Local view for "http://purl.org/linkedpolitics/eu/plenary/2012-05-23-Speech-3-077-000"

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"Mr President, I would have liked the Committee on Economic and Monetary Affairs to apply itself to defining the arrangements for a financial transaction tax more precisely than it has done in the last few months. That would have enabled it to avoid a fundamental contradiction, which has been detrimental to the text as a whole. How is it possible to start from a laudable intention, which is to curb financial speculation, considered so harmful, only to end up punishing the financial instruments aimed at collecting savings in the long term? That, however, is what the Podimata report is leading to at the moment by taxing undertakings for collective investment in transferable securities (UCITS) in the same way as other financial institutions. This treatment calls for two basic remarks to be made. The first is that the text’s rapporteur seems to be aware of the problem of coherence, as pension funds were finally excluded from the scope of the proposed directive. If that is the case, however, the reasoning must be carried through to its logical conclusion, since the vast majority of pension funds invest in collective investment funds. Therefore, I have to say to my fellow Members, ‘More effort is needed, ladies and gentlemen, if you want to adopt a coherent approach’. Secondly – and this is the most serious point – to treat the different financial institutions equally in fact amounts to introducing intolerable inequality. Investment funds are, by their very nature, constantly required to carry out transactions on their portfolio. That is why they exist. To tax each transaction in the same way as high-frequency trading is to introduce cascading taxes that are so disadvantageous that the European funds industry would be condemned in the face of competition from third countries, which are already rejoicing. I do not think we can condone this. I therefore ask you to support the February amendment concerning this exemption."@en1
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