enhanced cooperation are fulfilled and that it is appropriate and timely to authorise enhanced cooperation. The implementation of a common system of financial transaction tax amongst a sufficient number of Member States would entail immediate tangible advantages . The Commission states that: · the position of the participating Member States in terms of relocation risks, tax revenues and efficiency of the financial market and avoidance of double taxation or non-taxation would be improved; · other Member States' legislation and policy in the area would not be affected, whereas operators from such other Member States may also benefit from the reduced fragmentation of the internal market; · through a regime along the lines of the original Commission proposal it would be possible to address evasive actions, distortions and transfers to other jurisdictions. A proposal for specific measures implementing such enhanced cooperation – i.e., on substance, for a Directive on a common system of FTT – will be submitted in due course.
  • date: 2012-11-13T00:00:00 type: Debate in Council body: CSL docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=3198*&MEET_DATE=13/11/2012 title: 3198 summary: The Council took stock of developments regarding the introduction of a financial transaction tax (FTT) in a number of Member States wishing to participate in enhanced cooperation, and discussed how to proceed with the dossier. In 2011, the Commission issued a proposal for a Directive to establish a common system of financial transaction tax throughout the Union. Because this proposal did not receive sufficient support in the Council, 11 Member States asked the Commission to present its proposal for enhanced cooperation in this area. The Commission's proposal, submitted on 23 October, would allow Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia to introduce the FTT via enhanced cooperation. The Netherlands indicated that they would be interested in participating under certain conditions. In June, the European Council suggested that a decision be taken by December. Based on Article 329(1) of the Treaty on the Functioning of the European Union, the decision requires a qualified majority for adoption by the Council, with the consent of the European Parliament. A number of Member States not wishing to join the enhanced cooperation indicated that they would wish to receive a more detailed assessment of its impact on the internal market before supporting the decision authorising enhanced cooperation.
  • date: 2012-11-29T00:00:00 type: Vote in committee, 1st reading/single reading body: EP
  • date: 2012-12-04T00:00:00 type: Debate in Council body: CSL docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=3205*&MEET_DATE=04/12/2012 title: 3205 summary: The Council discussed the latest developments concerning the introduction of a financial transaction tax (FTT) in a number of Member States through the "enhanced cooperation" procedure. In 2011, the Commission proposed a directive aimed at introducing an FTT throughout the EU, but Council discussions in June and July this year revealed support for the proposal to be insufficient. As a result of letters it had received from Member States, the Commission presented, on 23 October 2012, a proposal for a decision authorising Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia to introduce an FTT via enhanced cooperation. Progress on this dossier is reflected in a report on tax issues to be submitted to the European Council. The report gives an overview on the state of play of Council work regarding some key legislative proposals, which were specifically mentioned in the aforementioned conclusions, such as Energy Taxation, the Common Consolidated Corporate Tax Base, the Financial Transaction Tax, the revision of the Savings Tax Directive and the Negotiating Directives for Savings Taxation agreements with third countries. The priorities set out in the programme of the Cypriot Presidency illustrate that the Council's work has continued to focus on how to combat the evasion of taxes and tax fraud over the last few months . Ensuring effective tax revenues in Member States has indeed gained in importance following the financial crisis and in times of tight budgets. The report shows the extent to which the Council has been developing concrete ways to improve the fight against tax fraud and tax evasion, including in relation to third countries. Discussions on tax issues during the Cypriot Presidency have also taken into account the potential role of taxation as an incentive/disincentive in the context of broader challenges such as growth stimulation, dealing with climate change and drawing appropriate conclusions from the financial crisis. As regards the common system of financial transaction tax , Ministers were informed of the latest state of play at the November 2012 session. Comments allowed the Cyprus Presidency to assess possible next steps regarding this file. Based on Article 329(1) of the Treaty on the Functioning of the European Union, the decision requires a qualified majority for adoption by the Council, with the consent of the European Parliament. A legislative act defining the substance of the enhanced cooperation would be adopted subsequently, requiring unanimous agreement by the participating Member States. On 30 November, the Permanent Representatives Committee decided to send a letter to the European Parliament requesting its consent on a draft decision that would authorise enhanced cooperation. The Council will continue work on the text once the Parliament has given its consent, and in the light of comments made by delegations.
  • date: 2012-12-04T00:00:00 type: Committee report tabled for plenary, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A7-2012-396&language=EN title: A7-0396/2012 summary: The Committee on Economic and Monetary Affairs adopted the report by Anni PODIMATA (S&D, EL) on the proposal for a Council decision authorising enhanced cooperation in the area of the creation of a financial transaction tax. The committee recommends that the European Parliament gives its consent to the draft Council decision, without prejudice to which Member States participate in the enhanced cooperation. Members recall that in its resolution of 23 May 2012 , Parliament stated that: FTT will truly achieve its objectives if introduced at a global level. It also highlighted the importance of the Union to lead efforts to reach agreement on FTT at a global level by means of setting an example for the introduction of FTT ; the model for FTT proposed by the Commission would be a suitable basis for implementation within a group of Member States should they choose to move faster by means of enhanced cooperation. The Council is called upon to adopt a decision pursuant to Article 333(2) TFEU, stipulating that, when it comes to the proposal for a Council Directive implementing enhanced cooperation in the area of FTT pursuant to Article 113 TFEU, it will act under the ordinary legislative procedure .
  • date: 2012-12-10T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2012-12-11T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20121211&type=CRE title: Debate in Parliament
  • date: 2012-12-12T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=22282&l=en title: Results of vote in Parliament
  • date: 2012-12-12T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P7-TA-2012-498 title: T7-0498/2012 summary: The European Parliament adopted by 533 votes to 91, with 32 abstentions, a legislative resolution on the proposal for a Council decision authorising enhanced cooperation in the area of the creation of a financial transaction tax. The European Parliament gives its consent to the draft Council decision, without prejudice to which Member States participate in the enhanced cooperation. More than nine Member States have indicated their intention to establish enhanced cooperation between themselves in the area of the creation of a common system of FTT by addressing a request to the Commission in accordance with Article 329(1) TFEU. The Commission subsequently presented a proposal for a Council decision authorising enhanced cooperation. Parliament has verified the compliance of this initiative with Article 20 of the Treaty on European Union (TEU). Members recall that in its resolution of 23 May 2012 , Parliament stated that: the FTT will truly achieve its objectives if introduced at a global level. It also highlighted the importance of the Union to lead efforts to reach agreement on the FTT at a global level by means of setting an example for the introduction of the FTT ; the model for the FTT proposed by the Commission would be a suitable basis for implementation within a group of Member States should they choose to move faster by means of enhanced cooperation. The Council is called upon to adopt a decision pursuant to Article 333(2) TFEU, stipulating that, when it comes to the proposal for a Council Directive implementing enhanced cooperation in the area of FTT pursuant to Article 113 TFEU, it will act under the ordinary legislative procedure .
  • date: 2013-01-22T00:00:00 type: Act adopted by Council after consultation of Parliament body: EP/CSL
  • date: 2013-01-22T00:00:00 type: End of procedure in Parliament body: EP
  • date: 2013-01-25T00:00:00 type: Final act published in Official Journal summary: PURPOSE: to authorise enhanced cooperation in the area of financial transaction tax. LEGISLATIVE ACT: Council Decision 2013/52/EU authorising enhanced cooperation in the area of financial transaction tax. CONTENT: this Decision authorises 11 Member States to introduce a financial transactions tax (FTT) by means of enhanced cooperation . The 11 countries concerned are: Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia . It should be recalled that in 2011, the Commission took note of a debate which was ongoing at all levels on additional taxation of the financial sector. This debate originates from the desire to ensure that the financial sector fairly and substantially contributes to the costs of the crisis and that it is taxed in a fair way vis-à-vis other sectors for the future. In this context, on 28 September 2011, the Commission adopted a proposal for a Council Directive on a common system of financial transaction tax (FTT) . At the Council meeting of 22 June 2012, it was ascertained that there was no unanimous support for a common system of financial transaction tax (FTT) as proposed by the Commission. In these circumstances, 11 Member States addressed requests to the Commission by letters received in September and October 2012 indicating that they wished to establish enhanced cooperation between themselves in the area of FTT. These Member States requested that the scope and objectives of the enhanced cooperation be based on the Commission’s 2011 proposal for a Directive. Enhanced cooperation in the area of the establishment of a common system of FTT aims at ensuring the proper functioning of the internal market. At the scale of this cooperation, it avoids the coexistence of differing national regimes and thus an undue fragmentation of the market, as well as ensuing problems in the form of distortions of competition, deflections of trade between products, actors and geographical areas, and incentives for operators to avoid taxation through operations with little economic value. Subject to compliance with any conditions of participation laid down in this Decision, enhanced cooperation in the area referred to therein is open at any time to all Member States willing to comply with the acts already adopted within this framework in accordance with Article 328 of the Treaty on the Functioning of the European Union (TFEU). ENTRY INTO FORCE: 22/01/2013. docs: title: Decision 2013/52 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32013D0052 title: OJ L 022 25.01.2013, p. 0011 url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2013:022:TOC
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  • body: EC dg: url: http://ec.europa.eu/taxation_customs/index_en.htm title: Taxation and Customs Union commissioner: ŠEMETA Algirdas
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    PURPOSE: to authorise enhanced cooperation in the area of financial transaction tax (FTT).

    PROPOSED ACT: Council Decision

    BACKGROUND: in 2011, the Commission took note of an ongoing debate on additional taxation of the financial sector. This debate originates from the desire to: (i) ensure that the financial sector fairly and substantially contributes to the costs of the crisis and that it is taxed in a fair way vis-à-vis other sectors for the future, (ii) disincentivise excessively risky activities by financial institutions, (iii) complement regulatory measures aimed at avoiding future crises and (iv) generate additional revenue for general budgets or specific policy purposes.

    Against this background, the Commission adopted a proposal for a Council Directive on a common system of financial transaction tax and amending Directive 2008/7/EC. That proposal set out the essential features of such a common system for a broad based FTT in the EU that aims at achieving these objectives. It was conceived so as to minimise the risk of relocation. The European Parliament delivered its favourable opinion on 23 May 2012.

    At the Council meetings of 22 June and 10 July 2012, it was ascertained that essential differences in opinion persist as regards the need to establish a common system of FTT at EU level and that the principle of harmonised tax on financial transactions will not receive unanimous support within the Council in the foreseeable future.

    In these circumstances, eleven Member States (Belgium, Estonia, Germany, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia) have addressed formal requests to the Commission by letters received between 28 September and 22 October 2012 indicating that they wish to establish enhanced cooperation between themselves in the area of the establishment of a common system of FTT and that the Commission should submit a proposal to the Council to that end.

    This proposal for a Council Decision is the Commission's response to these requests for enhanced cooperation.

    LEGAL BASIS: Article 329(1) of the Treaty on the Functioning of the European Union.

    CONTENT: the proposal concerns the authorisation of enhanced cooperation to Belgium, Germany, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia in the area of the establishment of a common system of financial transaction tax.

    The Commission considers that all legal conditions set by the Treaties for enhanced cooperation are fulfilled and that it is appropriate and timely to authorise enhanced cooperation.

    The implementation of a common system of financial transaction tax amongst a sufficient number of Member States would entail immediate tangible advantages. The Commission states that:

    ·        the position of the participating Member States in terms of relocation risks, tax revenues and efficiency of the financial market and avoidance of double taxation or non-taxation would be improved;

    ·        other Member States' legislation and policy in the area would not be affected, whereas operators from such other Member States may also benefit from the reduced fragmentation of the internal market;

    ·        through a regime along the lines of the original Commission proposal it would be possible to address evasive actions, distortions and transfers to other jurisdictions.

    A proposal for specific measures implementing such enhanced cooperation – i.e., on substance, for a Directive on a common system of FTT – will be submitted in due course.

    New

    PURPOSE: to authorise enhanced cooperation in the area of financial transaction tax (FTT).

    PROPOSED ACT: Council Decision

    BACKGROUND: in 2011, the Commission took note of an ongoing debate on additional taxation of the financial sector. This debate originates from the desire to: (i) ensure that the financial sector fairly and substantially contributes to the costs of the crisis and that it is taxed in a fair way vis-à-vis other sectors for the future, (ii) disincentivise excessively risky activities by financial institutions, (iii) complement regulatory measures aimed at avoiding future crises and (iv) generate additional revenue for general budgets or specific policy purposes.

    Against this background, the Commission adopted a proposal for a Council Directive on a common system of financial transaction tax and amending Directive 2008/7/EC. That proposal set out the essential features of such a common system for a broad based FTT in the EU that aims at achieving these objectives. It was conceived so as to minimise the risk of relocation. The European Parliament delivered its favourable opinion on 23 May 2012.

    At the Council meetings of 22 June and 10 July 2012, it was ascertained that essential differences in opinion persist as regards the need to establish a common system of FTT at EU level and that the principle of harmonised tax on financial transactions will not receive unanimous support within the Council in the foreseeable future.

    In these circumstances, eleven Member States (Belgium, Estonia, Germany, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia) have addressed formal requests to the Commission by letters received between 28 September and 22 October 2012 indicating that they wish to establish enhanced cooperation between themselves in the area of the establishment of a common system of FTT and that the Commission should submit a proposal to the Council to that end.

    This proposal for a Council Decision is the Commission's response to these requests for enhanced cooperation.

    LEGAL BASIS: Article 329(1) of the Treaty on the Functioning of the European Union.

    CONTENT: the proposal concerns the authorisation of enhanced cooperation to Belgium, Germany, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia in the area of the establishment of a common system of financial transaction tax.

    The Commission considers that all legal conditions set by the Treaties for enhanced cooperation are fulfilled and that it is appropriate and timely to authorise enhanced cooperation.

    The implementation of a common system of financial transaction tax amongst a sufficient number of Member States would entail immediate tangible advantages. The Commission states that:

    ·        the position of the participating Member States in terms of relocation risks, tax revenues and efficiency of the financial market and avoidance of double taxation or non-taxation would be improved;

    ·        other Member States' legislation and policy in the area would not be affected, whereas operators from such other Member States may also benefit from the reduced fragmentation of the internal market;

    ·        through a regime along the lines of the original Commission proposal it would be possible to address evasive actions, distortions and transfers to other jurisdictions.

    A proposal for specific measures implementing such enhanced cooperation – i.e., on substance, for a Directive on a common system of FTT – will be submitted in due course.

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    The Council took stock of developments regarding the introduction of a financial transaction tax (FTT) in a number of Member States wishing to participate in enhanced cooperation, and discussed how to proceed with the dossier.

    In 2011, the Commission issued a proposal for a Directive to establish a common system of financial transaction tax throughout the Union. Because this proposal did not receive sufficient support in the Council, 11 Member States asked the Commission to present its proposal for enhanced cooperation in this area.

    The Commission's proposal, submitted on 23 October, would allow Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia to introduce the FTT via enhanced cooperation. The Netherlands indicated that they would be interested in participating under certain conditions.

    In June, the European Council suggested that a decision be taken by December. Based on Article 329(1) of the Treaty on the Functioning of the European Union, the decision requires a qualified majority for adoption by the Council, with the consent of the European Parliament.

    A number of Member States not wishing to join the enhanced cooperation indicated that they would wish to receive a more detailed assessment of its impact on the internal market before supporting the decision authorising enhanced cooperation.

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    activities/3/text
    • The Council discussed the latest developments concerning the introduction of a financial transaction tax (FTT) in a number of Member States through the "enhanced cooperation" procedure.

      In 2011, the Commission proposed a directive aimed at introducing an FTT throughout the EU, but Council discussions in June and July this year revealed support for the proposal to be insufficient.

      As a result of letters it had received from Member States, the Commission presented, on 23 October 2012, a proposal for a decision authorising Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia to introduce an FTT via enhanced cooperation.

      Progress on this dossier is reflected in a report on tax issues to be submitted to the European Council. The report gives an overview on the state of play of Council work regarding some key legislative proposals, which were specifically mentioned in the aforementioned conclusions, such as Energy Taxation, the Common Consolidated Corporate Tax Base, the Financial Transaction Tax, the revision of the Savings Tax Directive and the Negotiating Directives for Savings Taxation agreements with third countries.

      The priorities set out in the programme of the Cypriot Presidency illustrate that the Council's work has continued to focus on how to combat the evasion of taxes and tax fraud over the last few months. Ensuring effective tax revenues in Member States has indeed gained in importance following the financial crisis and in times of tight budgets. The report shows the extent to which the Council has been developing concrete ways to improve the fight against tax fraud and tax evasion, including in relation to third countries.

      Discussions on tax issues during the Cypriot Presidency have also taken into account the potential role of taxation as an incentive/disincentive in the context of broader challenges such as growth stimulation, dealing with climate change and drawing appropriate conclusions from the financial crisis.

      As regards the common system of financial transaction tax, Ministers were informed of the latest state of play at the November 2012 session. Comments allowed the Cyprus Presidency to assess possible next steps regarding this file.

      Based on Article 329(1) of the Treaty on the Functioning of the European Union, the decision requires a qualified majority for adoption by the Council, with the consent of the European Parliament. A legislative act defining the substance of the enhanced cooperation would be adopted subsequently, requiring unanimous agreement by the participating Member States.

      On 30 November, the Permanent Representatives Committee decided to send a letter to the European Parliament requesting its consent on a draft decision that would authorise enhanced cooperation.

      The Council will continue work on the text once the Parliament has given its consent, and in the light of comments made by delegations.

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    url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE500.430 type: Amendments tabled in committee title: PE500.430
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    The European Parliament adopted by 533 votes to 91, with 32 abstentions, a legislative resolution on the proposal for a Council decision authorising enhanced cooperation in the area of the creation of a financial transaction tax.

    The European Parliament gives its consent to the draft Council decision, without prejudice to which Member States participate in the enhanced cooperation.

    More than nine Member States have indicated their intention to establish enhanced cooperation between themselves in the area of the creation of a common system of FTT by addressing a request to the Commission in accordance with Article 329(1) TFEU. The Commission subsequently presented a proposal for a Council decision authorising enhanced cooperation.

    Parliament has verified the compliance of this initiative with Article 20 of the Treaty on European Union (TEU).

    Members recall that in its resolution of 23 May 2012, Parliament stated that:

    • the FTT will truly achieve its objectives if introduced at a global level. It also highlighted the importance of the Union to lead efforts to reach agreement on the FTT at a global level by means of setting an example for the introduction of the FTT ;
    • the model for the FTT proposed by the Commission would be a suitable basis for implementation within a group of Member States should they choose to move faster by means of enhanced cooperation.

    The Council is called upon to adopt a decision pursuant to Article 333(2) TFEU, stipulating that, when it comes to the proposal for a Council Directive implementing enhanced cooperation in the area of FTT pursuant to Article 113 TFEU, it will act under the ordinary legislative procedure.

    New

    The Committee on Economic and Monetary Affairs adopted the report by Anni PODIMATA (S&D, EL) on the proposal for a Council decision authorising enhanced cooperation in the area of the creation of a financial transaction tax.

    The committee recommends that the European Parliament gives its consent to the draft Council decision, without prejudice to which Member States participate in the enhanced cooperation.

    Members recall that in its resolution of 23 May 2012, Parliament stated that:

    • FTT will truly achieve its objectives if introduced at a global level. It also highlighted the importance of the Union to lead efforts to reach agreement on FTT at a global level by means of setting an example for the introduction of FTT ;
    • the model for FTT proposed by the Commission would be a suitable basis for implementation within a group of Member States should they choose to move faster by means of enhanced cooperation.

    The Council is called upon to adopt a decision pursuant to Article 333(2) TFEU, stipulating that, when it comes to the proposal for a Council Directive implementing enhanced cooperation in the area of FTT pursuant to Article 113 TFEU, it will act under the ordinary legislative procedure.

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    • The Committee on Economic and Monetary Affairs adopted the report by Anni PODIMATA (S&D, EL) on the proposal for a Council decision authorising enhanced cooperation in the area of the creation of a financial transaction tax.

      The committee recommends that the European Parliament gives its consent to the draft Council decision, without prejudice to which Member States participate in the enhanced cooperation.

      Members recall that in its resolution of 23 May 2012, Parliament stated that:

      • FTT will truly achieve its objectives if introduced at a global level. It also highlighted the importance of the Union to lead efforts to reach agreement on FTT at a global level by means of setting an example for the introduction of FTT ;
      • the model for FTT proposed by the Commission would be a suitable basis for implementation within a group of Member States should they choose to move faster by means of enhanced cooperation.

      The Council is called upon to adopt a decision pursuant to Article 333(2) TFEU, stipulating that, when it comes to the proposal for a Council Directive implementing enhanced cooperation in the area of FTT pursuant to Article 113 TFEU, it will act under the ordinary legislative procedure.

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    • url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32013D0052 title: Decision 2013/52
    • url: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2013:022:TOC title: OJ L 022 25.01.2013, p. 0011
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    • PURPOSE: to authorise enhanced cooperation in the area of financial transaction tax.

      LEGISLATIVE ACT: Council Decision 2013/52/EU authorising enhanced cooperation in the area of financial transaction tax.

      CONTENT: this Decision authorises 11 Member States to introduce a financial transactions tax (FTT) by means of enhanced cooperation. The 11 countries concerned are: Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia.

      It should be recalled that in 2011, the Commission took note of a debate which was ongoing at all levels on additional taxation of the financial sector. This debate originates from the desire to ensure that the financial sector fairly and substantially contributes to the costs of the crisis and that it is taxed in a fair way vis-à-vis other sectors for the future.

      In this context, on 28 September 2011, the Commission adopted a proposal for a Council Directive on a common system of financial transaction tax (FTT).

      At the Council meeting of 22 June 2012, it was ascertained that there was no unanimous support for a common system of financial transaction tax (FTT) as proposed by the Commission.

      In these circumstances, 11 Member States addressed requests to the Commission by letters received in September and October 2012 indicating that they wished to establish enhanced cooperation between themselves in the area of FTT.

      These Member States requested that the scope and objectives of the enhanced cooperation be based on the Commission’s 2011 proposal for a Directive.

      Enhanced cooperation in the area of the establishment of a common system of FTT aims at ensuring the proper functioning of the internal market. At the scale of this cooperation, it avoids the coexistence of differing national regimes and thus an undue fragmentation of the market, as well as ensuing problems in the form of distortions of competition, deflections of trade between products, actors and geographical areas, and incentives for operators to avoid taxation through operations with little economic value.

      Subject to compliance with any conditions of participation laid down in this Decision, enhanced cooperation in the area referred to therein is open at any time to all Member States willing to comply with the acts already adopted within this framework in accordance with Article 328 of the Treaty on the Functioning of the European Union (TFEU).

      ENTRY INTO FORCE: 22/01/2013.

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      • The Council discussed the latest developments concerning the introduction of a financial transaction tax (FTT) in a number of Member States through the "enhanced cooperation" procedure.

        In 2011, the Commission proposed a directive aimed at introducing an FTT throughout the EU, but Council discussions in June and July this year revealed support for the proposal to be insufficient.

        As a result of letters it had received from Member States, the Commission presented, on 23 October 2012, a proposal for a decision authorising Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia to introduce an FTT via enhanced cooperation.

        Progress on this dossier is reflected in a report on tax issues to be submitted to the European Council. The report gives an overview on the state of play of Council work regarding some key legislative proposals, which were specifically mentioned in the aforementioned conclusions, such as Energy Taxation, the Common Consolidated Corporate Tax Base, the Financial Transaction Tax, the revision of the Savings Tax Directive and the Negotiating Directives for Savings Taxation agreements with third countries.

        The priorities set out in the programme of the Cypriot Presidency illustrate that the Council's work has continued to focus on how to combat the evasion of taxes and tax fraud over the last few months. Ensuring effective tax revenues in Member States has indeed gained in importance following the financial crisis and in times of tight budgets. The report shows the extent to which the Council has been developing concrete ways to improve the fight against tax fraud and tax evasion, including in relation to third countries.

        Discussions on tax issues during the Cypriot Presidency have also taken into account the potential role of taxation as an incentive/disincentive in the context of broader challenges such as growth stimulation, dealing with climate change and drawing appropriate conclusions from the financial crisis.

        As regards the common system of financial transaction tax, Ministers were informed of the latest state of play at the November 2012 session. Comments allowed the Cyprus Presidency to assess possible next steps regarding this file.

        Based on Article 329(1) of the Treaty on the Functioning of the European Union, the decision requires a qualified majority for adoption by the Council, with the consent of the European Parliament. A legislative act defining the substance of the enhanced cooperation would be adopted subsequently, requiring unanimous agreement by the participating Member States.

        On 30 November, the Permanent Representatives Committee decided to send a letter to the European Parliament requesting its consent on a draft decision that would authorise enhanced cooperation.

        The Council will continue work on the text once the Parliament has given its consent, and in the light of comments made by delegations.

      activities/10/docs/0/text
      • The European Parliament adopted by 533 votes to 91, with 32 abstentions, a legislative resolution on the proposal for a Council decision authorising enhanced cooperation in the area of the creation of a financial transaction tax.

        The European Parliament gives its consent to the draft Council decision, without prejudice to which Member States participate in the enhanced cooperation.

        More than nine Member States have indicated their intention to establish enhanced cooperation between themselves in the area of the creation of a common system of FTT by addressing a request to the Commission in accordance with Article 329(1) TFEU. The Commission subsequently presented a proposal for a Council decision authorising enhanced cooperation.

        Parliament has verified the compliance of this initiative with Article 20 of the Treaty on European Union (TEU).

        Members recall that in its resolution of 23 May 2012, Parliament stated that:

        • the FTT will truly achieve its objectives if introduced at a global level. It also highlighted the importance of the Union to lead efforts to reach agreement on the FTT at a global level by means of setting an example for the introduction of the FTT ;
        • the model for the FTT proposed by the Commission would be a suitable basis for implementation within a group of Member States should they choose to move faster by means of enhanced cooperation.

        The Council is called upon to adopt a decision pursuant to Article 333(2) TFEU, stipulating that, when it comes to the proposal for a Council Directive implementing enhanced cooperation in the area of FTT pursuant to Article 113 TFEU, it will act under the ordinary legislative procedure.

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      • The Council took stock of developments regarding the introduction of a financial transaction tax (FTT) in a number of Member States wishing to participate in enhanced cooperation, and discussed how to proceed with the dossier.

        In 2011, the Commission issued a proposal for a Directive to establish a common system of financial transaction tax throughout the Union. Because this proposal did not receive sufficient support in the Council, 11 Member States asked the Commission to present its proposal for enhanced cooperation in this area.

        The Commission's proposal, submitted on 23 October, would allow Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia to introduce the FTT via enhanced cooperation. The Netherlands indicated that they would be interested in participating under certain conditions.

        In June, the European Council suggested that a decision be taken by December. Based on Article 329(1) of the Treaty on the Functioning of the European Union, the decision requires a qualified majority for adoption by the Council, with the consent of the European Parliament.

        A number of Member States not wishing to join the enhanced cooperation indicated that they would wish to receive a more detailed assessment of its impact on the internal market before supporting the decision authorising enhanced cooperation.

      activities/7/docs/0/text
      • The Committee on Economic and Monetary Affairs adopted the report by Anni PODIMATA (S&D, EL) on the proposal for a Council decision authorising enhanced cooperation in the area of the creation of a financial transaction tax.

        The committee recommends that the European Parliament gives its consent to the draft Council decision, without prejudice to which Member States participate in the enhanced cooperation.

        Members recall that in its resolution of 23 May 2012, Parliament stated that:

        • FTT will truly achieve its objectives if introduced at a global level. It also highlighted the importance of the Union to lead efforts to reach agreement on FTT at a global level by means of setting an example for the introduction of FTT ;
        • the model for FTT proposed by the Commission would be a suitable basis for implementation within a group of Member States should they choose to move faster by means of enhanced cooperation.

        The Council is called upon to adopt a decision pursuant to Article 333(2) TFEU, stipulating that, when it comes to the proposal for a Council Directive implementing enhanced cooperation in the area of FTT pursuant to Article 113 TFEU, it will act under the ordinary legislative procedure.

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      • PURPOSE: to authorise enhanced cooperation in the area of financial transaction tax (FTT).

        PROPOSED ACT: Council Decision

        BACKGROUND: in 2011, the Commission took note of an ongoing debate on additional taxation of the financial sector. This debate originates from the desire to: (i) ensure that the financial sector fairly and substantially contributes to the costs of the crisis and that it is taxed in a fair way vis-à-vis other sectors for the future, (ii) disincentivise excessively risky activities by financial institutions, (iii) complement regulatory measures aimed at avoiding future crises and (iv) generate additional revenue for general budgets or specific policy purposes.

        Against this background, the Commission adopted a proposal for a Council Directive on a common system of financial transaction tax and amending Directive 2008/7/EC. That proposal set out the essential features of such a common system for a broad based FTT in the EU that aims at achieving these objectives. It was conceived so as to minimise the risk of relocation. The European Parliament delivered its favourable opinion on 23 May 2012.

        At the Council meetings of 22 June and 10 July 2012, it was ascertained that essential differences in opinion persist as regards the need to establish a common system of FTT at EU level and that the principle of harmonised tax on financial transactions will not receive unanimous support within the Council in the foreseeable future.

        In these circumstances, eleven Member States (Belgium, Estonia, Germany, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia) have addressed formal requests to the Commission by letters received between 28 September and 22 October 2012 indicating that they wish to establish enhanced cooperation between themselves in the area of the establishment of a common system of FTT and that the Commission should submit a proposal to the Council to that end.

        This proposal for a Council Decision is the Commission's response to these requests for enhanced cooperation.

        LEGAL BASIS: Article 329(1) of the Treaty on the Functioning of the European Union.

        CONTENT: the proposal concerns the authorisation of enhanced cooperation to Belgium, Germany, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia in the area of the establishment of a common system of financial transaction tax.

        The Commission considers that all legal conditions set by the Treaties for enhanced cooperation are fulfilled and that it is appropriate and timely to authorise enhanced cooperation.

        The implementation of a common system of financial transaction tax amongst a sufficient number of Member States would entail immediate tangible advantages. The Commission states that:

        ·        the position of the participating Member States in terms of relocation risks, tax revenues and efficiency of the financial market and avoidance of double taxation or non-taxation would be improved;

        ·        other Member States' legislation and policy in the area would not be affected, whereas operators from such other Member States may also benefit from the reduced fragmentation of the internal market;

        ·        through a regime along the lines of the original Commission proposal it would be possible to address evasive actions, distortions and transfers to other jurisdictions.

        A proposal for specific measures implementing such enhanced cooperation – i.e., on substance, for a Directive on a common system of FTT – will be submitted in due course.

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