Commissioner's Speech in the Brussels Tax Forum "Setting out the tax agenda for a fairer contribution of the financial sector"
Speaking at the Brussels Tax Forum on 28 March 2011, Commissioner Semeta responsible for Taxation, said:
"Many policy-makers in the EU – and I am one of them – firmly believe that there is a political and economic case for taxing the financial sector. The jury is still out, however, on the best way to do this.
I have no prejudice on the instrument. I want the best option to serve our purpose, and the one which will best mitigate the main risks identified: relocation of activity, risk of double taxation through uncoordinated tax schemes and excessive administrative or cost burden due to the cumulative impact with regulation. Your debate today will contribute to finding this delicate balance.
However, time is pressing and I want to define the best option to meet our objectives: more revenues, better market efficiency and preservation of the competitiveness of our financial sector."
To read fullspeech click here