Activities of Olle SCHMIDT related to 2011/0261(CNS)

Proposal for a directive
Recital 4

(4) The definition of financial instruments in Annex I to the Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC (MiFID) covers units in collective investment undertakings. This implies that shares and units of undertakings for collective investment in transferable securities (UCITS) as defined in Article 1(2) of Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) and alternative investment funds (AIF) as defined in Article 4(1)(a) of Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010 are financial instruments. ~~Therefore~~However, the subscription and redemption of these instruments are transactions that should not be subject to the FTT.

2012/03/08
Committee: ECON

Proposal for a directive
Recital 7 a (new)

(7a) Where a transaction is considered directly related to the commercial and treasury activities of a non-financial counterparty for the purposes of Article 4 point 4 (d a), due account should be taken of that non-financial counterparty's overall hedging and risk-mitigation strategies and whether the transaction is economically appropriate for the reduction of risks in the conduct and management of a non-financial counterparty.

2012/03/08
Committee: ECON

Proposal for a directive
Recital 12

(12) In order to concentrate the taxation on the financial sector as such rather than on citizens and because financial institutions execute the vast majority of transactions on financial markets, the tax should apply only to those institutions, whether they trade in their own name, in the name of other persons, for their on own account or for the account of other persons.

2012/03/08
Committee: ECON

Olle SCHMIDT, Sharon BOWLES, Ramon TREMOSA i BALCELLS

Proposal for a directive
Recital 13

(13) 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. However, applying this principle must not result in extra- territorial taxation infringing on the potential tax base for other countries.

2012/03/08
Committee: ECON

Proposal for a directive
Recital 14

(14) The ~~minimum~~ tax rates should be ~~set at a level sufficiently high for the harmonisation objective of this Directive to be achieved. At the same time, they have to be low enough so that delocalisation risks are minimised~~uniform in all Member States. They have to be low enough so that delocalisation risks are minimized as well as increases in the cost of capital for business investments. The tax rate should not unduly reduce the value of pension rights.

2012/03/08
Committee: ECON

Proposal for a directive
Article 1 – paragraph 2

2. This Directive shall apply to all financial transactions, on condition that at least one party to the transaction is established in a Member State and that a financial institution established in the territory of a Member State is party to the transaction, 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 between financial institutions in the EU.

2012/03/08
Committee: ECON

Proposal for a directive
Article 1 – paragraph 2 a (new)

2a. In the event of a wider FTT it will be extended to those other territories on mutual terms.

2012/03/08
Committee: ECON

Proposal for a directive
Article 1 – paragraph 3 – subparagraph 1 – point d a (new)

(da) an undertaking for collective investments in transferable securities (UCITS) as defined in Article 1(2) of Directive 2009/65/EC;

2012/03/08
Committee: ECON

Proposal for a directive
Article 1 – paragraph 3 – subparagraph 1 – point d b (new)

(db) a pension fund or an institution for occupational retirement provision as defined in Article 6, point (a) of Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement provision;

2012/03/08
Committee: ECON

Proposal for a directive
Article 1 – paragraph 3 – subparagraph 1 – point d c (new)

(dc) an alternative investment fund (AIF) as defined in Article 4 of Directive 2011/61/EU.

2012/03/08
Committee: ECON

Proposal for a directive
Article 1 – paragraph 4 – point a

(a) primary market transactions referred to in point (c) of Article 5 of Commission Regulation (EC) No 1287/2006 , ~~except~~including for 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 Council and alternative investment funds (AIF) as defined in Article 4(1)(a) of Directive 2011/61/EU of the European Parliament and the Council;

2012/03/08
Committee: ECON

Proposal for a directive
Article 1 – paragraph 4 – point d a (new)

(da) transactions directly related to the commercial activities and treasury activities of a non-financial counterparty (end user). Compliance with this exemption shall be confirmed in the general audit of the end user.

2012/03/08
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 1 – introductory part

(1) ‘Financial transaction’ means any of the following conducted between financial institutions:

2012/03/08
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 7 – point d

~~(d) an insurance and reinsurance undertaking as defined in Article 13 of Directive 2009/138/EC of the European Parliament and the Council;~~deleted

2012/03/08
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 7 – point e

(e) ~~an undertaking for collective investments in transferable securities (UCITS) as defined in Article 1 of Directive 2009/65/EC and~~ a management company as defined in Article 2 of Directive 2009/65/EC;

2012/03/08
Committee: ECON

Proposal for a directive
Article 2 – paragraph 1 – point 7 – 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 the Council, an investment manager of such fund or institution;deleted

2012/03/08
Committee: ECON

Proposal for a directive
Article 3 – paragraph 1 – point e

(e) 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 with another financial institution established in that Member State pursuant to points (a), (b), (c) or (d), or with a party established in the territory of that Member State and which is not a financial institution.deleted

2012/03/08
Committee: ECON

Proposal for a directive
Article 4 – paragraph 2

2. Subsequent cancellation or rectification of a financial transaction shall have no effect on chargeability, except for cases of errors.

2012/03/08
Committee: ECON

Proposal for a directive
Article 8 – paragraph 2 – subparagraph 1

The rates shall be fixed ~~by each Member State as a~~at a uniform percentage of the taxable amount.

2012/03/08
Committee: ECON

Proposal for a directive
Article 8 – paragraph 2 – subparagraph 2 – introductory part

Those rates shall ~~not be lower than~~be:

2012/03/08
Committee: ECON

Proposal for a directive
Article 9 – paragraph 1 – point a

(a) it is party to the transaction, acting ~~either~~ for its own account ~~or for the account of another person~~;

2012/03/08
Committee: ECON

Proposal for a directive
Article 9 – paragraph 1 – point b

~~(b) it is acting in the name of a party to the transaction; or~~deleted

2012/03/08
Committee: ECON

Proposal for a directive
Article 9 – paragraph 3

3. Each party to a transaction, including persons other than financial institutions shall become jointly and severally liable for the payment of the tax due by a financial institution on account of that transaction, in case that financial institution has not paid the tax due by it within the time limit set out in Article 10(4).deleted

2012/03/08
Committee: ECON

Proposal for a directive
Article 9 – paragraph 4

4. Member States may provide that a person other than the persons liable for payment of FTT referred to in paragraphs 1, 2 and 3 of this Article is to be held jointly and severally liable for the payment of the tax.deleted

2012/03/08
Committee: ECON

Proposal for a directive
Article 10 – paragraph 2

2. Member States shall adopt measures to ensure that every ~~pers~~financial institution liable for payment of FTT submits to the tax authorities a return setting out all the information needed to calculate the FTT that has become chargeable during a period of one month including the total value of the transactions taxed at each rate. The FTT return shall be submitted by the tenth day of the month following the month during which the FTT became chargeable.

2012/03/08
Committee: ECON

Proposal for a directive
Article 10 – paragraph 3

3. Member States shall, where financial institutions are not subject to Article 25(2) of Directive 2004/39/EC, ensure the keeping at the disposal of the competent authority, for at least five years, of the relevant data relating to all financial transactions which they have carried out, whether in their own name or in the name of another person, for their own account or for the account of another person;deleted

2012/03/08
Committee: ECON

Proposal for a directive
Article 10 – paragraph 4

4. Member States shall ensure that any FTT due is paid to the tax authorities at the following points in time: (a) at the moment when the tax becomes chargeable in case the transaction is carried out electronically; (b) within three working days from the moment the tax becomes chargeable in all other cases.deleted

2012/03/08
Committee: ECON

Proposal for a directive
Article 10 – paragraph 5

~~5. Member States shall ensure that the authorities competent in the matter verify whether the tax has been correctly paid.~~deleted

2012/03/08
Committee: ECON

Proposal for a directive
Article 10 – paragraph 5 a (new)

5 a. Member states shall disclose annually to the Commission and Eurostat transaction volumes against which revenues have been collected.

2012/03/08
Committee: ECON

Proposal for a directive
Article 11 – paragraph 1

1. ~~Member Stat~~Common EU rules shall be adopt ~~measures~~ed to prevent tax evasion, avoidance and abuse.

2012/03/08
Committee: ECON

Proposal for a directive
Article 12

Member States shall not ~~maintain or~~be prevented from introduceing taxes on financial transactions ~~other than the FTT object of this Directive or value-added tax as provided for in Council Directive 2006/112/EC~~.

2012/03/08
Committee: ECON