Progress: Awaiting final decision
Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Lead | ECON | PODIMATA Anni ( S&D) | KARAS Othmar ( PPE), TREMOSA I BALCELLS Ramon ( ALDE), LAMBERTS Philippe ( Verts/ALE), STREJČEK Ivo ( ECR) |
Committee Opinion | BUDG | JENSEN Anne E. ( ALDE) | |
Committee Opinion | EMPL | ||
Committee Opinion | JURI |
Lead committee dossier:
Legal Basis:
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Legal Basis:
T, r, e, a, t, y, , o, n, , t, h, e, , F, u, n, c, t, i, o, n, i, n, g, , o, f, , t, h, e, , E, U, , T, F, E, U, , 1, 1, 3Subjects
- 2.50.03 Securities and financial markets, stock exchange, CIUTS, investments
- 2.50.04 Banks and credit
- 2.50.05 Insurance, pension funds
- 2.50.08 Financial services, financial reporting and auditing
- 2.70.02 Indirect taxation, VAT, excise duties
- 5.10.01 Convergence of economic policies, public deficit, interest rates
- 8.70.01 Financing of the budget, own resources
Events
The Council discussed developments concerning a proposal aimed at introducing a financial transaction tax (FTT) in 11 Member States through enhanced cooperation.
Given the importance that both participating and non-participating Member States attach to the project of introducing FTT in the participating Member States in a harmonised way, the Italian Presidency has continuously maintained this file high on its agenda and conducted work within the Council in a transparent manner.
The Presidency is of the view that the importance of the FTT project remains evident and that further discussions should continue to be driven towards reaching an overall compromise on the FTT. This would be an unprecedented positive step by a group of eleven EU Member States, committed towards a common goal in that area.
Further work : the Presidency considers that the following elements should be taken into consideration:
· Regarding the scope of the FTT , while progress has been made towards convergence of views of the Member States on the scope of the FTT for transactions in shares, the scope of the FTT for derivatives as well as the taxation principles for both transactions in shares and derivatives remain key outstanding issues. Concerning transactions in shares , the Presidency has worked on the categories of financial products to fall within the definition of shares. Participating Member States highlighted the opportunity that transactions in shares of publically listed companies will be covered by the FTT. A solution has been proposed with regard to transactions in non listed shares in order to address the concerns of some Member States about their taxation and to allow the other Member States to tax them within the framework of the Directive.
· Some further work is required on the scope of transactions in financial derivatives . The Presidency has focused its work on identifying the categories of derivatives subject to FTT in the first stage. Although a compromise has not been found yet, better understanding of some critical issues has been achieved. With regard to taxation principles underlying the future FTT (residence and/or issuance principles), further reflections on their application will be necessary.
· Future work on the FTT compromise text will also have to cover particular aspects of a possible collection mechanism of the FTT. Participating Member States have continuously confirmed their agreement on the need to proceed with a progressive implementation of the FTT. This would allow them, before broadening the scope of the FTT, to assess the real economic impact of this tax on the markets.
In conclusion, the Presidency encouraged the incoming Presidency to pursue work in a transparent and inclusive manner, while giving the file political attention , as appropriate, in order to facilitate the participating Member States to reach an agreement on taxation of the financial transactions within the expected deadlines.
The Council discussed a proposal aimed at introducing a financial transaction tax (FTT) in 11 Member States - Austria, Belgium, Estonia, France, Germany, Greece, Italy, Portugal, Slovakia, Slovenia and Spain - through the "enhanced cooperation" procedure. The Commission's proposal now under discussion was tabled in February 2013. It requires unanimous agreement of the participants, while other Member States can also participate in deliberations.
At the ECOFIN Council Meeting of 6 May 2014, the Ministers of ten participating Member States released a Joint Statement which, essentially, contained the following commitments of these Member States:
they aim to create a harmonised taxation regime to tax financial transactions, work with non-participating Member States and finalize viable solutions by the end of 2014; FTT should be implemented progressively , taxation of transactions in shares and some of the derivatives being the first step (at the latest by the end of 2015) and other steps are to be taken when economic impact is duly considered; Member States that already have further-reaching national FTT would be able to maintain it.
On this basis, the Italian Presidency has continued negotiations to discuss possible solutions to the open issues . The Italian Presidency has therefore directed its main efforts on: (i) defining the scope of the transactions that would constitute the scope of the FTT at the first phase, and (ii) seeking an agreement on the basic principle of taxation that would apply for the whole structure of the FTT.
Measurable progress has been made towards convergence of views of the Member States on the scope of the FTT. It noted that the participating member states agree that transactions in shares of companies listed on stock exchanges should be subject to the FTT. However, further work is required on derivatives to be subject to the FTT.
Taxation of transactions in derivatives : most participating Member States are in favour of taxing, as a first step of the FTT implementation, transactions in derivatives which are based on the underlying that fall under the scope of the FTT (i.e. the transactions in the underlying of which are subject to FTT - e.g. equity derivatives - where transactions in that equity will be within the scope of the FTT).
Some Member States have concerns with regard to the taxation of interest rate derivatives, at least in the first phase of the FTT. Other Member States have also expressed a preference to tax transactions in certain types of credit default swaps, and some other delegations, however, want to exempt equity derivatives.
Application of "issuance" and "residence" principles to define FTT : a group of participating Member States prefers the approach followed by the Commission proposal, i.e. application of the residence principle, supplemented by the issuance principle as last resort. However, a number of other participating Member States are in favour of the application of the issuance principle: according to this principle, the tax would be levied depending on the place of the establishment of the issuer.
In order to reach a compromise, the Presidency explored the possibility to combine the application of the issuance principle with a revenue allocation mechanism to ensure a distribution of FTT revenues among participating Member States taking into consideration also other parameters (residence principle, combination of residence and issuance, or economic drivers).
The Presidency proposed three possible methods for the allocation of revenues among Participating Member States. However, delegations could not agree on the solution of revenue distribution that would be acceptable to all of them.
The Presidency indicated that work would be intensified to enable an agreement in the near future, with the aim of implementing a first phase of the FTT from 1 January 2016.
The European Parliament adopted by 522 votes to 141 with 42 abstentions a resolution in the framework of the consultation procedure, on the proposal for a Council directive implementing enhanced cooperation in the area of financial transaction tax.
Financial transaction : Members expanded the scope of such transactions, and notably include currency spots on the foreign exchange markets within the meaning of the term.
They also add a definition for ‘high-frequency trading’ and “high-frequency trading strategy.”
Average value : the report adds a clause to the effect that financial transactions which serve to insure against risks directly associated with the business activities of a non-financial institution should not be taken into account in calculating the average value.
Scope: the text clarifies the exceptions, notably that the FTT will not apply to SME growth markets.
Establishment: Members add that a financial institution shall be deemed to be established in the territory of a participating Member State if it is a branch of an institution established in a participating Member State and therefore subject to FTT. They consider it important to strengthen the residence principle. A new clause states that a financial instrument shall be deemed to be issued within the territory of a participating Member State where any of the conditions prescribed is fulfilled. Parliament considers that the concept of issuance for financial instruments, derivatives and structured instruments should be defined and broadened so as to encompass all issuance cases related to the financial instruments concerned.
Transfer of legal title: in order to make tax avoidance a high-cost and low-profit venture and to ensure better enforcement, the residence and issuance principle should be complemented by the "transfer of legal title principle". The text provides that:
a financial transaction in relation to which no FTT has been levied shall be deemed legally unenforceable and shall not result in a transfer of legal title of the underlying instrument ; a financial transaction in relation to which no FTT has been levied shall be deemed not to fulfil the requirements for central clearing under Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories [EMIR] or the own funds requirements under Regulation (EU) No .../2013 of the European Parliament and the Council of ... on prudential requirements for credit institutions and investment firms [CRR].
In the event of automatic electronic payment schemes with or without the participation of payment settlement agents, revenue authorities of a Member State may establish a system of automatic electronic collection of FTT and certificates for transferring legal title.
Rates: Parliament amends the rates applicable, which were expressed as minimum rates in the Commission proposal. However, it considers that in order to avoid a distortion of the common system of FTT under enhanced cooperation, the level of the applicable rates should be uniform (0.01%).
Higher rates for OTC transactions : with a view to strengthening the position of regulated markets, and in particular of stock exchange trading, which is strictly regulated, controlled and transparent, as opposed to unregulated, less controlled and less transparent over-the-counter (OTC) trading, Member States should apply higher tax rates to OTC transactions. This will make it possible to effect a shift in trading from markets with little or no regulation to regulated markets. The higher rates should not apply to financial transactions of OTC derivatives where they objectively reduce risks and therefore serve the real economy.
The FTT Committee : the Commission shall establish an expert working group (the FTT Committee) comprising representatives from all Member States, the Commission, the ECB, and ESMA, to assist participating Member States in the effective implementation of this Directive and prevent tax fraud, tax evasion and aggressive tax planning and to preserve the integrity of the internal market.
In order to assess matters with regard to the effective execution of FTT the participating Member States may form a sub-committee of the FTT Committee , comprising representatives of the participating Member States. The sub-committee shall only be in charge of matters that do not affect the non-participating Member States regarding the effective execution of FTT.
Collection of FTT : the Commission shall adopt implementing acts providing for uniform methods of collection of the FTT due and prevention of tax fraud, tax evasion and aggressive tax planning. Member States may adopt additional measures .
Reports: Member States shall, on an annual basis, submit to the Commission and to Eurostat transaction volumes against which revenues have been collected by type of institution. They shall make that information public.
Every three years and for the first time by 31 December 2016, the Commission shall submit to the European Parliament and the Council a report on the application of this Directive, and, where appropriate, a proposal. In that report, the Commission shall assess the impact of certain provisions, such as the appropriate scope of FTT and the rate of taxation with regards to pension funds , taking due account of the diverse risk profiles and business models.
Management of FTT resources : lastly, a new recital recalls that according to the European Council's conclusions of 8 February 2013 on the Multiannual Financial Framework 2014-2020, part of the revenues from FTT should be allocated to the Union budget as genuine own resources . The use of FTT revenue as Union own resources is possible under the enhanced cooperation procedure only if national contributions of participating Member States to the Union budget are reduced by the same amount and avoid the disproportionate contribution by participating Member States compared to non-participating Member States. Once FTT is implemented at Union level, all or part of the amount of the own resources originating from FTT should be added to the national contributions of the Member States in order to gather new funding sources for European investment without a reduction of the national contributions of the participating Member States to the Union budget.
Text adopted by Parliament, 1st reading/single reading
The Committee on Economic and Monetary Affairs adopted the report by Anni PODIMATA (S&D, EL) on the proposal for a Council directive implementing enhanced cooperation in the area of financial transaction tax. The committee’s amendments are made in the framework of the consultation procedure:
Financial transaction: Members expanded the scope of such transactions, and notably include currency spots on the foreign exchange markets within the meaning of the term.
They also add a definition for “high-frequency trading strategy.”
Average value: the report adds a clause to the effect that financial transactions which serve to insure against risks directly associated with the business activities of a non-financial institution should not be taken into account in calculating the average value.
Scope: the text clarifies the exceptions, notably that the FTT will not apply to SME growth markets.
Establishment: Members add that a financial institution shall be deemed to be established in the territory of a participating Member State if it is a branch of an institution established in a participating Member State and therefore subject to FTT. They consider it important to strengthen the residence principle.
A new clause states that a financial instrument shall be deemed to be issued within the territory of a participating Member State where any of the conditions prescribed is fulfilled. The committee considers that the concept of issuance for financial instruments, derivatives and structured instruments should be defined and broadened so as to encompass all issuance cases related to the financial instruments concerned.
Transfer of legal title: in order to make tax avoidance a high-cost and low-profit venture and to ensure better enforcement, the residence and issuance principle should be complemented by the "transfer of legal title principle". The text provides that:
a financial transaction in relation to which no FTT has been levied shall be deemed legally unenforceable and shall not result in a transfer of legal title of the underlying instrument; a financial transaction in relation to which no FTT has been levied shall be deemed not to fulfil the requirements for central clearing under Regulation (EU) No 648/2012 of on OTC derivatives, central counterparties and trade repositories [EMIR] or the own funds requirements under Regulation (EU) No .../2013 of the European Parliament and the Council of ... on prudential requirements for credit institutions and investment firms [CRR].
In the event of automatic electronic payment schemes with or without the participation of payment settlement agents, revenue authorities of a Member State may establish a system of automatic electronic collection of FTT and certificates for transferring legal title.
Rates: the report amends the rates applicable, which were expressed as minimum rates in the Commission proposal. However, the committee considers that in order to avoid a distortion of the common system of FTT under enhanced cooperation, the level of the applicable rates should be uniform.
Higher rates for OTC transactions: with a view to strengthening the position of regulated markets, and in particular of stock exchange trading, which is strictly regulated, controlled and transparent, as opposed to unregulated, less controlled and less transparent over-the-counter (OTC) trading, Member States should apply higher tax rates to OTC transactions. This will make it possible to effect a shift in trading from markets with little or no regulation to regulated markets. The higher rates should not apply to financial transactions of OTC derivatives where they objectively reduce risks and therefore serve the real economy.
The FTT Committee: the Commission shall establish an expert working group (the FTT Committee) comprising representatives from all Member States, the Commission, the ECB, and ESMA, to assist participating Member States in the effective implementation of this Directive and prevent tax fraud, tax evasion and aggressive tax planning and to preserve the integrity of the internal market.
In order to assess matters with regard to the effective execution of FTT, the participating Member States may form a sub-committee of the FTT Committee , comprising representatives of the participating Member States. The sub-committee shall only be in charge of matters that do not affect the non-participating Member States regarding the effective execution of FTT.
Collection of FTT: the Commission shall adopt implementing acts providing for uniform methods of collection of the FTT due and prevention of tax fraud, tax evasion and aggressive tax planning . Member States may adopt additional measures .
Report: every three years and for the first time by 31 December 2016, the Commission shall submit to the European Parliament and the Council a report on the application of this Directive, and, where appropriate, a proposal. In that report, the Commission shall assess the impact of certain provisions, such as the appropriate scope of FTT and the rate of taxation with regards to pension funds , taking due account of the diverse risk profiles and business models.
Management of FTT resources: lastly, a new recital recalls that according to the European Council's conclusions of 8 February 2013 on the Multiannual Financial Framework 2014-2020 , part of the revenues from FTT should be allocated to the Union budget as genuine own resources . The use of FTT revenue as Union own resources is possible under the enhanced cooperation procedure only if national contributions of participating Member States to the Union budget are reduced by the same amount and avoid the disproportionate contribution by participating Member States compared to non-participating Member States. Once the FTT is implemented at Union level, all or part of the amount of the own resources originating from FTT should be added to the national contributions of the Member States in order to gather new funding sources for European investment without a reduction of the national contributions of the participating Member States to the Union budget.
Committee report tabled for plenary, 1st reading/single reading
PURPOSE: to implement enhanced cooperation in the area of financial transaction tax (FTT).
PROPOSED ACT: Council Directive.
ROLE OF THE EUROPEAN PARLIAMENT: the Council adopts the act after consulting the European Parliament but without being obliged to take account of Parliament’s opinion.
BACKGROUND: the recent global economic and financial crisis had a serious impact on Europe’s economies and public finances. The financial sector has played a major role in causing the economic crisis whilst governments and European citizens have borne the cost. There is a strong consensus within Europe and internationally that the financial sector should contribute more fairly given the costs of dealing with the crisis and the current under-taxation of the sector. In September 2011 the Commission tabled a proposal for a Council Directive o n a common system of financial transaction tax (FTT) and amending Directive 2008/7/EC. The legal basis proposed was Article 113 TFEU, which requires unanimity in Council. The European Parliament delivered its favourable opinion on 23 May 2012.
However, during the Council meetings of 22 June and 10 July 2012, it was ascertained that essential differences in opinion persist between Member States regarding 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 .
Nonetheless, 11 Member States expressed a strong willingness to proceed with the FTT (Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia) and the Council authorised enhanced cooperation through Council Decision 2013/52/EU following the European Parliament's consent given on 12 December 2012.
IMPACT ASSESSMENT: the Commission services carried out an impact assessment which accompanies its original proposal. Since the scope and objectives of this proposal are based on the Commission’s initial proposal, a new impact assessment covering the same subject area has not been considered appropriate. However, Member States showed interest in the specific mechanisms regarding enhanced cooperation and the Commission has undertaken an additional analysis of these areas.
LEGAL BASIS: Article 113 of the Treaty on the Functioning of the European Union and Council Decision 2013/52/EU authorising enhanced cooperation in the area of FTT.
CONTENT: the proposed directive aims to implement the enhanced cooperation authorised by Decision 2013/52/EU by laying down provisions for a harmonised financial transaction tax (FTT) whereby the participating Member States mentioned above charge FTT in accordance with the terms of the proposal. The draft directive is based on the Commission's original proposal of 2011. However, some adaptations were made in addition to points for clarity:
Enhanced cooperation : since FTT jurisdiction is limited to participating Member States, transactions carried out within a participating Member State, which would have been taxed under the original proposal, remain taxable. Council Directive 2008/7/EC concerning indirect taxes on the raising of capital, whose modification had been proposed in the initial proposal, remains unaffected.
Anti avoidance of taxation : Member States wished to ensure that the FTT would not be avoided through evasive actions, distortions and transfers to other jurisdictions.
Accordingly, taxation will follow the "issuance principle" as a last resort , complementing the "residence principle ", which is maintained as the main principle. This means it will be less advantageous to relocate activities and establishments outside the FTT jurisdictions, since trading in the financial instruments subject to taxation under the latter principle and issued in the FTT jurisdictions will be taxable anyway.
Level of rates : this remains the same as the original proposal:
· not lower than 0.1% for shares and bonds, units of collective investment funds, money market instruments, repurchase agreements and securities lending agreements, and
· not lower than 0.01% for derivative products.
Participating Member States shall apply the same rate to all financial transactions
BUDGETARY IMPLICATIONS: preliminary estimates indicate that tax revenues could have been between EUR 30 and 35 billion on a yearly basis in the whole of participating Member States if the original proposal for EU27 had been applied to EU11. However, when taking account of the net effects of the adjustments made as compared to the original proposal, notably (i) the issue of units and shares of UCITS and AIF is no longer considered not to be a primary market transaction, and (ii) the anti-relocation provisions of the residence principle as initially defined have been strengthened by complementing them with elements of the issuance principle, preliminary estimates indicate that the revenues of the tax could be in the order of magnitude of EUR 31 billion annually.
Lastly, the Commission proposal on the system of own resources of the European Union states that part of receipts generated by the FTT shall constitute an own resource for the EU budget. This would imply that the GNI-based resource drawn from the participating Member States would be reduced accordingly.
DELEGATED ACTS: the proposal contains provisions empowering the Commission to adopt delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union.
Legislative proposal
PURPOSE: to implement enhanced cooperation in the area of financial transaction tax (FTT).
PROPOSED ACT: Council Directive.
ROLE OF THE EUROPEAN PARLIAMENT: the Council adopts the act after consulting the European Parliament but without being obliged to take account of Parliament’s opinion.
BACKGROUND: the recent global economic and financial crisis had a serious impact on Europe’s economies and public finances. The financial sector has played a major role in causing the economic crisis whilst governments and European citizens have borne the cost. There is a strong consensus within Europe and internationally that the financial sector should contribute more fairly given the costs of dealing with the crisis and the current under-taxation of the sector. In September 2011 the Commission tabled a proposal for a Council Directive o n a common system of financial transaction tax (FTT) and amending Directive 2008/7/EC. The legal basis proposed was Article 113 TFEU, which requires unanimity in Council. The European Parliament delivered its favourable opinion on 23 May 2012.
However, during the Council meetings of 22 June and 10 July 2012, it was ascertained that essential differences in opinion persist between Member States regarding 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 .
Nonetheless, 11 Member States expressed a strong willingness to proceed with the FTT (Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia) and the Council authorised enhanced cooperation through Council Decision 2013/52/EU following the European Parliament's consent given on 12 December 2012.
IMPACT ASSESSMENT: the Commission services carried out an impact assessment which accompanies its original proposal. Since the scope and objectives of this proposal are based on the Commission’s initial proposal, a new impact assessment covering the same subject area has not been considered appropriate. However, Member States showed interest in the specific mechanisms regarding enhanced cooperation and the Commission has undertaken an additional analysis of these areas.
LEGAL BASIS: Article 113 of the Treaty on the Functioning of the European Union and Council Decision 2013/52/EU authorising enhanced cooperation in the area of FTT.
CONTENT: the proposed directive aims to implement the enhanced cooperation authorised by Decision 2013/52/EU by laying down provisions for a harmonised financial transaction tax (FTT) whereby the participating Member States mentioned above charge FTT in accordance with the terms of the proposal. The draft directive is based on the Commission's original proposal of 2011. However, some adaptations were made in addition to points for clarity:
Enhanced cooperation : since FTT jurisdiction is limited to participating Member States, transactions carried out within a participating Member State, which would have been taxed under the original proposal, remain taxable. Council Directive 2008/7/EC concerning indirect taxes on the raising of capital, whose modification had been proposed in the initial proposal, remains unaffected.
Anti avoidance of taxation : Member States wished to ensure that the FTT would not be avoided through evasive actions, distortions and transfers to other jurisdictions.
Accordingly, taxation will follow the "issuance principle" as a last resort , complementing the "residence principle ", which is maintained as the main principle. This means it will be less advantageous to relocate activities and establishments outside the FTT jurisdictions, since trading in the financial instruments subject to taxation under the latter principle and issued in the FTT jurisdictions will be taxable anyway.
Level of rates : this remains the same as the original proposal:
· not lower than 0.1% for shares and bonds, units of collective investment funds, money market instruments, repurchase agreements and securities lending agreements, and
· not lower than 0.01% for derivative products.
Participating Member States shall apply the same rate to all financial transactions
BUDGETARY IMPLICATIONS: preliminary estimates indicate that tax revenues could have been between EUR 30 and 35 billion on a yearly basis in the whole of participating Member States if the original proposal for EU27 had been applied to EU11. However, when taking account of the net effects of the adjustments made as compared to the original proposal, notably (i) the issue of units and shares of UCITS and AIF is no longer considered not to be a primary market transaction, and (ii) the anti-relocation provisions of the residence principle as initially defined have been strengthened by complementing them with elements of the issuance principle, preliminary estimates indicate that the revenues of the tax could be in the order of magnitude of EUR 31 billion annually.
Lastly, the Commission proposal on the system of own resources of the European Union states that part of receipts generated by the FTT shall constitute an own resource for the EU budget. This would imply that the GNI-based resource drawn from the participating Member States would be reduced accordingly.
DELEGATED ACTS: the proposal contains provisions empowering the Commission to adopt delegated acts in accordance with Article 290 of the Treaty on the Functioning of the European Union.
Legislative proposal
Documents
- Contribution: COM(2013)0071
- Commission response to text adopted in plenary: SP(2013)625
- Decision by Parliament: T7-0312/2013
- Results of vote in Parliament: Results of vote in Parliament
- Debate in Parliament: Go to the page
- Contribution: COM(2013)0071
- Committee report tabled for plenary, 1st reading/single reading: A7-0230/2013
- ESC: CES1768/2013
- Committee opinion: PE506.353
- Amendments tabled in committee: PE507.999
- Contribution: COM(2013)0071
- Contribution: COM(2013)0071
- Amendments tabled in committee: PE508.244
- Contribution: COM(2013)0071
- Committee draft report: PE507.928
- Document attached to the procedure: Go to the pageEur-Lex
- Document attached to the procedure: SWD(2013)0029
- Document attached to the procedure: Go to the pageEur-Lex
- Document attached to the procedure: SWD(2013)0028
- Legislative proposal: COM(2013)0071
- Legislative proposal: Go to the pageEur-Lex
- Legislative proposal published: COM(2013)0071
- Legislative proposal published: Go to the page Eur-Lex
- Committee draft report: PE507.928
- Amendments tabled in committee: PE508.244
- Amendments tabled in committee: PE507.999
- Committee opinion: PE506.353
- Document attached to the procedure: Go to the pageEur-Lex SWD(2013)0029
- Document attached to the procedure: Go to the pageEur-Lex SWD(2013)0028
- Legislative proposal: COM(2013)0071 Go to the pageEur-Lex
- Commission response to text adopted in plenary: SP(2013)625
- Contribution: COM(2013)0071
- Contribution: COM(2013)0071
- Contribution: COM(2013)0071
- Contribution: COM(2013)0071
- Contribution: COM(2013)0071
- ESC: CES1768/2013
Votes
A7-0230/2013 - Anni Podimata - Am 39/1 #
A7-0230/2013 - Anni Podimata - Am 39/2 #
A7-0230/2013 - Anni Podimata - Am 39/3 #
A7-0230/2013 - Anni Podimata - Am 58 #
A7-0230/2013 - Anni Podimata - Résolution législative #
Amendments | Dossier |
165 |
2013/0045(CNS)
2013/04/10
BUDG
14 amendments...
Amendment 10 #
Proposal for a directive Recital 24 a (new) (24a) In order to endow the Union with its own, independent sources of financing, as provided for in the Treaty on European Union, revenues from the Financial Transaction Tax should be allocated at least partly to the Union budget as a genuine own resource.
Amendment 11 #
Proposal for a directive Recital 24 a (new) (24a) This Directive does not address the management of revenue from FTT. However, having regard the Commission proposal for a Council Decision on own resources of June 2011 as well as the European Parliament's resolution of 13 March 20131 on European Council conclusions of 7/8 February concerning the MFF revenues from FTT should be allocated at least partly to the EU budget as a genuine own resource. The use of part of revenue from FTT as Union genuine own resources would reduce proportionally national GNI based contributions to the Union budget of the participating Member States and would therefore release funds from the national budgets for other uses. ___________ 1 P7_TA-PROV(2013)0078
Amendment 12 #
Proposal for a directive Recital 24 a (new) (24a) All proceeds from the FTT should be allocated to the Union budget so that the budget benefits the political ambitions of the Union to a greater extent and the Union’s dependence on national contributions is reduced.
Amendment 13 #
Proposal for a directive Recital 24 b (new) (24 b) This Directive does not address the management of revenue from FTT. However, having regard to the 2011 Commission legislative proposals on the reform of the EU own resources system, at least part of the revenue from FTT can be accrued to the EU budget as a genuine own resource, if the Member States participating in the implementation of this Council Directive so decide. The use of FTT revenue as EU own resource will reduce proportionally the national GNI contributions to the EU budget of all participating Member States - irrespective of their individual FTT contributions to the EU budget - and can therefore reduce the burden on national treasuries.
Amendment 14 #
Proposal for a directive Recital 24 b (new) (24b) On fairness grounds, the proceeds from the FTT should be used to reduce the contributions of only the Member States participating in enhanced cooperation, in proportion to their contributions’ share of all contributions to the Union’s budget from the Member States participating in enhanced cooperation.
Amendment 15 #
Proposal for a directive Article 9 – paragraph 3 a (new) 3a. Notwithstanding paragraph 3, participating Member States may apply a higher rate to OTC financial transactions referred to in Articles 6 and 7.
Amendment 16 #
Proposal for a directive Article 11 – paragraph 2 2. The Commission
Amendment 17 #
Proposal for a directive Article 11 – paragraph 5 – subparagraph 2 The Commission
Amendment 18 #
Proposal for a directive Article 15 – paragraph 1 a (new) Amendment 5 #
Proposal for a directive Recital 2 a (new) (2a) The initiative taken by the 11 Member States to introduce an FTT is only a first step towards an EU-wide FTT. The objective must be to ensure that, from 2020 onwards, all Member States introduce an FTT and the proceeds from it are transferred to the EU budget, from 2020 onwards, as genuine own resources. Accordingly, this Directive implementing enhanced cooperation should apply only until 2020 and contain a sunset clause to that effect.
Amendment 6 #
Proposal for a directive Recital 2 a (new) (2a) The initiative of the 11 Member States to proceed with the establishment of FTT under enhanced cooperation is the first ever attempt to establish FTT among several Member States. The successful implementation of FTT under enhanced cooperation will be the first step towards a Union-wide and ultimately a global FTT.
Amendment 7 #
Proposal for a directive Recital 15 a (new) (15a) Tax avoidance should be made a high-cost and low-profit venture and in order to ensure better enforcement, the residence and issuance principle should be complemented by the "transfer of legal title principle".
Amendment 8 #
Proposal for a directive Recital 21 (21) In order to allow the adoption of more detailed rules in certain technical areas, regarding registration, accounting, reporting obligations and other obligations intended to ensure that FTT due to the tax authorities is effectively paid to the tax authorities, and their timely adaptation as appropriate, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of specifying the measures necessary to this effect. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing-up delegated acts, should ensure a timely and appropriate transmission of
Amendment 9 #
Proposal for a directive Recital 24 a (new) (24 a) This Directive does not address the management of revenues from FTT. However, having regard to the Commission proposal for a Council regulation laying down the multiannual financial framework for the years 2014 - 2020, and in particular concerning the provisions on the Union's own resources, part of the revenues from FTT could be managed at Union level, if the Member States participating in the implementation of this Directive so decide, as a part of Union own resources. The use of part of the revenues from FTT as Union own resources would reduce national contributions to the Union budget of the participating Member States and would therefore release funds from the national budgets for other uses.
source: PE-508.244
2013/04/30
ECON
151 amendments...
Amendment 100 #
Proposal for a directive Article 3 – paragraph 1 a (new) (1a) In the event of a wider FTT it will be extended to those other territories on mutual terms.
Amendment 101 #
Proposal for a directive Article 3 – paragraph 1 a (new) (1a) The tax introduced through this directive must not be levied on entities established outside the territory of the participating Member.
Amendment 102 #
Proposal for a directive Article 3 – paragraph 2 – point c a (new) (ca) pension funds.
Amendment 103 #
Proposal for a directive Article 3 – paragraph 2 – point c a (new) (ca) SME growth markets;
Amendment 104 #
Proposal for a directive Article 3 – paragraph 2 – point c a (new) (ca) pension funds or institutions for occupational retirement provision as defined in Article 6(a) of Directive 2003/41/EC of the European Parliament and of the Council on the activities and supervision of institutions for occupational retirement provision, an investment manager of such fund or institution, and entities set up for the purpose of investment of such funds or institutions acting solely and exclusively in the interest of such funds or institutions;
Amendment 105 #
Proposal for a directive Article 3 – paragraph 2 – point c b (new) (cb) Small and medium-sized enterprises;
Amendment 106 #
Proposal for a directive Article 3 – paragraph 2 – point c c (new) (c c) a pension fund or an institution for occupational retirement provision as defined in Article 6(a) of Directive 2003/41/EC of the European Parliament and of the Council36 , an investment manager of such fund or institution;
Amendment 107 #
Proposal for a directive Article 3 – paragraph 2 – point c d (new) (cd) an undertaking for collective investments in transferable securities (UCITS) as defined in Article 1(2) of Directive 2009/65/EC of the European Parliament and of the Council35 and a management company as defined in Article 2(1)(b) of Directive 2009/65/EC;
Amendment 108 #
Proposal for a directive Article 3 – paragraph 2 – point c e (new) (ce) a branch or subsidiary of an institution established in a participating Member State pursuant to point (c) of Article 4 paragraph 1 but operating in a non participating Member State where it is not trading in an instrument issued in a participating Member State;
Amendment 109 #
Proposal for a directive Article 3 – paragraph 2 – point c f (new) (cf) Financial institutions acting as market makers or undertaking transactions associated with that activity including the hedging of risks resulting from that activity.
Amendment 110 #
Proposal for a directive Article 3 – paragraph 2 – point c g (new) (cg) A venture capital or social entrepreneurship fund that operate under the EU-wide passport as respectively defined by article 3 of the Regulation (EU) 345/2013 on European venture capital funds and by article 3 of the Regulation (EU) 346/2013 on social entrepreneurship funds;
Amendment 111 #
Proposal for a directive Article 3 – paragraph 4 – point g a (new) (ga) intra-group transfers between members of a group of banks or between entities of a group relating to financial instruments belonging to them, and all equivalent procedures, including transfer of the risk associated with a financial instrument.
Amendment 112 #
Proposal for a directive Article 3 – paragraph 4 – point g a (new) (ga) transactions of the right to dispose of a financial instrument as owner and any equivalent operation implying the transfer of the risk associated with the financial instrument between entities of a group or between entities of a network of decentralised banks, where these transactions are carried out in order to fulfil a legal or prudential requirement that is set by national law or Union law.
Amendment 113 #
Proposal for a directive Article 3 – paragraph 4 – point g a (new) (ga) Transactions between entities of a group of the right to dispose of a financial instrument as owner and any equivalent operation implying the transfer of the risk associated with the financial instrument, in cases not subject to point (a)
Amendment 114 #
Proposal for a directive Article 3 – paragraph 4 – point g a (new) (ga) transactions of investment or pension funds set up for private retirement schemes.
Amendment 115 #
Proposal for a directive Article 3 – paragraph 4 – point g a (new) (ga) instruments issued in non- participating Member States.
Amendment 116 #
Proposal for a directive Article 3 – paragraph 4 – point g a (new) (ga) Transactions of public debt.
Amendment 117 #
Proposal for a directive Article 3 – paragraph 4 – point g a (new) (ga) government bond transactions.
Amendment 118 #
Proposal for a directive Article 3 – paragraph 4 – point g b (new) (gb) transactions carried out as part of a market making activity as referred to in Art 2 paragraph 1 point (k) of Regulation 236/2012.
Amendment 119 #
Proposal for a directive Article 3 – paragraph 4 – point g b (new) (gb) transactions in the context of repurchase agreements, reverse repurchase agreements, securities or commodities lending and securities or commodities borrowing.
Amendment 120 #
Proposal for a directive Article 3 – paragraph 4 – point g b (new) (gb) Intragroup transactions between entities of a consolidated group and entities of a network of decentralised banks under the condition that the respective financial instruments are owned by them and similar types of transactions comprising the transfer of the risk linked to the financial instrument;
Amendment 121 #
Proposal for a directive Article 3 – paragraph 4 – point g b (new) (gb) Transactions with any financial product issued by SMEs
Amendment 122 #
Proposal for a directive Article 3 – paragraph 4 – point g c (new) (g c) A reverse repurchase agreement, a repurchase agreement, a contractual agreement on securities lending and borrowing.
Amendment 123 #
Proposal for a directive Article 3 – paragraph 4 – point g c (new) (g c) transactions in the context of market making activities;
Amendment 124 #
Proposal for a directive Article 3 – paragraph 4 – point g d (new) (gd) Currency and interest rate related derivatives as specified in MiFID Annex 1 Section C.
Amendment 125 #
Proposal for a directive Article 3 – paragraph 4 – point g e (new) (ge) primary market transactions referred to in Article 5(c) of Regulation (EC) No 1287/2006, including the activity of underwriting and subsequent allocation of financial instruments in the framework of their issue and the issue and redemption of shares and units of undertakings for collective investments in transferable securities (UCITS) as defined in Article 1(2) of Directive 2009/65/EC of the European Parliament and the Council22 and alternative investment funds (AIF) as defined in Article 4(1)(a) of Directive 2011/61/EU of the European Parliament and the Council;
Amendment 126 #
Proposal for a directive Article 3 – paragraph 4 – point g f (new) (gf) transactions in relation to market making activities.
Amendment 127 #
Proposal for a directive Article 3 – paragraph 4 – point g g (new) (gg) bonds and transactions in financial instruments related to hedging or market making activities in bond markets.
Amendment 128 #
Proposal for a directive Article 3 – paragraph 4 – point g h (new) (g h) derivatives transactions which result from market making activity or related hedging or are objectively measureable as reducing risks directly relating to commercial activity or treasury financing specified in accordance with Regulation [.../...EMIR].
Amendment 129 #
Proposal for a directive Article 4 – paragraph 1 – point f Amendment 130 #
Proposal for a directive Article 4 – paragraph 1 – point f Amendment 131 #
Proposal for a directive Article 4 – paragraph 1 – point g Amendment 132 #
Proposal for a directive Article 4 – paragraph 1 – point g (g) it is party, acting either for its own account or for the account of another person, or is acting in the name of a party to the transaction, to a financial transaction
Amendment 133 #
Proposal for a directive Article 4 – paragraph 2 – point b Amendment 134 #
Proposal for a directive Article 4 – paragraph 2 – point c Amendment 135 #
Proposal for a directive Article 4 – paragraph 3 Amendment 136 #
Proposal for a directive Article 7 – paragraph 1 In the case of financial transactions referred to in point 2(c) of Article 2(1) and, in respect of derivative contracts, in points 2(a), 2(b) and 2(d) of Article 2(1), the taxable amount of the FTT shall be the
Amendment 137 #
Proposal for a directive Article 7 – paragraph 1 In the case of financial transactions referred to in point 2(c) of Article 2(1) and, in respect of derivative contracts, in points 2(a), 2(b) and 2(d) of Article 2(1), the taxable amount of the FTT shall be the
Amendment 138 #
Proposal for a directive Article 9 – paragraph 2 – subparagraph 1 The rates shall be fixed by each participating Member State as a percentage of the taxable amount, and shall not be lower than 0,1%.
Amendment 139 #
Proposal for a directive Article 9 – paragraph 2 – subparagraph 2 Amendment 140 #
Proposal for a directive Article 9 – paragraph 2 – subparagraph 2 – introductory part Those rates shall
Amendment 141 #
Proposal for a directive Article 9 – paragraph 2 – subparagraph 2 – introductory part Those rates shall
Amendment 142 #
Proposal for a directive Article 9 – paragraph 2 – subparagraph 2 – point a (a) 0.01% in respect of the financial transactions referred to in Article 6;
Amendment 143 #
Proposal for a directive Article 9 – paragraph 2 – subparagraph 2 – point b (b) 0.
Amendment 144 #
Proposal for a directive Article 9 – paragraph 2 – subparagraph 2 – point b (b) 0.001% in respect of financial transactions referred to in Article 7.
Amendment 145 #
Proposal for a directive Article 9 – paragraph 2 – subparagraph 2 – point b a (new) (ba) 0,02% on over the counter derivatives
Amendment 146 #
Proposal for a directive Article 9 – paragraph 2 a (new) (2a) 0.1% in respect of cancelled transaction orders if the daily average of these cancellations is more than 15 times the number of transaction orders executed.
Amendment 147 #
Proposal for a directive Article 9 – paragraph 3 a (new) (3a) Notwithstanding paragraph 3, participating Member States shall apply a higher rate to OTC financial transactions referred to in Articles 6 and 7.
Amendment 148 #
Proposal for a directive Article 9 – paragraph 3 a (new) (3a) Notwithstanding paragraph 3, participating Member States shall apply a higher rate than those specified in paragraph 2 to OTC financial transactions referred to in Articles 6 and 7. Financial transactions of OTC derivatives which are objectively measurable as reducing risks as defined by Article 10 of Regulation 149/2013 shall not be subject to this higher rate.
Amendment 149 #
Proposal for a directive Article 9 – paragraph 3 a (new) (3a) Notwithstanding paragraphs 2 and 3 Member States shall apply at least ten times higher rates for transactions that can be characterised as excessive speculation as defined in Article 2.
Amendment 150 #
Proposal for a directive Article 10 – paragraph 1 – subparagraph 1 – point a (a) it is party to the transaction, acting
Amendment 151 #
Proposal for a directive Article 10 – paragraph 1 – subparagraph 1 – point b Amendment 152 #
Proposal for a directive Article 10 – paragraph 3 Amendment 153 #
Proposal for a directive Article 11 – paragraph 1 1. The participating Member States shall lay down registration, accounting
Amendment 154 #
Proposal for a directive Article 11 – paragraph 2 2. The Commission may, in accordance with Article 16 adopt delegated acts
Amendment 155 #
Proposal for a directive Article 11 – paragraph 5 – subparagraph 2 The Commission may adopt implementing acts providing for uniform methods of collection of the FTT due and prevention of tax fraud and evasion. Member States can adopt additional measures. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 18(2).
Amendment 156 #
Proposal for a directive Article 11 – paragraph 6 a (new) (6a) The administrative burden imposed on tax authorities through the introduction of the FTT should be kept to a minimum. In this respect the European Commission shall encourage cooperation between national tax authorities.
Amendment 157 #
Proposal for a directive Article 11 – paragraph 6 b (new) (6b) A thorough examination shall be undertaken to analyse the arising administrative costs for federal states, counties and municipalities.
Amendment 158 #
Proposal for a directive Article 11 – paragraph 6 a (new) (6a) Member states shall disclose publically and annually to the Commission and Eurostat transaction volumes against which revenues have been collected by type of institution.
Amendment 159 #
Proposal for a directive Article 11 – paragraph 6 b (new) (6b) The participating Member States shall establish mechanisms to ensure that financial institutions in non-participating member states, and in third countries, adequately compensate tax authorities in participating Member States for the costs incurred in ensuring and verifying payment due by those overseas financial institutions.
Amendment 160 #
Proposal for a directive Article 12 Amendment 161 #
Proposal for a directive Article 12 – paragraph 1 The participating Member States shall adopt measures to prevent tax fraud
Amendment 162 #
Proposal for a directive Article 15 – paragraph 1 Amendment 163 #
Proposal for a directive Article 15 a (new) Article 15 a Establishment of the FTT Committee 1. The Commission shall establish an expert working group (the FTT Committee) comprising representatives from all EU Member States, the Commission, the ECB, and ESMA to assist participating Member States in the effective implementation of this Directive and prevent tax fraud, evasion and avoidance and to preserve the integrity of the Single market. 2. The FTT Committee shall assess the effective implementation of this Directive, assess the effects on the single market, for participating and non participating Member States, and detect avoidance schemes including abusive arrangements as defined in Article 14 in order to propose countermeasures, where appropriate, making full use of Union law in the field of taxation and financial services regulation and of the instruments for cooperation on tax matters established by international organisations including the OECD and the Council of Europe.
Amendment 164 #
Proposal for a directive Article 16 – paragraph 2 2. The delegation of powers referred to in Article 11(2) shall be conferred for an indeterminate period of time from the date referred to in Article 21
Amendment 165 #
Proposal for a directive Article 16 – paragraph 3 3. The delegation of power referred to in
Amendment 166 #
Proposal for a directive Article 16 – paragraph 4 4. As soon as it adopts a delegated act, the Commission shall notify it simultaneously to the European Parliament and to the Council.
Amendment 167 #
Proposal for a directive Article 16 – paragraph 5 5. A delegated act adopted pursuant to Article 11(2) shall enter into force only if no objection has been expressed
Amendment 168 #
Proposal for a directive Article 19 – paragraph 1 Every
Amendment 169 #
Proposal for a directive Article 19 – paragraph 2 In that report the Commission shall, at least, examine the impact of the FTT on the proper functioning of the internal market, the financial markets and the real economy and it shall take into account the progress on taxation of the financial sector in the international context. Based on the results of this examination, necessary adjustments shall be undertaken.
Amendment 170 #
Proposal for a directive Article 19 – paragraph 2 In that report the Commission shall, at least, examine the impact of the FTT on the proper functioning of the internal market, the financial markets and the real economy as well as alternative ways of taxing the financial sector, e.g. by imposing a VAT on financial services or the instruction of an Financial Activity Tax and it shall take into account the progress on taxation of the financial sector in the international context.
Amendment 171 #
Proposal for a directive Article 19 – paragraph 2 a (new) (2a) Where that report demonstrates any negative impact on or distortions to the functioning of the internal market, the Commission shall make a recommendation to repeal this directive.
Amendment 23 #
Draft legislative resolution Paragraph 1 1.
Amendment 24 #
Draft legislative resolution Paragraph 1 a (new) (1a) Calls on the Commission to demonstrate in a comprehensive impact assessment and cost benefit analysis that any enhanced cooperation will respect the competences, rights and obligations of those Member States which do not participate in it.
Amendment 25 #
Draft legislative resolution Paragraph 1 b (new) (1b) Calls on the Commission to analyse and to propose the introduction of an EU wide VAT on financial services or Financial Activity Tax.
Amendment 26 #
Proposal for a directive Recital 1 (1) In 2011, the Commission took note of a debate on-going at all levels on additional taxation of the financial sector. Th
Amendment 27 #
Proposal for a directive Recital 1 (1) In 2011, the Commission took note of a debate on-going at all levels on additional taxation of the financial sector. The 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, to dis-incentivise excessively risky activities by financial institutions, to complement regulatory measures aimed at avoiding future crises, reducing speculations and to generate additional revenue for general budgets
Amendment 28 #
Proposal for a directive Recital 1 (1) In 2011, the Commission took note of a debate on-going at all levels on additional taxation of the financial sector. The debate originates from the desire to ensure that the financial sector fairly and substantially contributes to the costs of the crisis and
Amendment 29 #
Proposal for a directive Recital 1 a (new) (1a) According to the European Council's conclusions of 8 February 2013 on the next Multiannual Financial Framework 2014-2020, part of the revenues from the FTT should be allocated to the Union budget as a genuine own resource. All or part of the amount of the own resources from the FTT should be additional to the national contributions of the Member States in order to devote new funding to European investment.
Amendment 30 #
Proposal for a directive Recital 1 a (new) (1a) Prior to the introduction of an FTT the Commission shall demonstrate that enhanced cooperation will not undermine the internal market or economic, social and territorial cohesion. It shall also demonstrate that it does not constitute a barrier to or discrimination in trade between Member States, nor distort competition between them. The Commission shall present a new robust analysis and impact assessment, of the consequences the proposal for a common FTT both on participating and non participating countries as well as on the Single Market as a whole.
Amendment 31 #
Proposal for a directive Recital 1 a (new) (1a) The revenues from the FTT should be allocated to the budget of the European Union as genuine own resources. This should not lead to a reduction of the respective national contributions of the participating Member States to the Union budget.
Amendment 32 #
Proposal for a directive Recital 1 b (new) (1b) It is important to emphasize that non- participating Member States' interests should be taken into account after the this Directive on enhanced cooperation has been implemented since the introduction of the tax will effect the single market as a whole. A tax with a narrower tax base would reduce the negative effects of the tax.
Amendment 33 #
Proposal for a directive Recital 1 c (new) (1 c) The revenues from the FTT should not be used as own resources for the EU since not all Member States are participating. To allocate tax revenue levied under FTT to the Union budget as genuine own resource would imply that non-participating Member States and third countries would contribute to the participating Member States Union membership fees. Such an approach is inappropriate.
Amendment 34 #
Proposal for a directive Recital 2 a (new) (2a) According to the difference in scope between the initial Commission proposal for a common FTT and existing national financial transaction tax regimes this enhanced cooperation in regard to FTT may not be regarded as furthering the Union's objectives, protecting its interests and reinforcing its integration process within the meaning of Article 20 TEU.
Amendment 35 #
Proposal for a directive Recital 2 a (new) (2a) The FTT will truly achieve its objectives if it is introduced at global level. The enhanced cooperation of 11 Member States therefore only constitutes the first step towards a FTT on Union- level and ultimately on global level. The Union will continuously advocate a global introduction and will urge for a FTT being put on the G-20 agenda.
Amendment 36 #
Proposal for a directive Recital 2 a (new) (2a) The initiative of eleven member states to introduce the financial transaction tax in the framework of enhanced cooperation is a first step in the direction of an EU-wide and lastly a globally coordinated approach.
Amendment 37 #
Proposal for a directive Recital 2 b (new) (2b) The extraterritorial aspects of enhanced cooperation have not been fully considered sufficiently to ensure that it will respect the rights, competences and obligations of the non-participating Member States. Therefore the Commission shall closely monitor the implementation of an FTT adopted under enhanced cooperation with regard to articles 326 and 327 of the Treaty and report annually to the Council and European Parliament on any adverse affects this has in respect of those provisions.
Amendment 38 #
Proposal for a directive Recital 3 a (new) (3a) In light of the substantial progress of the European financial market regulation (for example reflected by the stricter rules of CRD IV/CRR or the FTT), participating Member States that have introduced banking levies in light of the recent financial crisis should review the necessity of such taxes and their compatibility with the rules and the aims of Union legislation and the single market.
Amendment 39 #
Proposal for a directive Recital 3 a (new) (3a) Any harmonisation of FTTs amongst participating Member States must not result in extra-territorial taxation infringing on the potential tax base for other non participating EU countries.
Amendment 40 #
Proposal for a directive Recital 3 a (new) (3a) Member States are encouraged to use revenues from the FTT for mitigating the effects of the financial crisis, which has been caused by financial market actors, notably in the areas of social, education, research, health, employment, cultural, environmental and renewable-energy policies.
Amendment 41 #
Proposal for a directive Recital 4 Amendment 42 #
Proposal for a directive Recital 4 (4) The improvement of the operation of the internal market, in particular the avoidance of distortions between the participating Member States requires that a FTT applies to a broadly determined range of financial institutions and transactions, to trade in a wide range of financial instruments, including structured products, both in the organised markets and "over- the-counter", as well as to the conclusion of all derivative contracts, including contracts for differences (CFD) and currency spots on the foreign exchange market, and to material modifications of the operations concerned.
Amendment 43 #
Proposal for a directive Recital 4 (4) The improvement of the operation of the internal market, in particular the avoidance of distortions between the participating Member States; and to reduce the scope for fraudulent tax avoidance; relocation of risk and regulatory arbitrage, requires that a FTT should appl
Amendment 44 #
Proposal for a directive Recital 4 a (new) Amendment 45 #
Proposal for a directive Recital 6 a (new) (6a) Transactions on public debt from EU Member States should not be included in the scope of the tax
Amendment 46 #
Proposal for a directive Recital 7 a (new) (7a) In each set of negotiations, the FTT should be regarded as a condition for, or an option associated with, financial assistance requested by Member States in difficulties.
Amendment 47 #
Proposal for a directive Recital 8 (8) With the exception of the conclusion or material modification of derivative contracts, the trade on primary markets and transactions relevant for citizens and businesses such as conclusion of insurance contracts, mortgage lending, consumer credits or payment services should be excluded from the scope of FTT, so as not to undermine the raising of capital by companies and governments and to avoid a negative impact on households and the real economy.
Amendment 48 #
Proposal for a directive Recital 9 (9) The provisions of Council Directive 2008/7/EC of 12 February 2008 concerning indirect taxes on the raising of capital
Amendment 49 #
Proposal for a directive Recital 9 a (new) (9a) Parliament would like to receive explanations from the Commission concerning the exclusion of foreign exchange spot transactions while exchange derivatives are included in the fiscal base. It would like to receive a report on the exact legal reasons for which the Commission’s legal analyses of these two types of transaction differ in the context of the free movement of capital, and an economic study of their possible taxation.
Amendment 50 #
Proposal for a directive Recital 10 (10) The chargeability and taxable amount should
Amendment 51 #
Proposal for a directive Recital 11 a (new) (11a) The participating Member States should take responsibility for establishing mechanisms to ensure that financial institutions in non-participating member states, and in third countries, adequately compensate tax authorities in participating Member States for the costs incurred in ensuring and verifying payment due by those overseas financial institutions.
Amendment 52 #
Proposal for a directive Recital 13 a (new) (13a) With a view to strengthening the position of regulated markets and in particular of stock exchange trading, which is strictly regulated, controlled and transparent, against unregulated, less controlled and less transparent OTC trading, Member states should apply higher tax rates to OTC transactions. This will make it possible to effect a shift in trading from markets with little or no regulation to regulated markets. The higher rates should not apply to financial transactions of OTC derivatives where they objectively reduce risks and therefore serve the real economy.
Amendment 53 #
Proposal for a directive Recital 13 a (new) (13a) Empirical data, collected for example by UNCTAD, has highlighted the problem of excessive speculation notably with regard to commodity derivatives. As a consequence food prices have drastically increased in some parts of the world hitting especially the most vulnerable people. Hence Member States shall be empowered to apply significantly higher tax rates for any type of trading activity with commodity contracts that goes beyond hedging of risks and that has the potential to cause distortions or unwarranted changes in the orderly price formation of commodities.
Amendment 54 #
Proposal for a directive Recital 15 (15) Because of the high mobility of financial transactions and in order to help mitigating potential tax avoidance, the FTT should be applied on the basis of the residence principle.
Amendment 55 #
Proposal for a directive Recital 15 a (new) (15a) The FTT should not be levied on parties to the transaction that is not located within a participating Member State. This is to respect the sovereignty of the jurisdiction of non-participating Member States and third countries. Fundamental principles of international taxation limit a states right to taxation to its own jurisdiction. Every infringement on this fundamental principle may lead to undesirable counter measures from affected jurisdictions. Accordingly, FTT should only be levied on Financial Institutions within the territory of a participating Member State.
Amendment 56 #
Proposal for a directive Recital 15 b (new) (15b) The residence principle should not be complemented by the "transfer of legal title principle" in this Directive.
Amendment 57 #
Proposal for a directive Recital 16 Amendment 58 #
Proposal for a directive Recital 16 (16) The minimum tax rates should be set at a level sufficiently high for the harmonisation objective of a common FTT to be achieved. At the same time, they have to be low enough so that delocalisation
Amendment 59 #
Proposal for a directive Recital 19 (19) In order to prevent tax fraud
Amendment 60 #
Proposal for a directive Recital 19 a (new) Amendment 61 #
Proposal for a directive Recital 19 a (new) (19a) Tax avoidance and tax evasion will partly depend on the capacity of Member States to verify taxable transactions carried out outside the justification off FTT. The Commission should establish an expert working group (FTT Committee) comprising representatives from the participating Member States, the European Commission, the ECB and ESMA to access the effective implementation of this Directive. The FTT Committee should supervise financial transactions in order to detect schemes of avoidance, propose countermeasures in a duly manner and coordinate their implementation on national level if required. The FTT Committee should make full use of Union law in the field of taxation and financial service regulation and of the instruments for cooperation on tax matters established by international organisations including the OECD and the Council of Europe.
Amendment 62 #
Proposal for a directive Recital 20 (20) In order to prevent tax
Amendment 63 #
Proposal for a directive Recital 20 (20) In order to prevent tax avoidance and abuse through artificial schemes,
Amendment 64 #
Proposal for a directive Recital 21 (21) In order to allow the adoption of more detailed rules in certain technical areas, regarding registration, accounting, reporting obligations and other obligations intended to ensure that FTT due to the tax authorities is effectively paid to the tax authorities, and their timely adaptation as appropriate, the power to adopt acts in accordance with Article 290 of the Treaty on the Functioning of the European Union should be delegated to the Commission in respect of specifying the measures necessary to this effect. It is of particular importance that the Commission carries out appropriate consultations during its preparatory work, including at expert level. The Commission, when preparing and drawing-up delegated acts, should ensure a simultaneous, timely and appropriate transmission of relevant documents to the European Parliament and to the Council.
Amendment 65 #
Proposal for a directive Recital 22 a (new) (22a) The revenues collected from the FTT shall be allocated to the respective Member State and not be used as own resources for the EU.
Amendment 66 #
Proposal for a directive Recital 24 (24) Since the objective of this Directive, namely to harmonise the essential features of a FTT within the participating Member States at Union level, can
Amendment 67 #
Proposal for a directive Recital 24 a (new) (24a) In order to reduce as much as possible the risks of relocation to third jurisdictions and to establish equal competitive conditions, the Commission and the Council should propose worldwide application of the FTT in international fora (particularly the G20 and G8).
Amendment 68 #
Proposal for a directive Recital 24 a (new) (24a) The imposition of a tax on financial transactions would significantly reduce the liquidity of financial instruments subject to the tax and thereby increase the cost of funding for companies, pension funds, sovereigns and other economic agents. For a number of Member States currently experiencing difficulties in their financing of public activities and servicing their sovereign debt, the tax on financial transactions would be even more cumbersome.
Amendment 69 #
Proposal for a directive Article 1 – paragraph 2 a (new) (2a) The method of collecting an FTT shall be WTO compliant and consistent with other international agreements including BITs, FTAs and not prejudice future and pending EU investment and trade agreements.
Amendment 70 #
Proposal for a directive Article 1 – paragraph 2 b (new) (2b) In accordance with the principle of Article 2(3) for the Council Decision of 29 September 2000 on the system of the European Communities' own resources and the savings tax directive, Member States collecting tax on behalf of a participating Member State shall be entitled to retain 25% of the revenues from any FTT for costs incurred.
Amendment 71 #
Proposal for a directive Article 2 – paragraph 1 – point 2 – point b Amendment 72 #
Proposal for a directive Article 2 – paragraph 1 – point 2 – point b Amendment 73 #
Proposal for a directive Article 2 – paragraph 1 – point 2 – point b Amendment 74 #
Proposal for a directive Article 2 – paragraph 1 – point 2 – point c (c) the conclusion of derivatives contracts, including contracts for differences (CFD) and currency spots on the foreign exchange market, before netting or settlement;
Amendment 75 #
Proposal for a directive Article 2 – paragraph 1 – point 2 – point c (c) the conclusion of derivatives contracts, including contract for difference (CfDs) and speculative forward transactions, before netting or settlement;
Amendment 76 #
Proposal for a directive Article 2 – paragraph 1 – point 2 – point e Amendment 77 #
Proposal for a directive Article 2 – paragraph 1 – point 2 – point e Amendment 78 #
Proposal for a directive Article 2 – paragraph 1 – point 2 – point e (e) a repurchase agreement, a reverse repurchase agreement, a securities lending and borrowing agreement including cancelled orders made when engaging in high frequency trading;
Amendment 79 #
Proposal for a directive Article 2 – paragraph 1 – point 3 3) 'Financial instruments' means financial instruments as defined Section C of Annex I
Amendment 80 #
Proposal for a directive Article 2 – paragraph 1 – point 5 Amendment 81 #
Proposal for a directive Article 2 – paragraph 1 – point 7 a (new) (7a) 'market maker' means a market maker as defined in article 4 of Directive [MiFID], a person who holds himself out on the financial markets on a continuous basis as being willing to deal on own account by buying and selling financial instruments against his proprietary capital;
Amendment 82 #
Proposal for a directive Article 2 – paragraph 1 – point 7 b (new) Amendment 83 #
Proposal for a directive Article 2 – paragraph 1 – point 7 c (new) (7 c) 'SME, small and medium-sized enterprises' means a company that has an average market capitalisation of less than EUR 200 000 000 in accordance with Article 4 (12) in Regulation No.../...[MiFID];
Amendment 84 #
Proposal for a directive Article 2 – paragraph 1 – point 8 – point e Amendment 85 #
Proposal for a directive Article 2 – paragraph 1 – point 8 – point e Amendment 86 #
Proposal for a directive Article 2 – paragraph 1 – point 8 – point f Amendment 87 #
Proposal for a directive Article 2 – paragraph 1 – point 8 – point f Amendment 88 #
Proposal for a directive Article 2 – paragraph 1 – point 8 – point f Amendment 89 #
Proposal for a directive Article 2 – paragraph 1 – point 8 – point f (f) a pension fund or an institution for occupational retirement provision as defined in Article 6(a) of Directive 2003/41/EC of the European Parliament
Amendment 90 #
Proposal for a directive Article 2 – paragraph 1 – point 8 – point f (f) a pension fund or an institution for occupational retirement provision as defined in Article 6(a) of Directive 2003/41/EC of the European Parliament and of the Council
Amendment 91 #
Proposal for a directive Article 2 – paragraph 1 – point 8 – point g Amendment 92 #
Proposal for a directive Article 2 – paragraph 1 – point 8 – point g (g) an alternative investment fund (AIF) and an alternative investment fund manager (AIFM) as defined in Article 4 of Directive 2011/61/EU of the European Parliament and of the Council except where the leverage of the AIF complies with the requirement set out in Article 51(3) of Directive 2009/65/EC;
Amendment 93 #
Proposal for a directive Article 2 – paragraph 1 – point 8 – point j Amendment 94 #
Proposal for a directive Article 2 – paragraph 1 – point 12 a (new) (12a) 'Excessive speculation' for the purpose of this directive means positions held by any person, including any group or class of persons, which do not objectively reduce risks directly related to that person's commercial activities related to the commodity and in which the counterparty is not reducing risks directly related to its commercial activities.
Amendment 95 #
Proposal for a directive Article 2 – paragraph 1 – point 12 a (new) (12a) 'Public debt' means debt titles issued by any of the levels of administration of a participating Member State.
Amendment 96 #
Proposal for a directive Article 2 – paragraph 1 – point 12 a (new) (12a) ‘market making activities’ means the activities of an investment firm, a credit institution, a third-country entity, or a firm as referred to in point (1) of Article (2) of Directive 2004/39/EC, that deals as principal in a financial instrument whether traded on or outside a trading venue, in any of the following capacities: (i) by posting firm, simultaneous two-way quotes of comparable size and at competitive prices, with the result of providing liquidity on a regular and ongoing basis to the market; (ii) as part of its usual business, by fulfilling orders initiated by clients or in response to clients’ requests to trade; (iii) by hedging positions (including securities borrowing activities) arising from the fulfilment of tasks under points (i) and (ii);
Amendment 97 #
Proposal for a directive Article 2 – paragraph 3 – point d a (new) (da) in calculating the annual average value of financial transactions referred to in this point, no account shall be taken of financial transactions which, as referred to in Article 10(3) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories, make an objectively measurable contribution to reducing risks directly associated with the business activity or with the liquidity and financial management of the undertaking, institute, institution, person or group concerned as referred to in that Regulation to which the said undertaking, institute, institution or person belongs. This shall apply irrespective of whether the financial transactions concerned relate to OTC derivatives as referred to in that Regulation.
Amendment 98 #
Proposal for a directive Article 3 – paragraph 1 1. This Directive shall apply to
Amendment 99 #
Proposal for a directive Article 3 – paragraph 1 1. This Directive shall apply to all financial transactions, on the condition that at least one party to the transaction is established in the territory of a participating Member State and that
source: PE-507.999
|
History
(these mark the time of scraping, not the official date of the change)
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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 directive implementing enhanced cooperation in the area of financial transaction tax. The committees amendments are made in the framework of the consultation procedure: Financial transaction: Members expanded the scope of such transactions, and notably include currency spots on the foreign exchange markets within the meaning of the term. They also add a definition for high-frequency trading strategy. Average value: the report adds a clause to the effect that financial transactions which serve to insure against risks directly associated with the business activities of a non-financial institution should not be taken into account in calculating the average value. Scope: the text clarifies the exceptions, notably that the FTT will not apply to SME growth markets. Establishment: Members add that a financial institution shall be deemed to be established in the territory of a participating Member State if it is a branch of an institution established in a participating Member State and therefore subject to FTT. They consider it important to strengthen the residence principle. A new clause states that a financial instrument shall be deemed to be issued within the territory of a participating Member State where any of the conditions prescribed is fulfilled. The committee considers that the concept of issuance for financial instruments, derivatives and structured instruments should be defined and broadened so as to encompass all issuance cases related to the financial instruments concerned. Transfer of legal title: in order to make tax avoidance a high-cost and low-profit venture and to ensure better enforcement, the residence and issuance principle should be complemented by the "transfer of legal title principle". The text provides that: · a financial transaction in relation to which no FTT has been levied shall be deemed legally unenforceable and shall not result in a transfer of legal title of the underlying instrument; · a financial transaction in relation to which no FTT has been levied shall be deemed not to fulfil the requirements for central clearing under Regulation (EU) No 648/2012 of on OTC derivatives, central counterparties and trade repositories [EMIR] or the own funds requirements under Regulation (EU) No .../2013 of the European Parliament and the Council of ... on prudential requirements for credit institutions and investment firms [CRR]. In the event of automatic electronic payment schemes with or without the participation of payment settlement agents, revenue authorities of a Member State may establish a system of automatic electronic collection of FTT and certificates for transferring legal title. Rates: the report amends the rates applicable, which were expressed as minimum rates in the Commission proposal. However, the committee considers that in order to avoid a distortion of the common system of FTT under enhanced cooperation, the level of the applicable rates should be uniform. Higher rates for OTC transactions: with a view to strengthening the position of regulated markets, and in particular of stock exchange trading, which is strictly regulated, controlled and transparent, as opposed to unregulated, less controlled and less transparent over-the-counter (OTC) trading, Member States should apply higher tax rates to OTC transactions. This will make it possible to effect a shift in trading from markets with little or no regulation to regulated markets. The higher rates should not apply to financial transactions of OTC derivatives where they objectively reduce risks and therefore serve the real economy. The FTT Committee: the Commission shall establish an expert working group (the FTT Committee) comprising representatives from all Member States, the Commission, the ECB, and ESMA, to assist participating Member States in the effective implementation of this Directive and prevent tax fraud, tax evasion and aggressive tax planning and to preserve the integrity of the internal market. In order to assess matters with regard to the effective execution of FTT the participating Member States may form a sub-committee of the FTT Committee, comprising representatives of the participating Member States. The sub-committee shall only be in charge of matters that do not affect the non-participating Member States regarding the effective execution of FTT. Collection of FTT: the Commission shall adopt implementing acts providing for uniform methods of collection of the FTT due and prevention of tax fraud, tax evasion and aggressive tax planning. Member States may adopt additional measures. Report: every three years and for the first time by 31 December 2016, the Commission shall submit to the European Parliament and the Council a report on the application of this Directive, and, where appropriate, a proposal. In that report, the Commission shall assess the impact of certain provisions, such as the appropriate scope of FTT and the rate of taxation with regards to pension funds, taking due account of the diverse risk profiles and business models. Management of FTT resources: lastly, a new recital recalls that according to the European Council's conclusions of 8 February 2013 on the Multiannual Financial Framework 2014-2020, part of the revenues from FTT should be allocated to the Union budget as genuine own resources. The use of FTT revenue as Union own resources is possible under the enhanced cooperation procedure only if national contributions of participating Member States to the Union budget are reduced by the same amount and avoid the disproportionate contribution by participating Member States compared to non-participating Member States. Once FTT is implemented at Union level, all or part of the amount of the own resources originating from FTT should be added to the national contributions of the Member States in order to gather new funding sources for European investment without a reduction of the national contributions of the participating Member States to the Union budget. New
The Committee on Economic and Monetary Affairs adopted the report by Anni PODIMATA (S&D, EL) on the proposal for a Council directive implementing enhanced cooperation in the area of financial transaction tax. The committees amendments are made in the framework of the consultation procedure: Financial transaction: Members expanded the scope of such transactions, and notably include currency spots on the foreign exchange markets within the meaning of the term. They also add a definition for high-frequency trading strategy. Average value: the report adds a clause to the effect that financial transactions which serve to insure against risks directly associated with the business activities of a non-financial institution should not be taken into account in calculating the average value. Scope: the text clarifies the exceptions, notably that the FTT will not apply to SME growth markets. Establishment: Members add that a financial institution shall be deemed to be established in the territory of a participating Member State if it is a branch of an institution established in a participating Member State and therefore subject to FTT. They consider it important to strengthen the residence principle. A new clause states that a financial instrument shall be deemed to be issued within the territory of a participating Member State where any of the conditions prescribed is fulfilled. The committee considers that the concept of issuance for financial instruments, derivatives and structured instruments should be defined and broadened so as to encompass all issuance cases related to the financial instruments concerned. Transfer of legal title: in order to make tax avoidance a high-cost and low-profit venture and to ensure better enforcement, the residence and issuance principle should be complemented by the "transfer of legal title principle". The text provides that:
In the event of automatic electronic payment schemes with or without the participation of payment settlement agents, revenue authorities of a Member State may establish a system of automatic electronic collection of FTT and certificates for transferring legal title. Rates: the report amends the rates applicable, which were expressed as minimum rates in the Commission proposal. However, the committee considers that in order to avoid a distortion of the common system of FTT under enhanced cooperation, the level of the applicable rates should be uniform. Higher rates for OTC transactions: with a view to strengthening the position of regulated markets, and in particular of stock exchange trading, which is strictly regulated, controlled and transparent, as opposed to unregulated, less controlled and less transparent over-the-counter (OTC) trading, Member States should apply higher tax rates to OTC transactions. This will make it possible to effect a shift in trading from markets with little or no regulation to regulated markets. The higher rates should not apply to financial transactions of OTC derivatives where they objectively reduce risks and therefore serve the real economy. The FTT Committee: the Commission shall establish an expert working group (the FTT Committee) comprising representatives from all Member States, the Commission, the ECB, and ESMA, to assist participating Member States in the effective implementation of this Directive and prevent tax fraud, tax evasion and aggressive tax planning and to preserve the integrity of the internal market. In order to assess matters with regard to the effective execution of FTT, the participating Member States may form a sub-committee of the FTT Committee, comprising representatives of the participating Member States. The sub-committee shall only be in charge of matters that do not affect the non-participating Member States regarding the effective execution of FTT. Collection of FTT: the Commission shall adopt implementing acts providing for uniform methods of collection of the FTT due and prevention of tax fraud, tax evasion and aggressive tax planning. Member States may adopt additional measures. Report: every three years and for the first time by 31 December 2016, the Commission shall submit to the European Parliament and the Council a report on the application of this Directive, and, where appropriate, a proposal. In that report, the Commission shall assess the impact of certain provisions, such as the appropriate scope of FTT and the rate of taxation with regards to pension funds, taking due account of the diverse risk profiles and business models. Management of FTT resources: lastly, a new recital recalls that according to the European Council's conclusions of 8 February 2013 on the Multiannual Financial Framework 2014-2020, part of the revenues from FTT should be allocated to the Union budget as genuine own resources. The use of FTT revenue as Union own resources is possible under the enhanced cooperation procedure only if national contributions of participating Member States to the Union budget are reduced by the same amount and avoid the disproportionate contribution by participating Member States compared to non-participating Member States. Once the FTT is implemented at Union level, all or part of the amount of the own resources originating from FTT should be added to the national contributions of the Member States in order to gather new funding sources for European investment without a reduction of the national contributions of the participating Member States to the Union budget. |
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The European Parliament adopted by 522 votes to 141 with 42 abstentions a resolution in the framework of the consultation procedure, on the proposal for a Council directive implementing enhanced cooperation in the area of financial transaction tax. Financial transaction: Members expanded the scope of such transactions, and notably include currency spots on the foreign exchange markets within the meaning of the term. They also add a definition for high-frequency trading and high-frequency trading strategy. Average value: the report adds a clause to the effect that financial transactions which serve to insure against risks directly associated with the business activities of a non-financial institution should not be taken into account in calculating the average value. Scope: the text clarifies the exceptions, notably that the FTT will not apply to SME growth markets. Establishment: Members add that a financial institution shall be deemed to be established in the territory of a participating Member State if it is a branch of an institution established in a participating Member State and therefore subject to FTT. They consider it important to strengthen the residence principle. A new clause states that a financial instrument shall be deemed to be issued within the territory of a participating Member State where any of the conditions prescribed is fulfilled. Parliament considers that the concept of issuance for financial instruments, derivatives and structured instruments should be defined and broadened so as to encompass all issuance cases related to the financial instruments concerned. Transfer of legal title: in order to make tax avoidance a high-cost and low-profit venture and to ensure better enforcement, the residence and issuance principle should be complemented by the "transfer of legal title principle". The text provides that: a financial transaction in relation to which no FTT has been levied shall be deemed legally unenforceable and shall not result in a transfer of legal title of the underlying instrument; a financial transaction in relation to which no FTT has been levied shall be deemed not to fulfil the requirements for central clearing under Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories [EMIR] or the own funds requirements under Regulation (EU) No .../2013 of the European Parliament and the Council of ... on prudential requirements for credit institutions and investment firms [CRR]. In the event of automatic electronic payment schemes with or without the participation of payment settlement agents, revenue authorities of a Member State may establish a system of automatic electronic collection of FTT and certificates for transferring legal title. Rates: Parliament amends the rates applicable, which were expressed as minimum rates in the Commission proposal. However, it considers that in order to avoid a distortion of the common system of FTT under enhanced cooperation, the level of the applicable rates should be uniform (0.01%). Higher rates for OTC transactions: with a view to strengthening the position of regulated markets, and in particular of stock exchange trading, which is strictly regulated, controlled and transparent, as opposed to unregulated, less controlled and less transparent over-the-counter (OTC) trading, Member States should apply higher tax rates to OTC transactions. This will make it possible to effect a shift in trading from markets with little or no regulation to regulated markets. The higher rates should not apply to financial transactions of OTC derivatives where they objectively reduce risks and therefore serve the real economy. The FTT Committee: the Commission shall establish an expert working group (the FTT Committee) comprising representatives from all Member States, the Commission, the ECB, and ESMA, to assist participating Member States in the effective implementation of this Directive and prevent tax fraud, tax evasion and aggressive tax planning and to preserve the integrity of the internal market. In order to assess matters with regard to the effective execution of FTT the participating Member States may form a sub-committee of the FTT Committee, comprising representatives of the participating Member States. The sub-committee shall only be in charge of matters that do not affect the non-participating Member States regarding the effective execution of FTT. Collection of FTT: the Commission shall adopt implementing acts providing for uniform methods of collection of the FTT due and prevention of tax fraud, tax evasion and aggressive tax planning. Member States may adopt additional measures. Reports: Member States shall, on an annual basis, submit to the Commission and to Eurostat transaction volumes against which revenues have been collected by type of institution. They shall make that information public. Every three years and for the first time by 31 December 2016, the Commission shall submit to the European Parliament and the Council a report on the application of this Directive, and, where appropriate, a proposal. In that report, the Commission shall assess the impact of certain provisions, such as the appropriate scope of FTT and the rate of taxation with regards to pension funds, taking due account of the diverse risk profiles and business models. Management of FTT resources: lastly, a new recital recalls that according to the European Council's conclusions of 8 February 2013 on the Multiannual Financial Framework 2014-2020, part of the revenues from FTT should be allocated to the Union budget as genuine own resources. The use of FTT revenue as Union own resources is possible under the enhanced cooperation procedure only if national contributions of participating Member States to the Union budget are reduced by the same amount and avoid the disproportionate contribution by participating Member States compared to non-participating Member States. Once FTT is implemented at Union level, all or part of the amount of the own resources originating from FTT should be added to the national contributions of the Member States in order to gather new funding sources for European investment without a reduction of the national contributions of the participating Member States to the Union budget
New
The European Parliament adopted by 522 votes to 141 with 42 abstentions a resolution in the framework of the consultation procedure, on the proposal for a Council directive implementing enhanced cooperation in the area of financial transaction tax. Financial transaction: Members expanded the scope of such transactions, and notably include currency spots on the foreign exchange markets within the meaning of the term. They also add a definition for high-frequency trading and high-frequency trading strategy. Average value: the report adds a clause to the effect that financial transactions which serve to insure against risks directly associated with the business activities of a non-financial institution should not be taken into account in calculating the average value. Scope: the text clarifies the exceptions, notably that the FTT will not apply to SME growth markets. Establishment: Members add that a financial institution shall be deemed to be established in the territory of a participating Member State if it is a branch of an institution established in a participating Member State and therefore subject to FTT. They consider it important to strengthen the residence principle. A new clause states that a financial instrument shall be deemed to be issued within the territory of a participating Member State where any of the conditions prescribed is fulfilled. Parliament considers that the concept of issuance for financial instruments, derivatives and structured instruments should be defined and broadened so as to encompass all issuance cases related to the financial instruments concerned. Transfer of legal title: in order to make tax avoidance a high-cost and low-profit venture and to ensure better enforcement, the residence and issuance principle should be complemented by the "transfer of legal title principle". The text provides that:
In the event of automatic electronic payment schemes with or without the participation of payment settlement agents, revenue authorities of a Member State may establish a system of automatic electronic collection of FTT and certificates for transferring legal title. Rates: Parliament amends the rates applicable, which were expressed as minimum rates in the Commission proposal. However, it considers that in order to avoid a distortion of the common system of FTT under enhanced cooperation, the level of the applicable rates should be uniform (0.01%). Higher rates for OTC transactions: with a view to strengthening the position of regulated markets, and in particular of stock exchange trading, which is strictly regulated, controlled and transparent, as opposed to unregulated, less controlled and less transparent over-the-counter (OTC) trading, Member States should apply higher tax rates to OTC transactions. This will make it possible to effect a shift in trading from markets with little or no regulation to regulated markets. The higher rates should not apply to financial transactions of OTC derivatives where they objectively reduce risks and therefore serve the real economy. The FTT Committee: the Commission shall establish an expert working group (the FTT Committee) comprising representatives from all Member States, the Commission, the ECB, and ESMA, to assist participating Member States in the effective implementation of this Directive and prevent tax fraud, tax evasion and aggressive tax planning and to preserve the integrity of the internal market. In order to assess matters with regard to the effective execution of FTT the participating Member States may form a sub-committee of the FTT Committee, comprising representatives of the participating Member States. The sub-committee shall only be in charge of matters that do not affect the non-participating Member States regarding the effective execution of FTT. Collection of FTT: the Commission shall adopt implementing acts providing for uniform methods of collection of the FTT due and prevention of tax fraud, tax evasion and aggressive tax planning. Member States may adopt additional measures. Reports: Member States shall, on an annual basis, submit to the Commission and to Eurostat transaction volumes against which revenues have been collected by type of institution. They shall make that information public. Every three years and for the first time by 31 December 2016, the Commission shall submit to the European Parliament and the Council a report on the application of this Directive, and, where appropriate, a proposal. In that report, the Commission shall assess the impact of certain provisions, such as the appropriate scope of FTT and the rate of taxation with regards to pension funds, taking due account of the diverse risk profiles and business models. Management of FTT resources: lastly, a new recital recalls that according to the European Council's conclusions of 8 February 2013 on the Multiannual Financial Framework 2014-2020, part of the revenues from FTT should be allocated to the Union budget as genuine own resources. The use of FTT revenue as Union own resources is possible under the enhanced cooperation procedure only if national contributions of participating Member States to the Union budget are reduced by the same amount and avoid the disproportionate contribution by participating Member States compared to non-participating Member States. Once FTT is implemented at Union level, all or part of the amount of the own resources originating from FTT should be added to the national contributions of the Member States in order to gather new funding sources for European investment without a reduction of the national contributions of the participating Member States to the Union budget. |
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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 directive implementing enhanced cooperation in the area of financial transaction tax. The committees amendments are made in the framework of the consultation procedure: Financial transaction: Members expanded the scope of such transactions, and notably include currency spots on the foreign exchange markets within the meaning of the term. They also add a definition for high-frequency trading strategy. Average value: the report adds a clause to the effect that financial transactions which serve to insure against risks directly associated with the business activities of a non-financial institution should not be taken into account in calculating the average value. Scope: the text clarifies the exceptions, notably that the FTT will not apply to SME growth markets. Establishment: Members add that a financial institution shall be deemed to be established in the territory of a participating Member State if it is a branch of an institution established in a participating Member State and therefore subject to FTT. They consider it important to strengthen the residence principle. A new clause states that a financial instrument shall be deemed to be issued within the territory of a participating Member State where any of the conditions prescribed is fulfilled. The committee considers that the concept of issuance for financial instruments, derivatives and structured instruments should be defined and broadened so as to encompass all issuance cases related to the financial instruments concerned. Transfer of legal title: in order to make tax avoidance a high-cost and low-profit venture and to ensure better enforcement, the residence and issuance principle should be complemented by the "transfer of legal title principle". The text provides that: · a financial transaction in relation to which no FTT has been levied shall be deemed legally unenforceable and shall not result in a transfer of legal title of the underlying instrument; · a financial transaction in relation to which no FTT has been levied shall be deemed not to fulfil the requirements for central clearing under Regulation (EU) No 648/2012 of on OTC derivatives, central counterparties and trade repositories [EMIR] or the own funds requirements under Regulation (EU) No .../2013 of the European Parliament and the Council of ... on prudential requirements for credit institutions and investment firms [CRR]. In the event of automatic electronic payment schemes with or without the participation of payment settlement agents, revenue authorities of a Member State may establish a system of automatic electronic collection of FTT and certificates for transferring legal title. Rates: the report amends the rates applicable, which were expressed as minimum rates in the Commission proposal. However, the committee considers that in order to avoid a distortion of the common system of FTT under enhanced cooperation, the level of the applicable rates should be uniform. Higher rates for OTC transactions: with a view to strengthening the position of regulated markets, and in particular of stock exchange trading, which is strictly regulated, controlled and transparent, as opposed to unregulated, less controlled and less transparent over-the-counter (OTC) trading, Member States should apply higher tax rates to OTC transactions. This will make it possible to effect a shift in trading from markets with little or no regulation to regulated markets. The higher rates should not apply to financial transactions of OTC derivatives where they objectively reduce risks and therefore serve the real economy. The FTT Committee: the Commission shall establish an expert working group (the FTT Committee) comprising representatives from all Member States, the Commission, the ECB, and ESMA, to assist participating Member States in the effective implementation of this Directive and prevent tax fraud, tax evasion and aggressive tax planning and to preserve the integrity of the internal market. In order to assess matters with regard to the effective execution of FTT the participating Member States may form a sub-committee of the FTT Committee, comprising representatives of the participating Member States. The sub-committee shall only be in charge of matters that do not affect the non-participating Member States regarding the effective execution of FTT. Collection of FTT: the Commission shall adopt implementing acts providing for uniform methods of collection of the FTT due and prevention of tax fraud, tax evasion and aggressive tax planning. Member States may adopt additional measures. Report: every three years and for the first time by 31 December 2016, the Commission shall submit to the European Parliament and the Council a report on the application of this Directive, and, where appropriate, a proposal. In that report, the Commission shall assess the impact of certain provisions, such as the appropriate scope of FTT and the rate of taxation with regards to pension funds, taking due account of the diverse risk profiles and business models. Management of FTT resources: lastly, a new recital recalls that according to the European Council's conclusions of 8 February 2013 on the Multiannual Financial Framework 2014-2020, part of the revenues from FTT should be allocated to the Union budget as genuine own resources. The use of FTT revenue as Union own resources is possible under the enhanced cooperation procedure only if national contributions of participating Member States to the Union budget are reduced by the same amount and avoid the disproportionate contribution by participating Member States compared to non-participating Member States. Once FTT is implemented at Union level, all or part of the amount of the own resources originating from FTT should be added to the national contributions of the Member States in order to gather new funding sources for European investment without a reduction of the national contributions of the participating Member States to the Union budget. New
The Committee on Economic and Monetary Affairs adopted the report by Anni PODIMATA (S&D, EL) on the proposal for a Council directive implementing enhanced cooperation in the area of financial transaction tax. The committees amendments are made in the framework of the consultation procedure: Financial transaction: Members expanded the scope of such transactions, and notably include currency spots on the foreign exchange markets within the meaning of the term. They also add a definition for high-frequency trading strategy. Average value: the report adds a clause to the effect that financial transactions which serve to insure against risks directly associated with the business activities of a non-financial institution should not be taken into account in calculating the average value. Scope: the text clarifies the exceptions, notably that the FTT will not apply to SME growth markets. Establishment: Members add that a financial institution shall be deemed to be established in the territory of a participating Member State if it is a branch of an institution established in a participating Member State and therefore subject to FTT. They consider it important to strengthen the residence principle. A new clause states that a financial instrument shall be deemed to be issued within the territory of a participating Member State where any of the conditions prescribed is fulfilled. The committee considers that the concept of issuance for financial instruments, derivatives and structured instruments should be defined and broadened so as to encompass all issuance cases related to the financial instruments concerned. Transfer of legal title: in order to make tax avoidance a high-cost and low-profit venture and to ensure better enforcement, the residence and issuance principle should be complemented by the "transfer of legal title principle". The text provides that: · a financial transaction in relation to which no FTT has been levied shall be deemed legally unenforceable and shall not result in a transfer of legal title of the underlying instrument; · a financial transaction in relation to which no FTT has been levied shall be deemed not to fulfil the requirements for central clearing under Regulation (EU) No 648/2012 of on OTC derivatives, central counterparties and trade repositories [EMIR] or the own funds requirements under Regulation (EU) No .../2013 of the European Parliament and the Council of ... on prudential requirements for credit institutions and investment firms [CRR]. In the event of automatic electronic payment schemes with or without the participation of payment settlement agents, revenue authorities of a Member State may establish a system of automatic electronic collection of FTT and certificates for transferring legal title. Rates: the report amends the rates applicable, which were expressed as minimum rates in the Commission proposal. However, the committee considers that in order to avoid a distortion of the common system of FTT under enhanced cooperation, the level of the applicable rates should be uniform. Higher rates for OTC transactions: with a view to strengthening the position of regulated markets, and in particular of stock exchange trading, which is strictly regulated, controlled and transparent, as opposed to unregulated, less controlled and less transparent over-the-counter (OTC) trading, Member States should apply higher tax rates to OTC transactions. This will make it possible to effect a shift in trading from markets with little or no regulation to regulated markets. The higher rates should not apply to financial transactions of OTC derivatives where they objectively reduce risks and therefore serve the real economy. The FTT Committee: the Commission shall establish an expert working group (the FTT Committee) comprising representatives from all Member States, the Commission, the ECB, and ESMA, to assist participating Member States in the effective implementation of this Directive and prevent tax fraud, tax evasion and aggressive tax planning and to preserve the integrity of the internal market. In order to assess matters with regard to the effective execution of FTT the participating Member States may form a sub-committee of the FTT Committee, comprising representatives of the participating Member States. The sub-committee shall only be in charge of matters that do not affect the non-participating Member States regarding the effective execution of FTT. Collection of FTT: the Commission shall adopt implementing acts providing for uniform methods of collection of the FTT due and prevention of tax fraud, tax evasion and aggressive tax planning. Member States may adopt additional measures. Report: every three years and for the first time by 31 December 2016, the Commission shall submit to the European Parliament and the Council a report on the application of this Directive, and, where appropriate, a proposal. In that report, the Commission shall assess the impact of certain provisions, such as the appropriate scope of FTT and the rate of taxation with regards to pension funds, taking due account of the diverse risk profiles and business models. Management of FTT resources: lastly, a new recital recalls that according to the European Council's conclusions of 8 February 2013 on the Multiannual Financial Framework 2014-2020, part of the revenues from FTT should be allocated to the Union budget as genuine own resources. The use of FTT revenue as Union own resources is possible under the enhanced cooperation procedure only if national contributions of participating Member States to the Union budget are reduced by the same amount and avoid the disproportionate contribution by participating Member States compared to non-participating Member States. Once FTT is implemented at Union level, all or part of the amount of the own resources originating from FTT should be added to the national contributions of the Member States in order to gather new funding sources for European investment without a reduction of the national contributions of the participating Member States to the Union budget. |
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