Extracts from the press conference by Algirdas Šemeta on Financial Transaction Tax

Type: Summary of press conference   Reference: I-076146   Duration: 10:02:49  Lieu:
End production: 14/02/2013   First transmission: 14/02/2013
On 14 February 2013, Algirdas Šemeta, Member of the EC in charge of Taxation, Customs, Statistics, Audit and Anti-Fraud, presented the details of the Financial Transaction Tax (FTT) under Enhanced Cooperation. The details of the FTT to be implemented under enhanced cooperation have been set out in a proposal adopted by the European Commission on the same day. As requested by the 11 Member States that will proceed with this tax, the proposed Directive mirrors the scope and objectives of the original FTT proposal put forward by the European Commission in September 2011. The approach of taxing all transactions with an established link to the FTT-zone is maintained, as are the rates of 0.1% for shares and bonds and 0.01% for derivatives. When applied by the 11 Member States, this Financial Transaction Tax is expected to deliver revenues of 30-35 billion Euros a year.

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TIME DESCRIPTION DURATION
10:00:00 Title 00:00:05
10:00:05 Arrival of Algirdas Šemeta, Member of the EC in charge of Taxation, Customs, Statistics, Audit and Anti-Fraud, to the press conference on Financial Transaction Tax, held at the European Commission, in Brussels 00:00:03
10:00:08 Soundbite by Algirdas Šemeta (in ENGLISH): It sets out the details of the Financial Transaction Tax (FTT) to be applied by 11 Member States through enhanced cooperation. And, in doing so, it lays the final paving stone on the road towards a common FTT in the EU - the first Financial Transaction Tax ever to be implemented at regional level. What we have proposed is an unquestionably fair, technically sound and legally robust tax. A tax which will strengthen our Single Market and temper irresponsible financial trading. A tax which will deliver an estimated 30-35 billion Euros a year, when implemented by the 11 Member States in question. 00:00:54
10:01:02 Cutaway of the audience 00:00:05
10:01:08 Soundbite by Algirdas Šemeta (in ENGLISH): This means we kept the low rates of 0.1% for shares and bonds, and 0.01% for derivatives. We maintained the wide base, covering all financial institutions and all financial instruments. The real economy continues to be protected, as we ring-fenced ordinary financial activities of citizens and businesses, as well as activities linked to raising capital. 00:00:34
10:01:42 Cutaway of the audience 00:00:06
10:01:48 Soundbite by Algirdas Šemeta (in ENGLISH): Ladies and Gentlemen, 11 Member States called for this proposal I have presented today so that they can move ahead with the FTT through enhanced cooperation. I now call on them to continue to push ahead with this ambition. This would respond to the long-time demands of our citizens, who have long understood the benefits that a harmonised approach on the FTT can bring. 00:00:31
10:02:20 Cutaway of the audience 00:00:06
10:02:26 Soundbite by Algirdas Šemeta (in ENGLISH): I think that the proposal we have just made is in fully compliance with the international tax law and international practises. The principles are widely used in international taxations practise. 00:00:22
10:02:49 General view of the audience 00:00:05
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