Local view for "http://purl.org/linkedpolitics/eu/plenary/2017-01-18-Speech-3-172-000"
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"en.20170118.19.3-172-000"2
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"Mr President, as the Presidency said, this is a complex and very long issue in terms of the length of time it has taken to bring a proposal – it is now over six years since 2011 – and I think it is fair to say also that there is a fair degree of scepticism about how operational this tax is, actually, within the ten Member States. It is also fair to say that since 2011 the percentage share of tax that has come into the EU from the corporate sector has increased – much of it as a consequence of the OECD agenda. I was glad to hear the Presidency refer to the fact that those Member States not participating in the Financial Transaction Tax (FTT) proposal would also have their views heard and listened to.
From my perspective, there are three major problems with this. One is displacement: if you have a system where there is a tax in some financial centres and not in others, that will lead to displacement and could actually lead to an unintended consequence in terms of money going offshore. But secondly, there is a real concern in my own Member State about the secondary debt markets, as to the negative impact that this could have in terms of increased liquidity and also in terms of reduced investor demand.
My final remark is this. In my country, we have a financial transaction tax. It is a 1% stamp duty on the transaction of shares with incorporated Irish businesses. It took in half a billion last year. The Commission proposal is 0.1%. So here we have a situation where we would reduce the amount we are taking on share transactions if we went down this road, and that is why we have to think about this long and hard and make sure that Member States have regard to the views of other Member States."@en1
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