Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-010-000"
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"en.20120523.3.3-010-000"2
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"Mr President, I wish first to thank the European Parliament, and in particular Anni Podimata, for the excellent work on the financial transaction tax.
This is an extremely important file for me because I truly believe in all that an EU FTT has to offer. It will create a fairer tax system in which the financial sector makes a just contribution to public finances. It will act as a market-based instrument which incentivises steady financial activity and deters high-risk speculation and, of course, the FTT will deliver substantial new revenues without asking any more of the ordinary citizens. This money can be channelled into growth-promoting measures, used to support growth-friendly tax reforms, or help to finance global challenges. Used as an own resource as proposed by the Commission, this would result in a net decrease in Member States’ GMI contributions to the EU budget.
I would now like to address four main issues related to our debate.
First, the Commission welcomes the idea of exploring how to widen the net of our transactions. In this context, elements inspired by the issuance principle should certainly be discussed. We believe, however, that this approach should be limited to instruments with a clear link to EU territory.
Secondly, the Commission is not opposed to making the legal enforceability of a transaction conditional on the payment of the tax. However, the Commission does not see a reason to act at EU level. Member States should decide how to achieve this.
Thirdly, the Commission would not support the exemption of UCITS and pension funds. We have defined a broad-based approach for tax neutrality, to avoid distortions of competition and to encourage long-term ‘conservative’ investments. The impact of the tax on pension funds should not be overstated.
Fourthly, although a step-by-step approach could be considered if necessary, I do not believe this should be modelled on the UK stamp duty. That tax has too limited a scope and leaves most transactions, and notably those of professional dealers, untaxed. With such an approach, we would not meet our policy objectives.
To conclude, I really appreciate the strong support for this proposal that we have seen from the European Parliament up to now. I hope that I can rely on your continued support in making this tax a reality in Europe."@en1
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