Manfred Nolte on Financial Transaction Taxes

viernes, 22 de junio de 2012

Ecofin sobre TTF

Just a quick summary of the ECOFIN orientation debate on the FTT that was live-streamed and has just finished. In the session Ministers were specifically asked to indicate their countries view of progress via Enhanced Cooperation. At the close of the session, the conclusion was that IT WAS FORMALLY NOTED that the FTT could not be supported by all 27 member states but that it was clear that some countries wanted to proceed via Enhanced Cooperation.  Here are the 5 steps of the Enhanced Cooperation procedure (ECP): a) Note that there is an impasse over a proposal put to the Council (not necessarily formally by a vote) STAGE ONE achieved today b) At least 9 member states (or one country on behalf of 9) send a request to the EC, indicating scope and objectives of a proposal. c) EC produces a proposal (though technically not obliged to draft one) and verify that basic conditions are met: 1. situation of last resort; 2. there are 9 participants to begin with but the initiative is open to all; 3. the initiative cannot be on an exclusive competence e.g. own resources; 4. the initiative does not undermine the internal market d) Decision by the Council by QMV (which means the UK does not have a veto!) to allow ECP to go ahead – Council will make political assessment that the conditions above have been met e) Implementation via normal legislative procedure: co-decision with EP; deliberation by Council but only interested member states have a vote and the vote is taken by QMV.   To the big question, do we already have 9 countries, it looks like it but some of the statements by countries were vague like 'we would possibly join ECP provided certain conditions were met' but it looks like at this stage like: Germany, France, Austria, Belgium, Portugal, Greece, Slovenia, Estonia, possibly Slovakia. Italy said it was "in sympathy" with ECP but not quite ready to support yet.

UE:¿Inicio de una TTF?

Texto aquí:

Declaración sobre TTF

jueves, 21 de junio de 2012

Ecofin tratará TTF

Del Programa para el Ecofin del Luxemburgo del viernes 22, donde se tratará de la TTF.


Taxe sur les transactions financières

  1. Le Conseil tiendra un débat d'orientation sur une proposition de directive visant à instaurer une taxe sur les transactions financières7 (TTF) à l'échelle de l'UE, ainsi que sur d'éventuelles solutions alternatives à cette taxe (par exemple, un prélèvement sur les banques, une taxe sur les activités financières ou une réglementation directe). Ce débat s'appuiera sur un rapport relatif à l'état des travaux élaboré par la présidence.
    La proposition de la Commission en vue d'une TTF a été examinée par le Conseil en novembre 2011 puis lors de deux réunions ultérieures en mars; au cours de ces réunions, il a été suggéré que d'autres options en matière de taxation du secteur financier devraient également être examinées, parallèlement à la proposition de la Commission. Depuis lors, les travaux menés au niveau technique ont suivi cette double approche.
    Les travaux sur la proposition elle-même ont notamment consisté à examiner la possibilité d'instaurer progressivement la TTF, en commençant par une taxe sur les transactions qui exclurait les produits dérivés.
    La proposition de la Commission couvre les transactions concernant tout type d'instrument financier, y compris ceux du marché des capitaux et du marché monétaire (à l'exception des instruments de paiement), les parts ou les actions d'organismes de placement collectif et les produits dérivés. Elle ne concerne pas uniquement la négociation sur les marchés organisés, mais vise aussi les transactions de gré à gré et d'autres types de transactions. Toutefois, les transactions avec les banques centrales seraient exclues de son champ d'application.
    Une autre question essentielle est celle du lieu d'imposition: la taxe devrait-elle être payée dans le pays où l'opérateur économique est établi, comme le propose la Commission, ou dans le pays où l'instrument financier est émis.
La Commission propose que chaque État membre fixe les taux applicables, un taux minimum étant établi pour harmonisation à 0,1 % du montant imposable pour l'ensemble des transactions à l'exception de celles concernant des contrats dérivés, pour lesquelles le minimum est établi
à 0,01 %. Elle estime que, sur la base de sa proposition et en fonction de la réaction des marchés, les recettes annuelles pourraient s'élever, à 57 milliards d'euros.

La Commission considère que sa proposition permettra au secteur financier d'apporter une contribution équitable aux recettes fiscales et que cette taxation sera en outre un facteur dissuasif pour les transactions qui ne favorisent pas l'efficience des marchés financiers.
Dans le droit fil de sa proposition de décision relative au système des ressources propres de l'UE8, la Commission propose que les recettes générées par une TTF soient utilisées, en tout ou en partie, pour remplacer progressivement les contributions des États membres au budget de l'UE.
La directive étant fondée sur l'article 113 du traité sur le fonctionnement de l'Union européenne, l'unanimité au sein du Conseil serait requise pour son adoption, après consultation du Parlement européen (procédure législative spéciale). 


URL aquí



Los inspectores españoles opinan

Texto aqui

martes, 19 de junio de 2012

Acabar con la sangría de los mercados

En una Europa a la búsqueda de soluciones de urgencia para frenar la sangría en el mercado de deuda, una vieja propuesta tributaria, «la tasa Tobin», ha vuelto a cobrar pleno protagonismo. Ideada en 1971 por el economista James Tobin, que acabó recibiendo el Premio Nobel de Economía, la propuesta introducía la posibilidad de grabar los intercambios financieros. La iniciativa fue ampliamente acogida en los 90 por los movimientos antiglobalización y la extrema izquierda, mientras la derecha lo tachaba de «utópico» e «irreal». «Los aplausos más sonoros vienen del lado equivocado», se quejaba su creador, convencido de que el impuesto era condición «sine qua non» para crear un mercado global y liberalizado.
Texto aquí

Sindicato de inspectores plantea TTF


España podría recaudar 5.000 millones al año si eliminara las ventajas fiscales de que actualmente disfrutan las operaciones financieras con la aprobación de un impuesto sobre las transacciones, mientras que la cifra se elevaría a cerca de 57.200 millones en el conjunto de la Unión Europea, según los Técnicos del Ministerio de Hacienda (Gestha).
En un comunicado, Gestha asegura que esta medida sería "más justa y equitativa" que el aumento de las bases y tipos del IVA por el que abogan tanto el Fondo Monetario Internacional (FMI) como la Comisión Europea (CE).



Ver texto aquí

Resumen politico de la TTF, Junio 2012


Robin Hood Tax Political Update June 2012
Jasmine Burnley and Richard Carr
Shaping an international deal on FTT
Summary
• Germany signals it will abandon the push for an EU wide 27 FTT, opening up
the way forward for Member States to vote down the EU 27 option and agree on a
smaller coalition of the willing (representing 90% of Eurozone GDP) FTT at the
June 22 meeting of European Finance Ministers
• New French President Francois Hollande raises the FTT in key international
fora and continues to press heavily for a European FTT.
• The European Parliament has voted in favour of a FTT. Though the vote was
non-binding the issue may well become live at the ECOFIN meeting of 22 June.
• Thousands of nurses march in Chicago calling for an FTT as leaders meet at the
G8 Summit in Camp David (18-19 May) and the Global FTT Week of Action (15
May-23 May) saw support (and headlines) around the world (35 countries) for an
FTT. 500 blogs covered the week’s events.
• FTT to be raised at G20 Summit in Mexico (18-19 June) and Rio+20 Earth
Summit in Brazil (20-22 June)


Temas pendientes de Rio+20


RÍO DE JANEIRO, (IPS)  - Cuando los líderes de más de 100 países concluyan la conferencia Río+20 la próxima semana, habrán dejado atrás restos de propuestas que no hallaron eco. Entre estas, la creación de un Fondo Global para el Desarrollo Sostenible de 30.000 millones de dólares, un Impuesto a las Transacciones Financieras, un Consejo de Desarrollo Sostenible, un Fondo Global para la Educación, una Organización Mundial de Medio Ambiente, y un Organismo Intergubernamental sobre Asuntos Impositivos.
Todas estas propuestas las han hecho ambientalistas, organizaciones no gubernamentales (ONG), grupos de derechos humanos, el Comité de ONGs de Financiación para el Desarrollo, de la Organización de las Naciones Unidas (ONU), y el Panel de Alto Nivel sobre Sostenibilidad Mundial.

lunes, 4 de junio de 2012

Kofi Annan en favor de la TTF


El premio nobel y ex-secretario de NU Kofi Annan se ha pronunciado en favor de una TTF y utilizar su producto en combatir el cambio climatico y el hambre. De acuerdo con la agencia de noticias KIPA realizo sus declaraciones en una conferencia en Viena organizada por Caritas.

Texto aquí (solo en alemán)






viernes, 1 de junio de 2012

Wahl en 'Newsletter EU, Mayo 2012'


New push for FTT through François Hollande
By Peter Wahl, WEED
The election of François Hollande as the next French president brings new momentum to the process of achieving a Financial Transaction Tax (FTT) in Europe. During his electoral campaign Hollande expressed his strong support for stricter regulation of financial markets in general and for the introduction of an FTT in particular on several occasions. He already raised the issue at the G8 summit in Camp David (18-19 May 2012).
Hollande is also proposing a European Growth Pact in addition to the austerity measures which had been adopted in the Fiscal Pact in March 2012 (see previous newsletter). Germany will have to compromise on this and accept some stimulus measures (see the article about the Euro crisis in this newsletter). Therefore, fresh money has to be found and the FTT is the first option for providing it.
The FTT is also a project upon which France and Germany have consensus. Against the background of their divergences on several other issues, both governments will be interested to bring the common interests to the fore.
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The domestic balance of power in Germany is also shifting in favour of the FTT. As Merkel needs a two-third majority in the parliament for the adoption of the Fiscal Pact, the German opposition parties, SPD (Social Democrats) and the Greens, have declared that they would link their support for the European Fiscal Pact to the adoption of a Growth Pact á la Hollande and the FTT.
In May 2012 the European Parliament (EP) adopted a report in support of the European Commission’s draft directive on the FTT, with a broad majority. Although this is not binding it has a political impact, in particular as it demands the implementation of the FTT in the framework of Enhanced Cooperation in case there is no unanimity at the level of the EU 27. This means that a minimum of nine member countries have to support the initiative (‘coalition of the willing’). It could then be implemented in the framework of EU legislation in these countries. Of course, the big economies next to France and Germany, i.e. Italy and Spain, would have to be part of the Enhanced Cooperation.
Tactical manoeuvres of the German Finance Ministry
This general trend dispels the recent fears of civil society as well as the contrasting hopes of the financial sector (who has been lobbying fiercely against it – as described by Corporate Europe Observatory), that the whole project would be watered down extensively, or even rejected as a whole. These hopes and fears were nourished by a German room paper, presented at an informal meeting of finance ministers in Copenhagen and in a working group meeting of the European Council, in which Berlin presented a ‘two step approach’. In a first step, a tax similar to the British Stamp Duty would be introduced and in a second one it would be extended to the proposal of the EU Commission from September 2011 (see this pdf). But the UK did not give up its hardliner opposition and the attempt to still reach a compromise with London has definitively failed. Against the background of the UK resistance, the German push was more of a tactical manoeuvre to isolate London than a real move to give up the substance of the FTT.
Next steps
As the FTT in the EU-27 is impossible as a result of the British veto, the only way forward is Enhanced Cooperation. Before
this option can be decided on, the failure of the Commission’s EU-27 directive has to be declared officially. It is expected that this will be done in the coming months, perhaps already before 2012 summer break.
Once the decision is taken, it will, however, still last one to two years until the project enters into force, because the decision at the EU level still has to be translated into national legislation, a time consuming procedure. Nevertheless, a happy end seems to be in sight for the FTT in Europe.
No Hungarian FTT
During the first weeks of May 2012, rumours surfaced hinting that Hungary would introduce an FTT. Hungary is deeply in crisis and desperately looking for new sources of revenue, while the IMF and the EU have threatened to stop financial support.
Given the extremely nationalist and right- wing populist regime in Budapest it would have been quite difficult for civil society, who are in favour of an FTT, to have this government as an ally. Budapest is indeed introducing a new tax. Although it is called Financial Transaction Duty, it has nothing to do with the FTT. According to the Ministry of National Economy, the duty will be levied at a rate of 0.1% on certain non-cash payments, such as postal cash or bank transactions of private and corporate customers, bank transfers, direct debit mandate payments and bank card purchases. This tax has no intention of regulation of financial markets but simply aims to cash in from ordinary people as well as from corporations.