The introduction of a financial transaction tax: Belgian, European and international initiatives.

Wouter Van Der Veken
Persbericht

The introduction of a financial transaction tax: Belgian, European and international initiatives.

De financiële transactietaks: opgepast voor de details

Wist u dat, naar schatting, ongeveer 45-50% van het totale volume van de aandelenhandel op de grote Amerikaanse beurzen niet rechtstreeks voortvloeit uit menselijke beslissingen, maar uit beursorders geplaatst door ingewikkelde computerprogramma's? Hoewel de cijfers voor de Europese beurzen lager liggen, is de algoritmische handel of "flitshandel" er zeker niet afwezig. Tegelijk worden financiële markten steeds meer overspoeld door -voor de niet-ingewijden- onbegrijpelijke financiële instrumenten. In de nasleep van de recente financiële crisis zorgden deze omstandigheden voor een politieke wedergeboorte van de financiële transactietaks of "FTT". Een mogelijke introductie loopt echter stroef en de vele heilige huisjes komen het debat niet ten goede.

Een belasting in vele vormen

Tien EU lidstaten, waaronder België, Frankrijk en Duitsland, onderhandelen momenteel over de invoering van een financiële transactietaks. Eerdere voorstellen op het niveau van de G20 en de gehele EU faalden. Doelstellingen zijn onder meer de banksector te laten bijdragen in de kosten van de crisis en speculatieve of risicovolle transacties duurder te maken. Na hevig verzet van sommige niet-deelnemende lidstaten, in het bijzonder het Verenigd Koninkrijk, is een politiek compromis veraf. Het is dan ook waarschijnlijk dat de belasting -als deze er nog komt- sterk zal verschillen van de eerste voorstellen.

Maar wat moeten we ons nu eigenlijk voorstellen bij een financiële transactietaks? Elke belasting op individuele transacties in de financiële sfeer zou onder de noemer kunnen vallen. Verschillende Zuid-Amerikaanse landen hebben bijvoorbeeld taksen op bepaalde banktransacties, zoals betalingen met kredietkaarten. Deze zijn in de huidige context echter geen FTT. In hoofdlijnen gaat het om belastingen op drie soorten transacties: deze waarbij een bepaald effect (bijvoorbeeld een aandeel of obligatie) wordt overgedragen, waarbij twee verschillende valuta (bijvoorbeeld euro en Britse pond) worden gewisseld of waarbij derivaten worden verhandeld. Onder deze laatsten vinden we talrijke soorten afgeleide producten die een onderliggende waarde reflecteren. Zo is het bijvoorbeeld mogelijk om te "beleggen" in een bepaald aandeel zonder het aan te kopen, maar door een derivatencontract te sluiten met een financiële instelling. De Europese FTT zou de eerste en laatste soort transacties belasten. Een beperking van dit toepassingsgebied lijkt echter waarschijnlijk.

De FTT is allesbehalve jong. Academische voorstellen zijn terug te leiden tot John M. Keynes in 1936. Het bekendste voorstel dateert uit de jaren '70 en is van de hand van de Amerikaanse Nobelprijswinnaar James Tobin. Deze verdedigde een lage belasting op valutatransacties om de handel in deze markten af te remmen. Speculatieve handel op korte termijn zou immers leiden tot grote schommelingen in de wisselkoersen. Tot Tobin's ongenoegen werd een variant van zijn idee sindsdien ingezet door andersglobalistische bewegingen in hun strijd tegen het mondiale kapitalisme.

Tezelfdertijd is de FTT geen louter academisch gegeven. Tientallen landen kennen of kenden belastingen op financiële transacties. Twee voorbeelden zijn de Belgische taks op beursverrichtingen en de huidige Britse stamp duty reserve tax. Doorgaans moeten deze hoofdzakelijk de staatskas spijzen. Zweden is de historische uitzondering. Van 1984 tot 1991 experimenteerde het -onsuccesvol- met een FTT gericht op het verhinderen van speculatie. Recent hebben Frankrijk en Italië een FTT geïntroduceerd. Hoewel deze kaderen in de post-crisis mentaliteit, zijn ze technisch opvallend gelijkaardig aan traditionele beurstaksen.

Een goed idee?

Of de invoering van een FTT een goed of slecht idee is, is grotendeels afhankelijk van twee factoren: de rol die speculatie speelt in de markten en mogelijke schade die de taks zou kunnen toebrengen aan ons financieel-economische systeem. Over deze factoren bestaat echter allerminst overeenstemming tussen economen. De scriptie "The introduction of a financial transaction tax: Belgian, European and international initiatives" vermijdt dan ook het theoretische debat. Wel wil de studie aantonen dat een FTT alvast gedoemd is te mislukken zonder goede belastingtechnische vormgeving.

Bij de FTT geldt zonder twijfel het spreekwoordelijke "the devil is in the detail". Kleine defecten hebben vaak gigantische nadelige gevolgen, bijvoorbeeld omdat ze toelaten om de belasting massaal te ontwijken of omdat ze bepaalde transacties aantasten die wenselijk zijn vanuit maatschappelijk oogpunt. De scriptie analyseert de opties in technische vormgeving door te putten uit het grote arsenaal aan bestaande taksen en deze te vergelijken.

Deze analyse identificeert enkele zwakke punten in het ontwerp van de Europese FTT zoals dat vandaag voorligt. De FTT wordt in principe enkel verhaald op financiële instellingen. Toch is het om verschillende redenen niet denkbeeldig dat huishoudens en KMO's de belasting voor een groot deel zullen dragen. Bovendien bestaat de kans dat financiële instellingen een bepaald deel van hun handel verplaatsen naar een land waar lokale autoriteiten niet geneigd zijn om mee te werken met de belastingheffing. In die optiek is de FTT volgens tegenstanders een maat voor niets zolang niet alle EU landen én de belangrijkste financiële centra ter wereld samenwerken.

Hoewel we kunnen teruggrijpen naar de lessen uit het verleden om mogelijke valkuilen te omzeilen, blijft de invoering van een FTT dus gepaard gaan met een flinke dosis onzekerheid.

Daar zijn de juristen

De problemen die de FTT ondervindt zijn niet enkel van praktische of politieke, maar ook van juridische aard. Zo is het niet geheel duidelijk of de Europese FTT wel conform het internationaal en Europees recht is.

Tegenstanders zien de FTT als grotesk illegaal. Voorstanders erkennen niet het geringste probleem. Aangezien er amper precedenten voorhanden zijn, is een definitief antwoord geven onmogelijk. Een grondige analyse toont echter aan dat de realiteit meer genuanceerd is dan beide kampen beweren. Het invoeren van een FTT is op zich niet noodzakelijk illegaal. Dit betekent echter niet dat een aantal specifieke kenmerken dit niet zouden kunnen zijn. Zo stelt de scriptie bijvoorbeeld dat het belasten van transacties in valuta's meer problemen oplevert dan voorstanders denken. Ook zijn er verschillende elementen in het Commissievoorstel die mogelijk het vrij verkeer van kapitaal schenden.

Opnieuw is de concrete fiscaaltechnische vormgeving cruciaal. Naast het algemene "wel of geen FTT?", moet de vraag dus ook luiden "welke FTT?". Het onderwerp is momenteel echter sterk gepolitiseerd en verschillende belangen boksen tegen elkaar op. Het is twijfelachtig of een genuanceerd debat wel nog tot de mogelijkheden behoort. 

Bibliografie

 

I          Legislative acts / proposals

 

International

 

Statute of the International Court of Justice.

 

EU

 

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Directive Parl. No. 2002/47/EC, 6 June 2002 on financial collateral arrangements, OJ. L. 27 June 2002, 168, 43.

 

Directive Parliament No. 2004/39/EC, 21 April 2004 on markets in financial instruments amending Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC, OJ. L. 30 April 2004, 145, 1.

 

Directive Council No. 2006/112/ EC, 28 November 2006 on the common system of value added tax, OJ. L. 11 December 2006, 347, 1.

 

Directive Council No. 2008/7/EC, 12 February 2008 concerning indirect taxes on the raising of capital, OJ. L. 21 February 2008, 46, 11.

 

Directive Council No. 2010/24/EU, 16 March 2010 concerning mutual assistance for the recovery of claims relating to taxes, duties and other measures, OJ. L. 31 March 2010, 84, 1.

 

Directive Council No. 2011/16/EU, 15 February 2011 on administrative cooperation in the field of taxation and repealing Directive 77/99/EEC, OJ. L. 11 March 2011, 64, 1.

 

Regulation Parliament, No 236/2012, 14 March 2012 on short selling and certain aspects of credit default swaps, OJ. L. 24 March 2012, 86, 1.

 

Regulation Parliament No. 648/2012, 4 July 2012 on OTC derivatives, central counterparties and trade repositories, OJ. L. 27 July 2012, 201, 1.

 

Decision Council No. 2013/52/EU, 22 January 2013 authorising enhanced cooperation in the area of financial transaction tax, OJ. L. 25 January 2013, 22, 1.

 

Amended Proposal for a Council Directive relating to indirect taxes on transactions in securities, COM(87) 139.

 

Proposal for a Council Directive on a common system of financial transaction tax and amending Directive 2007/7EC, COM(2011) 549 final.

 

Proposal for a Regulation of the European Parliament and of the Council on improving securities settlement in the European Union and on central securities depositories (CSDs) and amending Directive 98/26/EC, COM(2012) 73 final.

 

Proposal for a Council Directive implementing enhanced cooperation in the area of financial transaction tax, COM(2013) 71 final.

 

Explanatory Memorandum with the Proposal for a Council Directive implementing enhanced cooperation in the area of financial transaction tax, COM(2013) 71 final, 15 p.

 

Proposal for a Regulation of the European Parliament and of the Council on reporting and transparency of securities financing transactions, COM(2014) final.

 

Explanatory Memorandum Proposal for a Regulation of the European Parliament and of the Council on reporting and transparency of securities financing transactions, COM(2014) 40 final, 8 p.

 

Position of the European Parliament adopted at first reading on 15 April 2014 with a view to the adoption of Regulation (EU) No .../2014 of the European Parliament and of the Council on markets in financial instruments and amending Regulation (EU) No 648/2012, P7_TC1-COD(2011)0296.

 

National

 

Wet tot invoering van een heffing op omwisselingen van deviezen, bankbiljetten en munten, Belgian Official Gazette 24 December 2004, 85760 et seq. (Law on foreign exchange taxation) (BE).

 

Wetboek van de BTW (BE).

 

Wetboek Diverse Rechten en Taksen (WDRT) (BE).

 

Wetboek van Vennootschappen (Companies Code) (BE).

 

Code général des impôts (CGI) (FR).

 

Stamp Duties Consolidation Act 1999 (SDCA 1999) (IE).

 

L. 24 December 2012, n. 228 (IT).

 

Resolution CONSOB No. 18494, 13 March 2013, www.consob.it/mainen/documenti/english/resolutions/res18494.htm.

 

Stamp Duties Act (Chapter 312) (2006 revised edition) (SG).

 

Securities Transfer Tax Act, 25 of 2007 (ZA).

 

Bundesgesetz vom 27. Juni 1973 über die Stempelabgaben, AS 1974, 11 ff (StG) (CH).

 

Finance Act 1986 (UK).

 

Finance Act 1991 (UK).

 

Finance Act 2000 (UK).

 

Stamp Act 1891 (UK).

 

H.R. 1068 (111th): Let Wall Street Pay for Wall Street's Bailout Act of 2009 (US).

 

 

II         Preparatory works, documents, communications, etc. from governmental or international entities

 

BIS, "Payment, clearing and settlement systems in the CPSS countries - Volume 2", November 2012, 544 p.., www.bis.org/publ/cpss105.pdf.

 

BIS, "Principles for financial market infrastructures", April 2012, 182 p.., www.bis.org/publ/cpss101a.pdf.

 

BIS, "Recommendations for Central Counterparties", March 2004, 11, 49 p., www.bis.org/publ/cpss61.pdf.

 

BIS, "Strengthening repo clearing and settlement arrangements", September 2010, 59 p., www.bis.org/publ/cpss91.pdf.

 

Commission Services, "Response to the opinion of the Legal Service of the Council on the legality of the counterparty-based deemed establishment of financial institutions (Article 4(1) point f) of the FTT proposal COM(2013) 71 final)", 19 p., available at http://www.openeurope.org.uk/Content/Documents/Pdfs/FTTECLegalOpinion.p….

 

Directorate General of Public Finances, "TCA - Taxe sur les transactions financières", 15 January 2014, http://bofip.impots.gouv.fr/bofip/7570-PGP.html.

 

Dutch House of Representatives, "Voorstel van wet van het lid De Grave tot wijziging van de Wet op belastingen van rechtsverkeer (afschaffing beursbelasting)", 1989-1990, 5 p., http://resourcessgd.kb.nl/SGD/19891990/PDF/SGD_19891990_0005221.pdf.

 

EC, "FTT - Non-technical answers to some questions on core features and potential effects", 7 p., http://ec.europa.eu/taxation_customs/resources/documents/taxation/other….

 

EC, "Green Paper: Shadow Banking", COM(2012) 102 final, 14 p., http://ec.europa.eu/internal_market/bank/docs/shadow/green-paper_en.pdf.

 

EC, "How the FTT works in specific cases and other questions and answers", 59 p., http://ec.europa.eu/taxation_customs/resources/documents/taxation/other….

 

EC, "Impact Assessment accompanying the document Proposal for a Council Directive on a common system of financial transaction tax and amending Directive 2008/7/EC", COM(2011) 594 final, 1223 p., http://ec.europa.eu/taxation_customs/taxation/other_taxes/financial_sec….

 

EC, "Impact Assessment accompanying the document Proposal for a Council Directive implementing enhanced cooperation in the area of financial transaction tax: Analysis of policy options and impacts", 14 February 2013, 70 p., http://ec.europa.eu/taxation_customs/resources/documents/taxation/swd_2….

 

EC, "Legality of the "counter-party principle" laid down in Article 4(1)(f) of the Commission Proposal for a Council Directive implementing enhanced cooperation in the area of FTT - COM(2013) 71 final of 14 February 2013", 3 p., http://ec.europa.eu/taxation_customs/resources/documents/taxation/other….

 

EC, "Report from the Commission to the Council and the European Parliament on the use of the provisions on mutual assistance for the recovery of claims relating to certain levies, duties, taxes and other measures in 2005-2008", COM(2009), 8 p., http://ec.europa.eu/taxation_customs/resources/documents/common/whats_n….

 

EC, "Statement in Intervention in Case C-209/13 United Kingdom of Great Britain and Northern Ireland against Council of the European Union", 21 October 2013, 41-46, available at http://www.steuer-gegen-armut.org/fileadmin/Dateien/Kampagnen-Seite/Unt….

 

EC, "Taxation of the financial sector", COM(2010) 549 final, 8 p., http://ec.europa.eu/taxation_customs/resources/documents/taxation/com_2….

 

ECB, "Opinion of the European Central Bank at the request of the Belgian Ministry of Finance on a draft law introducing a tax on exchange operations involving foreign exchange, banknotes and currency", 4 November 2004 7 p., https://www.ecb.europa.eu/ecb/legal/pdf/en_con_2004_34_f_sign.pdf.

 

ECB, "Oversight Standards for Euro Retail Payment Systems", June 2003, 8 p., www.ecb.europa.eu/pub/pdf/other/retailpsoversightstandardsen.pdf?e22ebf….

 

ESMA, "Guidelines: Exemption for market making activities and primary market operations under Regulation (EU) 236/2012 of the European Parliament and the Council on short selling and certain aspects of Credit Default Swaps", 2013/74, 24 p., www.esma.europa.eu/system/files/2013-74.pdf.

 

HMRC, "Abolition of stamp duty and stamp duty reserve tax: securities admitted to trading on recognised growth markets", 17 March 2012, 6 p., www.hmrc.gov.uk/so/abolition-stamp-duty-and-sd-reserve-tax.pdf.

 

HMRC, "Abolition of stamp duty reserve tax applied to collective investment schemes", 11 p., 2014, www.gov.uk/government/uploads/system/uploads/attachment_data/file/26446….

 

HMRC, "SDRT - HSBC Holdings PLC and the Bank of New York Mellon Corporation v HMRC: First-Tier Tax Tribunal decision - further announcement", 5 p., www.hmrc.gov.uk/so/sdrt-hsbc-holdings.pdf.

 

HMRC, "Stamp Duty and Stamp Duty Reserve Tax: Intermediary and Stock Lending Reliefs - FA 2007 Changes", 2007, 13 p., www.hmrc.gov.uk/so/sdrt-guidance-mifid.pdf.

 

HMRC, "Stamp Taxes Manual", 2001, 340 p., www.hmrc.gov.uk/so/manual.pdf.

 

House of Commons (Canada), "House of Commons Debates Official Report", 23 March 1999, 13265-13428., www.parl.gc.ca/content/hoc/House/361/Debates/202/han202-e.pdf.

 

House of Lords, "Financial Transaction Tax: Alive and deadly - Evidence", December 2013, 35 p., www.parliament.uk/documents/lords-committees/eu-sub-com-a/FTTAliveandde….

 

House of Lords, "Financial Transaction Tax: Alive and deadly", December 2013, 20 p., www.publications.parliament.uk/pa/ld201314/ldselect/ldeucom/86/86.pdf.

 

IMF, "A fair and Substantial Contribution By The Financial Sector", June 2010, 74 p., www.imf.org/external/np/g20/pdf/062710b.pdf.

 

IMF, "Financial Sector Taxation: the IMF's Report to the G-20 and Background Material", September 2010, 191 p., www.imf.org/external/np/seminars/eng/2010/paris/pdf/090110.pdf.

 

Inland Revenue Department Hong Kong, "Relief for Stock Borrowing and Lending Transactions", 2011, 35 p., www.ird.gov.hk/eng/pdf/e_soipn02.pdf.

 

Italian Ministry of Economics and Finance, "Financial Transaction Tax (Derivative Instruments and Other Securities)", 9 p., www.finanze.gov.it/export/download/novita2013/FAQ_FTT_Derivati_23_8_201….

 

Legal Service of the Council, "Legality of the counterparty-based deemed establishment of financial institutions (Article 4(1) point f) of the Proposal", 6 September 2013, 14 p., available at http://daskapital.nl/images/other/RvE-transactietaks-oordeel.pdf.

 

Legal Service of the Council of the EU, "Proposal for a Council Directive implementing enhanced cooperation in the area of financial transaction tax (FTT) - compatibility with the Treaty provisions of the inclusion of spot currency transactions within the scope of the proposal", 14 March 2014, 10 p., available at http://blogs.ft.com/brusselsblog/files/2014/03/CLS-Opinion-FX.pdf.

 

National Treasury Republic of South Africa, "Budget Review 2012", 22 February 2012, 216 p., www.treasury.gov.za/documents/national%20budget/2012/review/FullReview….

 

Revenue Commissioners, "Finance Act 2007 - Stamp Duty on Transfers of Irish Securities: New Reliefs for Certain Market Participants - Intermediary Relief - Central Counterparty Relief", August 2007, 17 p., www.revenue.ie/en/practitioner/law/notes-for-guidance/stamp-duty/archiv….

 

 

III       Case Law

 

Permanent Court of International Justice

 

PCIJ, The Case of the S.S. "Lotus" (France v Turkey), PCIJ Series A, n° 10, 1927.

 

Court of Justice of the European Union

 

CJEU C-8/74, Procureur du Roi v B. and G. Dassonville, E.C.R. 1974, 837.

 

CJEU C-120/78, Rewe-Zentral AG v Bundesmonopolverwaltung für Branntwein, E.C.R. 1979, 649.

 

CJEU C-95/81, Commission v Italy, E.C.R. 1982, 2187.

 

CJEU C-286/82 and C-26/83, Luisi and Carbone v Ministero del Tesoro, E.C.R. 1984, 377.

 

CJEU C-47/88, Commission v Denmark, E.C.R. 1990, I, 4509.

 

CJEU C-76/90, M. Säger v Dennemeyer & Co. Ltd, E.C.R. 1991, I, 4239.

 

CJEU C-19/92, D. Kraus v Baden-Württemberg, E.C.R. 1993, I, 1689.

 

CJEU C-109/92, S.M. Wirth v Landeshauptstadt Hannover, E.C.R. 1993, I, 6464.

 

CJEU C-358/93 and C-416/93, Criminal proceedings against A. Bordessa and V. Mari Mellado and C. Barbero Maestre, E.C.R. 1995, I, 376.

 

CJEU C-484/93, Svensson and Gustavsson v Ministre du Logement et de l'Urbanisme, E.C.R. 1995, I, 3971.

 

CJEU C-55/94, Reinhard Gebhard v Consiglio dell'Ordine degli Avvocati e Procurati di Milano, E.C.R. 1995, I, 4165.

 

CJEU C-250/95, Futura Participations SA and Singer v Administration des contributions, E.C.R. 1997, I, 2471.

 

CJEU C-172/96, Commissioners of Customs and Excise v First National Bank of Chicago, E.C.R. 1998, I, 4413.

 

CJEU C-222/97, Manfred Trummer and Peter Mayer, E.C.R. 1999, I, 1661.

 

CJEU C-302/97, Konle v. Austria, E.C.R. 1999, I, 3099.

 

CJEU C-439/97, Sandoz GmbH v Finanzlandesdirektion fürWien, Niederösterreich und Burgenland, E.C.R. 1999, I, 7066.

 

CJEU C-55/98, Skatteministeriet v Vestergaard, E.C.R. 1999, I, 7657.

 

CJEU C-54/99, Association Eglise de Scientologie de Paris and Scientology International Reserves Trust v The Prime Minister, E.C.R. 2000, I, 1361.

 

CJEU C-35/98, Staatssecretaris van Financiën v B.G.M. Verkooijen, E.C.R. 2000, I, 4071.

 

CJEU C-478/98, Commission v Belgium, E.C.R. 2000, I, 7587.

 

CJEU C-294/97, Eurowings Luftverkehrs v Finanzamt Dortmunt-Unna, E.C.R. 1999, I, 7447.

 

CJEU C-141/99, Algemene Maatschappij voor Investering en Dienstverlening NV (AMID) v Belgische Staat, E.C.R. 2000, I, 11619.

 

CJEU C-377/98, the Netherlands v Parliament and Council, E.C.R. 2001, I, 7079.

 

CJEU C-17/00, F. De Coster v Collège de bourgmestre et échevins de Watermael-Boitsfort, E.C.R. 2001, I, 9445.

 

CJEU C-279/00, Commission v Italy, E.C.R. 2002, I, 1446.

 

CJEU C-367/98, Commission v Portugal, E.C.R. 2002, I, 4731.

 

CJEU C-324/00 Lankhorst-Hohorst GmbH v Finanzamt Steinfurt, E.C.R. 2002, I, 11779.

 

CJEU C-385/00, F.W.L. de Groot v Staatssecretaris van Financiën, E.C.R. 2002, I, 11819.

 

CJEU C-388/01, Commission v Italy, E.C.R. 2003, I, 721.

 

CJEU C-355/00, Freskot AE v Elliniko Dimosio, E.C.R. 2003, I, 5287. 

 

CJEU C-383/01, De Danske Bilimportører v Skatteministeriet, E.C.R. 2003, I, 6065.

 

CJEU C-168/01, Bosal Holding BV v Staatssecretaris voor Financiën, E.C.R. 2003, I, 9409.

 

CJEU C-415/02, Commission v. Belgium, E.C.R. 2004, I, 7228.

 

CJEU C-334/02, Commission v France, E.C.R. 2004, I, 2229.

 

CJEU C-315/02, Anneliese Lenz v Finanzlandesdirektion für Tirol, E.C.R. 2004, I, 7063.

 

CJEU C-319/02, Petri Manninen, E.C.R. 2004, I, 7477.

 

CJEU C-134/03, Viacom Outdoor v Giotto Immobilier, E.C.R. 2005, I, 1167.

 

CJEU C-334/02, Commission v France, E.C.R. 2005, I, 2229.

 

CJEU C-544/03 and C-545/03, Mobistar v Commune de Fléron and Belgacom v Commune de Schaerbeeck, E.C.R. 2005, I, 7723.

 

CJEU C-66/04, United Kingdom v Parliament and Council, E.C.R. 2005, I, 10553.

 

CJEU C-436/03, Parliament v Council, E.C.R. 2006, I, 3754.

 

C-217/04, United Kingdom v Parliament, E.C.R. 2006, I, 3789.

 

CJEU-452/04, Fidium Finanz v Bundesanstalt für Finanzdienstleistungsaufsicht, E.C.R. 2006, I, 9521.

 

CJEU 290/04, Scorpio Konzertproduktionen v Finanzamt Hamburg-Eimsbüttel, E.C.R. 2006, I, 9641.

 

CJEU C-433/04, Commission v Belgium, E.C.R. 2006, I, 10653.

 

CJEU C-513/04, Mark Kerckhaert and Bernadette Morres v Belgische Staat, E.C.R. 2006, I, 10967.

 

CJEU C-524/04, Test Claimants in the Thin Cap Group Litigation v Commissioners of Inland Revenue, E.C.R. 2007, 2157.

 

CJEU C-492/04, Lasertec Gesellschaft für Stanzformen mbH v Finanzamt Emmendingen, E.C.R. 2007, I, 3775.

 

CJEU C-178/05, Commission v Greece, E.C.R. 2007, I, 4185.

 

CJEU C-466/03, Albert Reiss Beteiligungsgesellschaft v Baden-Württemberg, E.C.R. 2007, I, 5357.

 

CJEU 194/06, Staatssecretaris van Financiën v Orange European Smallcap Fund BV, E.C.R. 2008, I, 3747.

 

CJEU C-377/07, Finanzamt Speyer-Germersheim v STEKO Industriemontage GmbH, E.C.R. 2009, I, 299.

 

CJEU C-155/08 and C-157/08, X and E.H.A. Passenheim-van Schoot v Staatssecretaris van Financiën, E.C.R. 2009, I, 5093.

 

CJEU C-128/08, Jacques Damseaux v Belgische Staat, E.C.R. 2009, I, 6823.

 

CJEU C-569/07, HSBC Holdings plc and Vidacos Nominees Ltd v HMRC, E.C.R. 2009, I, 9047.

 

CJEU C-168/08, Presidente del Consiglio dei Ministri v Regione Sardegna, E.C.R. 2009, I, 10821.

 

CJEU C-53/09 and C-55/09, HMRC v Loyalty Management and Baxi Group, E.C.R. 2010, I, 9187.

 

CJEU C-366/10, Air Transport Association of America et al. v Secretary of State for Energy and Climate Change, E.C.R. 2011, I, 13755.

 

CJEU C-372/10, Pak-Holdco sp. Z o.o. v. Director of the Tax Chamber in Poznan, not yet published.

 

CJEU C-270/12, United Kingdom v Parliament and Council, not yet published.

 

CJEU C-296/12, Commission v Belgium, not yet published.

 

CJEU C-209/13, United Kingdom v Council, not yet published.

 

Opinions of the Advocate General for the Court of Justice of the European Union

 

Opinion of Advocate General Jacobs in CJEU C-384/93, E.C.R. 1995, I, 1144.

 

Opinion of Advocate General Ruiz-Jarobo Colomer in CJEU C-17/00, E.C.R. 2001, I, 9486.

 

First Tier Tribunal (Tax Chamber) United Kingdom

 

First Tier Tribunal (Tax Chamber) UK 28 February 2012, no. TC/2009/16584, par. 320 et seq., www.bailii.org.

 

IV        Doctrine

 

(Contributions in) books

 

American Law Institute, Restatement of the Law (Third): Foreign Relations Law of the United States, American Law Institute Publishers, 1987.

 

Bammens, N., The Principle of Non-discrimination in International and European Tax Law, Amsterdam, IBFD, 2012, 1130 p.

 

Barnard, C., The Substantive Law of the EU: The Four Freedoms, New York, Oxford University Press, 2007, 2482 p.

 

Campbell, J.Y. and Froot, K.A., "International Experiences with Securities Transaction Taxes" in J.A. Frankel (ed.), The Internalization of Equity Markets, Chicago, University of Chicago Press, 1994, 277-308.

 

Chisholm, A.M., Derivatives Demystified: A Step-by-Step Guide to Forwards, Futures, Swaps and Options, Second Edition, Chichester, John Wiley & Sons, 2010, 288 p.

 

Cordewener, A., Europäische Grundfreiheiten und nationales Steuerrecht: "Konvergenz" des Gemeinschaftsrechts und "Kohärenz" der direkten Steuern in der Rechtsprechung des EuGH, Cologne, Verlag Dr. Otto Schmidt, 2002, 1136 p.

 

Couturier, J.J., Peeters, B. and Plets, N. Belgisch belastingrecht (in hoofdlijnen), Maklu, Antwerp, 2012, 1264 p.

 

Douma, S. Optimization of Tax Sovereignty and Free Movement, Amsterdam, IBFD, 2011, 340 p.

Friedman, M., "Essays in Positive Economics", Chicago, University of Chicago Press, 1953, 334 p.

 

Hautcoeur, P.C. (ed.), Le marché financier français au XIXe siècle Volume 1. Récit, Paris, Publications de la Sorbonne, 2007, 640 p.

 

Henkow, O., "The FTT Proposal - An Overview of Legal Issues Arising" in O. Marres and D. Weber (eds.), Taxing the Financial Sector: Financial Taxes, Bank Levies and More, Amsterdam, IBFD, 2012, 1-24.

 

Isenbaert, M., EC Law and the Sovereignty of the Member States in Direct Taxation, Amsterdam, IBFD Publications BV, 2010, 904 p.

 

Kabir, R., "Corporate Financing in the Netherlands" in L. Renneboog (ed.), Advances in Corporate Finance and Asset Pricing, Amsterdam, Elsevier, 2006, 365-380.

 

Keynes, J.M., The General Theory of Employment, Interest and Money, New Delhi, Atlantic, 2008, 400 p. (originally published London, MacMillan, 1936, 472 p.).

 

Larking, B., "Overview of Existing National Taxation of the Financial Sector" in O. Marres and D. Weber (eds.), Taxing the Financial Sector, Amsterdam, IBFD, 2012, 35-52.

 

Lenaerts, K. and Arts, D., Europees Procesrecht, Antwerp, Maklu, 2003, 605 p.

 

Matheson, T., "Financial Sector Taxation and the Ongoing Financial Crisis" in O. Marres and D. Weber, Taxing the Financial Sector, Amsterdam, IBFD, 2012, 203-211.

 

Peters, M.J., "Capita Selecta of the Financial Transaction Tax Proposed under Council Directive 2011/594" in O. Marres and D. Weber (eds.), Taxing the Financial Sector: Financial Taxes, Bank Levies and More, Amsterdam, IBFD, 2012, 25-34.

 

Pfeil, T., Op Gelijke Voet: De geschiedenis van de Belastingsdienst, Deventer, Kluwer, 2009, 591 p.

Samoy, I., Middellijke vertegenwoordiging, Antwerp-Oxford, Intersentia, 2005, 762 p.

 

Schammo, P., EU Prospectus Law. New Perspectives on Regulatory Competition in Securities Markets, Cambridge, Cambridge University Press, 2011, 416 p.

 

Smit, D.S., "The Financial Transaction Tax and the TFEU Freedoms" in O. Marres and D. Weber, Taxing the Financial Sector: Financial Taxes, Bank Levies and More, Amsterdam, IBFD, 2012, 121-141.

 

van der Paardt, R., "FTT and VAT" in O. Marres and D. Weber, Taxing the Financial Sector, Amsterdam, IBFD, 2012, 151-164.

 

Contributions in journals

 

Brow, G. G. B., , "The Tobin Tax: Turning Soros into Plowshares?", Transnational Law & Contemporary Problems 1999, 345-398.

 

Chatterjee, R.R., "Dictionaries Fail: The Volcker Rule's Reliance on Definitions Renders It Ineffective And A New Solution Is Needed To Adequately Regulate Proprietary trading", International Law & Management Review 2011, 33-62.

 

Cortez, B. and Vogel, T., "A Financial Transaction Tax for Europe", EC Tax Review 2012, 16-29.

 

de La Mettrie, L., Songnaba, P. and Murre, D., "The European financial transaction tax: the new reality", Derivatives & financial instruments 2013, 71-79.

 

Denys, L.A., "Is de belasting op financiële transacties (Tobintaks) in strijd met het Europese vrije kapitaalverkeer?", AFT 2001, 304-311.

 

Denys, L.A., "Why a Financial Transaction Tax", EC Tax Review 2012, 2-4.

 

Dietlein, G., "National Approaches towards a Financial Transaction Tax and Their Compatibility with European Law", EC Tax Review 2012, 207-211.

 

Englisch, J., Vella, J. and Yevgenyeva, A., "The Financial Transaction Tax Proposal Under the Enhanced Cooperation Procedure: Legal and Practical Considerations", British Tax Review 2013, 223-259.

 

González-Barreda, P.A.H., "On the European Way to a Financial Transaction Tax under Enhanced Cooperation: Multi-speed Europe or Shortcut?", Intertax 2013, 208-229.

 

Grubert H., and Krever, R., "VAT and Financial Services: Competing Perspectives on What Should Be Taxed", Tax Law Review 2012, 199-239.

 

Hakkio, C.S., "Should we throw Sand in the Gears Of Financial Markets?", Federal Reserve Bank of Kansas City Economic Review 1994, 17-30, http://www.kansascityfed.org/publicat/econrev/pdf/2q94hakk.pdf.

 

Henkow, O., "The Commission's Proposal for a Common System of Financial Transaction Tax: A Legal Appraisal", EC Tax Review 2012, 5-16.

 

Inwinkl, P. and Haag, G., "Currency Transaction Tax and Its Conformity with the Free Movement of Capital and Monetary Policy", StuW 2012, 10-17.

 

Kavelaars, P., "Bank Taxes in Forms and Sizes: EC opts for FTT", Intertax 2012, 400-413.

Mayer, F.C. and Heidfeld, C., "Europarechtliche Aspekte einer Finanztransaktionsteuer", EuZW 2011, 373-378.

 

Page, R. T., "Foolish Revenge or Shrewd Regulation? Financial-Industry Tax Law Reforms Proposed in the Wake of the Financial Crisis", Tulane Law Review 2010-2011, 191-214.

 

Pollin, R., and Heintz, J., "Evaluation of a Proposal to Reinstate the New York Stock Transfer Tax", Challenge 2003, 71-105, www.peri.umass.edu/fileadmin/pdf/ftt/Pollin-Heintz--Financial_Transacti….

 

Salvadori di Wiesenhoff, V. and Egori, R., "2013 Italian Financial Transaction Tax", Derivatives and financial instruments 2013, 48-63.

 

Schäfer, D., "Financial Transaction Tax Contributes to More Sustainability in Financial Markets", Intereconomics 2012, 76-83.

 

Schulmeister, S., "A General Financial Transactions Tax: Strong Pros, Weak Cons", Intereconomics 2012, 84-89.

 

Schwert, G.W., and Seguin, P.J., "Securities Transaction Taxes: An Overview of Costs, Benefits and Unresolved Questions", Financial Analysts Journal 1993, 27-35.

 

Snell, J., "Non-Discriminatory Tax Obstacles in Community Law", International and Comparative Law Quarterly 2007, 339-370.

 

Summers, L.H. and Summers, V.P., "When Financial Markets Work Too Well: A Cautious Case For a Securities Transactions Tax, Journal of Financial Services Research 1989, 261-286.

 

Tobin, J., "Proposal for International Monetary Reform", Eastern Economic Journal 1978, 153-159, http://college.holycross.edu/eej/Volume4/V4N3_4P153_159.pdf.

 

Usher, J.A., "The Evolution of the Free Movement of Capital", Fordham International Law Journal 2007, 1533-1570.

 

Van Liedekerke, L. and Cassimon, D., "Een werkbare belasting op internationale kapitaaltransacties", AFT 2000, 245-257.

 

Vella, J., "The Financial Transaction Tax Debate: Some Questionable Claims", Intereconomics 2012, 90-95.

 

Vella, J., Fuest, C. and Schmidt-Eisenlohr, T., "The EU Commission's Proposal for a Financial Transaction Tax", British Tax Review 2011, 607-621, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2026158.

 

Weatherill, S., "The limits of Legislative Harmonization Ten years after Tobacco Advertising: How the Court's Case Law has become a "Drafting Guide"", German Law Journal 2011, 827-864.

 

Working papers, proposals and similar documents

 

Anthony, J., Bijlsma, M., Elbourne, A., Lever, M., and Zwart, G., "Financial transaction tax: review and assessment", CPB Discussion Paper, 16 January 2012, 26 p., www.cpb.nl/publicatie/financi%C3%ABle-transactiebelasting-bespreking-en….

 

Beitler, D., "Raising Revenue: A review of Financial Transaction Taxes throughout the world", Report for Health Poverty Action and Stamp Out Poverty, September 2010, 35 p., http://www.healthpovertyaction.org/wp-content/uploads/downloads/2012/07….

 

Brondolo, J.D., "Taxing Financial Transactions: An Assessment of Administrative Feasibility", IMF Working Paper, August 2011, 51 p., www.imf.org/external/pubs/ft/wp/2011/wp11185.pdf.

 

Ryngaert, C., "Jurisdiction in International Law: United States and European Perspectives", Doctoral Thesis, 2007 , 879 p., https://lirias.kuleuven.be/bitstream/1979/911/2/doctoraat.pdf.

 

Cerulus, S., "Central Clearing for Credit Default Swaps - Efforts in the EU and the US to combat systemic risk through regulation", Master's thesis University of Louvain 2011, 107 p., http://ssrn.com/abstract=2173211.

 

Gray, J., Griffith-Jones, S., and Sandberg, J., "No Exemption: the Financial Transaction Tax and Pension Funds", Network for Sustainable Financial Markets Report, 2012, 8 p.

 

Griffith-Jones, S., and Persaud, A., "Financial Transaction Tax", Paper prepared for the Committee on Economic and Monetary Affairs of the European Parliament, 6 February 2012, 17 p., www.stephanygj.net/papers/FTT.pdf.

 

Kapoor, S., Hillman, D. and Spratt, S., "Taking the next step - Implementing a Currency Transaction Development Levy", Stamp Out Poverty, February 2007, 44 p., http://mpra.ub.uni-muenchen.de/4054/1/MPRA_paper_4054.pdf.

 

Leading Group, "How can we implement today a Multilateral and Multi-jurisdictional Tax on Financial Transactions", October 2011, 48 p., www.leadinggroup.org/IMG/pdf/Rapport_TTF_ANG_300112_bis.pdf.

 

Matheson, T., "Taxing Financial Transactions: Issues and Evidence", IMF Working Paper, March 2011, 48 p., www.imf.org/external/pubs/ft/wp/2011/wp1154.

 

Oxera, "Stamp duty: its impact and the benefits of its abolition", 2007, 37 p., www.oxera.com/Latest-Thinking/Publications/Reports/2007/Stamp-duty-its-….

 

Patomäki, H., "Global Tax Initiatives: The Movement for the Currency Transaction Tax", UN Research Institute for Social Development, 2007, 30 p., www.unrisd.org/80256B3C005BCCF9/(httpAuxPages)/5F5FC3415E8C94B0C125726B….

 

Pollin, R., Baker, D., and Schaberg, M., "Securities Transaction Taxes for US financial markets", University of Massachusetts Amherst PERI Working Paper, 2001, 44 p., http://scholarworks.umass.edu/cgi/viewcontent.cgi?article=1013&context=….

 

Schmidt, R., "A Feasible Foreign Exchange Transactions Tax", North-South Institute, March 1999, 23 p., www.ideaswebsite.org/pdfs/tobin_tax.pdf.

 

Schulmeister, S., "Boom-Bust Cycles and Trading Practices in Asset Markets, the Real Economy and the Effects of a Financial Transactions Tax", WIFO 2010, 24 p., http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1705628.

 

Schulmeister, S., Schratzenstaller, M., and Picek, O., "A General Financial Transaction Tax - Motives, Revenues, Feasibility and Effects", WIFO, 2008, 71 p., www.wifo.ac.at/jart/prj3/wifo/main.jart?content-id=1298017551022&publik….

 

Smets, F., "Evaluatie van de belasting op financiële transacties: Economische en budgettaire impact voor België", Belgian Federal Public Service Finance, October 2012, 63 p., www.docufin.fgov.be/intersalgnl/thema/publicaties/documenta/2012/BdocB_….

 

Spahn, P.B., "International Financial Flows and Transactions Taxes: Survey and Options", IMF Working Paper, June 1995, 58 p., http://papers.ssrn.com/sol3/papers.cfm?abstract_id=883208.

 

Tison, M., "Opinion note: The introduction of a FTT - some considerations from a legal perspective" in Leading Group, "How can we implement today a Multilateral and Multi-jurisdictional Tax on Financial Transactions - Technical notes: Draft version", October 2011, 16-18, https://biblio.ugent.be/input/download?func=downloadFile&recordOId=2004….

 

Tison, M., "Unravelling the General Good Exception. The case of Financial Services", University of Ghent Financial Law Institute Working Paper Series, 2000, 44 p., http://www.law.ugent.be/econr/fli/WP/wp2000-03.pdf.

 

V         Briefing papers, updates, etc. from professional entities

 

Allen & Overy, "Financial Transaction Tax: Sending shock waves through global financial services", 2013, 47 p., www.allenovery.com/SiteCollectionDocuments/Global%20Tax_FTT%20Brochure%….

 

Ashurst , "Stamp duty: Rates and thresholds", 20 November 2013", 4 p., www.ashurst.com/doc.aspx?id_Content=9253.

 

Citibank, "Hungarian Financial Transaction Tax", 4 December 2013, 8 p., www.citibank.com/transactionservices/home/about_us/online_academy/docs/…

Deloitte, "A round-up of FTT developments across Europe", 25 November 2013, 4 p., www.deloittelux-library.com/FTT/uk_en_fttnewsletter_26112013.pdf.

 

Euroclear, "Streamlined real-time settlement - Euroclear UK & Ireland's CREST system", 4 p., www.euroclear.com/dam/PDFs/Settlement/EUI/MA2740-CREST-settlement.pdf.

 

ICMA, "Collateral damage: the impact of the Financial Transaction Tax on the European repo market and its consequences for the financial markets and the real economy", 8 April 2013, 34 p., www.icmagroup.org/assets/documents/Regulatory/Repo/Collateral-damage---….

 

ICMA, "European repo market survey: Number 26 - conducted December 2013", January 2014, 48 p., www.icmagroup.org/Regulatory-Policy-and-Market-Practice/short-term-mark….

 

ICMA, "Frequently Asked Questions on Repo", 35 p., www.icmagroup.org/Regulatory-Policy-and-Market-Practice/short-term-mark….

 

KMPG, "Bank Levies - comparison of certain jurisdictions", June 2012, 16 p., www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/Documents….

 

KPMG, "Taiwan Tax Profile", 2013, 14 p., www.kpmg.com/Global/en/services/Tax/regional-tax-centers/asia-pacific-t….

 

PwC, "French Financial Transaction Tax on Equity Securities: Latest developments and practical implications for the market", 14 August 2012, 14 p., www.pwc.com/gx/en/financial-services/financial-transaction-taxes-timeli….

 

VI        Websites (last consulted May 2014)

 

Governmental websites

 

HMRC, "HMRC compliance checks into Stamp Duty Reserve Tax transactions", www.hmrc.gov.uk/sdrt/penalties/enquiries.htm.

 

HMRC, "How to pay Stamp Duty Reserve Tax", www.hmrc.gov.uk/payinghmrc/stamp-reserve.htm.

 

HMRC, "Penalties and appeals - Stamp Duty Reserve Tax", www.hmrc.gov.uk/sdrt/penalties/penalties-appeals.htm.

 

HMRC, "Relief from Stamp Duty in respect of documents effecting intra-group transfers of stock or marketable securities", www.hmrc.gov.uk/sd/reliefs/intra-group-relief.htm.

 

HMRC, "Stamp Duty Reserve Tax reliefs and exemptions", www.hmrc.gov.uk/sdrt/reliefs/reliefs-exemptions.htm.

 

IMF, "Cooperation and reconstruction (1944-71)", www.imf.org/external/about/histcoop.htm.

SARS, "Securities Transfer Tax", www.sars.gov.za/TaxTypes/STT/Pages/default.aspx.

 

SEC, "Section 31 Transaction Fees", www.sec.gov/answers/sec31.htm.

 

Other

 

Clearstream, "Portugal: Introduction of a Financial Transaction Tax (FTT): update", 3 January 2013, www.clearstream.com/ci/dispatch/en/cic/CIC/Annnouncements/ICSD/Marketfl….

 

Han, W., and Oh, H., "Introduction of derivatives transaction tax", Lexology, 21 August 2012, www.lexology.com/library/detail.aspx?g=36059fe6-32c2-4975-a5ea-df9808f1….

 

ICMA, "8. What is the difference between a repurchase agreement and a sell/buy-back?", www.icmagroup.org/Regulatory-Policy-and-Market-Practice/short-term-mark….

 

Investopedia, "Settlement risk", www.investopedia.com/terms/s/settlementrisk.asp.

 

KPMG, "Overview of taxes on financial transactions within the EU - Malta", www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/financial….

 

KPMG, "Overview of taxes on financial transactions within the EU", www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/financial….

 

National Stock Exchange of India, "Securities Transaction Tax", www.nseindia.com/products/content/derivatives/equities/sec_tranc_tax.htm.

 

Neocleous, "Changes to stamp duty with effect from 1 March 2013", 8 January 2013, www.neocleous.com/index.php?pageid=49&pageaction=neo&modid=102&newid=16….

 

Société Général Securities Services, "Financial Transaction Tax", www.securities-services.societegenerale.com/en/regulatory-watch/financi….

 

VII      Presentations / speeches

 

Bergmann, M., "FTT Speech: Can we go further than the current national rules? Legal aspects", 23 January 2014, http://ec.europa.eu/taxation_customs/resources/documents/taxation/other….

 

Chidambaram, P., "Budget 2013-2014: Speech of P. Chidambaram, Minister of Finance", 28 February 2013, 30 p., http://indiabudget.nic.in/ub2013-14/bs/bs.pdf.

 

Fuest, C., "The Financial Activities Tax (FAT) as a way forward?", Presentation at the Brussels Tax Forum, 28-29 March  2011, 10, http://ec.europa.eu/taxation_customs/resources/documents/taxation/gen_i….

 

Smet, P., "The (il)legality of the FTT", Presentation, 16 May 2013, 10 p., https://vbo-feb.be/Global/Events/16.05.13.Seminar%20FTT%20EU/(3)Smet_Al….

 

VIII     Press and columns

 

Aglionby, J., "Highlights of the German coalition agreement", FT, 27 November 2013, www.ft.com/intl/cms/s/0/43c76bda-573b-11e3-9624-00144feabdc0.html#axzz2….

 

Barker, A., "Eurozone divided over financial transaction tax deal", FT, 6 May 2014, http://www.ft.com/intl/cms/s/0/d8a5d630-d529-11e3-9187-00144feabdc0.htm….

 

Bisserbe, N., "French Experiment Shows Trouble with Tax on HFTs", Wall Street Journal Blog, 17 October 2013, http://blogs.wsj.com/moneybeat/2013/10/17/french-experiment-shows-troub….

 

De Witte, I., "Belegger betaalt geen beurstaks bij tal van buitenlandse brokers", De Tijd, 17 March 2012, 27.

 

Fleming, J., "Council, Commission lawyers in Mexican stand-off on FTT", EurActiv, 5 December 2013, www.euractiv.com/euro-finance/council-commission-lawyers-mexic-news-532….

 

Krugman, P., "Taxing the Speculators", New York Times, 26 November 2009, www.nytimes.com/2009/11/27/opinion/27krugman.html.

 

Puaar, A., "Italian stock trading falls 30% after FTT", Financial New, 23 April 2014, www.efinancialnews.com/story/2014-04-23/italian-stock-trading-dives-by-….

 

Reyns, J., "Prijsbreker omzeilt beurstaks", De Standaard, 10 April 2014, www.standaard.be/cnt/dmf20140409_01062026.

 

Steenackers, J., "De Beurstaks: inhouden of niet?", Knack, 6 July 2012, http://moneytalk.knack.be/economie/geld-en-beurs/dossiers/online-broker….

 

Watt, M., "South African tax ruling may just be stay of execution, brokers warned", Risk magazine, 3 October 2011, www.risk.net/risk-magazine/feature/2112197/south-african-tax-ruling-sta….

 

Wroughton, L., "G20 fails to endorse financial transaction tax", Reuters, 4 November 2011, www.reuters.com/article/2011/11/04/g20-tax-idUSN1E7A302520111104.

Universiteit of Hogeschool
Master of Laws in de Rechten
Publicatiejaar
2014
Kernwoorden
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