From the European Parliament green light to the transaction tax, the tax on financial transactions. With 487 votes in favour, 152 against and 46 abstentions, the MEPs meeting in Strasbourg endorsed the indications of the European Commission - which has always been a supporter of the instrument - by approving a resolution for the introduction of a 0,1% tax for stocks and bonds and 0,01% for derivatives. Compared to the idea of the community executive, the EU Parliament proposes to "add the 'principle of issue' to oblige even financial institutions based outside the transaction tax area to pay the tax, if they trade securities originally issued within the area". This, explains the rapporteur of the text, the Greek Anni Podimata (S&D), means that – just to give an example – shares of Siemens, originally issued in Germany and traded between a Hong Kong institution and one in New York would be still subject to the tax. This, with the proposal of the EU Commission, would not have allowed the application of the tax.
There are two strong points in the proposal approved by the Assembly of the European Parliament: the tax exemption for pension funds and the possibility of proceeding with the enhanced procedure if it is not possible to reach an agreement among the 27 members. The European parliamentarians have in fact envisaged continuing through the enhanced cooperation procedure (which allows a group of member countries to adopt common legislation) if it is not possible to reach an agreement to create a tax on financial transactions throughout the European Union. Again, the text does not ask that the resources derived from a tax on transactions be placed directly in the Community budget, but proposes that they be used to reduce the amount of national contributions to the EU budget. Finally, the resolution calls for the exemption of transactions carried out on the primary market (ie the purchase of securities by the issuing institution, at the time of their placing on the market). This, according to the MEPs, "should ensure that investments for the benefit of the real economy are not affected by the transaction tax".
"Since the European Union is the largest financial market, it is up to us to take the first step", comments the rapporteur of the text, Anni Podimata (S&D), according to whom “we cannot be held hostage by a handful of Member States”. For Podimata the introduction of the tax is more than necessary: “The decision not to let the financial sector participate more in the weight of the crisis would be a decision contrary to all political logic”, he adds. “We are elected to serve 500 million citizens, not a handful of financial operators with their lobbyists in tow.” The comments of the European Commission were immediate, with the person responsible for Taxation and the Customs Union. "I welcome the commitment of the European Parliament", the reaction of Algirdas Semeta. "Today's vote on the financial transaction tax is an opportunity that must be seized." An invitation to all insiders: the stages of the roadmap, underline from Strasbourg, those proposed by the Commission remain: 31 December 2013 deadline for the Member States to adopt the implementing laws and 31 December 2014 for the entry into force of these laws.
