Financial Transaction Tax: extracts from the Midday statement by Algirdas ŠEMETA, Member of the EC in charge of Taxation and Customs Union, Audit, Anti-Fraud

Type: NEWS   Référence: 92649   Durée: 00:02:54   Première transmission: 14/02/2013  Lieu: Brussels, Belgium - EC
Fin de production: 14/02/2013
On 14 february, Algirdas Šemeta, Member of the EC in charge of Taxation and Customs Union, Audit, Anti-Fraud presented the details of the Financial Transaction Tax under Enhanced Cooperation. The details of the Financial Transaction Tax (FTT) to be implemented under enhanced cooperation have been set out in a proposal adopted by the Commission today. As requested by the 11 Member States1 that will proceed with this tax, the proposed Directive mirrors the scope and objectives of the original FTT proposal put forward by the 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. There are certain limited changes in today's FTT proposal compared to the original one, to take into account the fact that the tax will be implemented on a smaller geographical scale than originally foreseen. These changes are mainly to ensure legal clarity and to reinforce anti-avoidance and anti-abuse provisions.

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00:00:00 Title 00:00:05
00:00:05 Algirdas Šemeta, Member of the EC in charge of Taxation and Customs Union, Audit and Anti-Fraud, arriving 00:00:04
00:00:09 SOUNDBITE (in English) Algirdas Šemeta: It sets out the details of the Financial Transaction Tax 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. 00:00:53
00:01:02 Cutaway of the audience 00:00:06
00:01:08 SOUNDBITE (in English) Algirdas Šemeta: 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
00:01:42 Cutaway of the audience 00:00:06
00:01:48 SOUNDBITE (in English) Algirdas Šemeta: Ladies and Gentlemen, Eleven 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 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. 00:00:32
00:02:20 Cutaway of the audience 00:00:06
00:02:26 SOUNDBITE (in English) Algirdas Šemeta: I think the proposal which we have just made is fully compliance with the international tax law and international practises. The principles are widely used in international taxations practise. 00:00:24
00:02:50 General view of the meeting 00:00:04
00:02:54 End 00:00:00
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