Local view for "http://purl.org/linkedpolitics/eu/plenary/2000-04-12-Speech-3-266"
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"en.20000412.10.3-266"2
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"Mr President, I would like to say first of all in this debate that we are expecting to see a proposal for a framework-directive very soon, which will guarantee the development of a genuine single market for supplementary pension funds under the second and third pillars, given that the first pillar, which covers all biometric risks, must remain the cornerstone of the European Union’s social protection system.
This directive must in particular establish a framework to remove obstacles to the free choice of a pension fund, to the free movement of people, to the free provision of services and to charging double taxes. We recommend a solution based on the principle that contributions should be tax-deductible, and that supplementary invested income should be taxed in accordance with the income tax law in force in the country of residence.
On the controversial issue of whether supplementary pension schemes should cover biometric risks, I wish to state that from the point of view of taxation, pension funds that do not cover these risks will not be discriminated against in relation to those that do. With regard to prudential regulation, this should not be disproportionate, so that the security of the fund is guaranteed. That covers the general framework. I am grateful to the Committee on Economic and Monetary Affairs for having included all the relevant conclusions of the Committee on Women’s Rights and Equal Opportunities in the motion for a resolution.
I now come to the report by Mr García-Margallo y Marfil. With regard to the action plan which seeks to deepen the internal financial services market, I would like to issue a warning about certain strategists who are attempting to hold the liberalisation of the financial services sector hostage, because the work that has been undertaken on the taxation of savings has not made the progress they would have wanted. As matters currently stand, we should remember that a single market for capital and financial services can function perfectly well without tax harmonisation.
Faced with proposals that confuse ambition and reality, I wish to emphasise that establishing a European Committee for stock exchange operations is certainly not the number one priority and, as I have no speaking time left, Mr President, I will give an explanation of vote tomorrow to say the rest of what I still wanted to say, because as draftsperson of the Committee’s opinion and as a speaker on the second report, it is really impossible to say everything in two minutes."@en1
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