10 Amendments of Caroline NAGTEGAAL related to 2021/2097(INI)
Amendment 3 #
Motion for a resolution
Citation 19 a (new)
Citation 19 a (new)
— having regard to the European Securities and Markets Authority's final report of 23 September 2020 on the MAR Review,
Amendment 28 #
Motion for a resolution
Recital E
Recital E
E. whereas complex refund procedures increase the administrative burden for cross-border investments, particularly SME and individual investors, and may create an obstacle to market integration and the advancement of the Capital Markets Union;
Amendment 49 #
Motion for a resolution
Recital G
Recital G
G. whereas the cum-ex and cum-cum schemes both involve reclaims of dividend withholding tax to which the beneficiaries were not entitled and have been ruled illegal; together the schemes are estimated to have imposed a total cost to taxpayers of about EUR 55 billion between 2001 and 2012 in the 11 Member States concerned;
Amendment 82 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Calls on the Commission and the Member States to set up a harmonised withholding tax framework that ensures that all dividend, interest and royalties payments flowing out the EU are taxed at a minimum effective tax ratewill reduce the complexity for investors and stem the practice of "treaty-shopping"; the Commission may consider mesures such as the standardisation of the reclaims procedure or the introduction of a minimum effective tax rate on all dividend, interest and royalties payments flowing out the EU;
Amendment 92 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Recalls the proposal by 10 Member States to include an effective minimum tax rate for royalties and interest in the context of the IRD; urges the Council to swiftly resume and conclude the negotiations on the IRD and encohas been a contributing factor to the stalling of negotiations on the reform of the Directive; urages the inclusion of such a measure in the announced directive for the implementCouncil to swiftly resume and conclude the negotiations of Pillar IIn the IRD;
Amendment 98 #
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 123 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Calls on the Commission to enhance cooperation and mutual assistance between tax authorities, financial market supervisory authorities and, where appropriate, law enforcement bodies regarding the detection and prosecution of withholding tax reclaim schemes; takes note in this regard of ESMA's recommendation to the Commission to remove the legal limitations to the exchange of information between these authorities1a; shares ESMA's concern that withholding tax reclaim schemes are rarely confined to EU borders1b and therefore stresses the importance of continued international cooperation on this matter; _________________ 1aEuropean Securities and Markets Authority (ESMA), MAR Review Report, [ESMA70-156-2391], 23 September 2020, paragraph 624 1bEuropean Securities and Markets Authority (ESMA), MAR Review Report, [ESMA70-156-2391], 23 September 2020, paragraph 617
Amendment 143 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. NotStrongly welcomes the Commission’s intention to put forward a proposal by the end of 2022 establishing a European withholding tax framework for dividend, interest or royalty payments, accompanied by a mechanism for the exchange of information and cooperation among tax administrations;
Amendment 151 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Encourages the development of a harmonised EU procedure for withholding tax refunds for all Member States, thereby addressing the concerns about regulatory discrepancies; calls on the Commission to consider, as part of this harmonisation, inter alia, the introduction of a standardised format and process for reclaim requests, the lack of a uniform definition of "beneficial owner", the alignment of the time periods for request and reclaim, and language barriers;
Amendment 161 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Notes that digitalising these procedures and improving cooperation between national tax administrations could reduce the administrative burden and uncertainty in cross-border investments in the short-term; in the mid- to long-term, calls the Commission to consider the possibility of developing and introducing a fully integrated, centralised and automated system to allow a seamless, and fraud-proof system for relief at source; calls on the Commission, in this regard, to take account of existing digital solutions in Member States and the potential benefits of using distributed ledger technology (DLT) as the foundations of such a system, and to consider the establishment of a pilot project;