Financial Transaction Tax

Size: px
Start display at page:

Download "Financial Transaction Tax"

Transcription

1 Financial Transaction Tax Economic and fiscal effects of the implementation of a Financial Transaction Tax in Germany Extracts The following text is an extract of a report by the biggest German institute for economic research, DIW (Deutsches Institut für Wirtschaftsforschung), based in Berlin. The report was prepared by Prof. Dorothea Schäfer and Marlene Karl. Given the relevance of the report for the European process to implement the Financial Transaction Tax we herewith publish an extract of the report with important arguments. The full German version is available at: _ pdf We thank Prof. Schäfer and the DIW for the friendly authorisation to publish this English extract. London/Berlin August 2012 David Hillman Stamp out Poverty, UK Adam Musgrave, Oxfam UK Peter Wahl, German Campaign Steuer gegen Armut

2 DIW foreword/summary With 9 European countries pledged to implement a Financial Transaction Tax by the end of 2012, this brief document sets out how they will capture the revenue, the amount of revenue we estimate they may accrue, and how an FTT can be most effectively designed to achieve both aims. The first two sections of our report include material available in English such as the various principles which an effective FTT would adopt. Similarly, later sections include reference to Unitaid material also available in English. We do of course have our own additions to make in both these areas, but feel the third section of our document which deals with potential revenues would be best served by a short English translation. Briefly then, this document argues that 9 European nations moving ahead with an FTT will accrue upwards of 32bn, and very possibly more. It includes data from all Eurozone members, and suggests a scenario involving 9 member states moving forward with the FTT. Removing individual financial instruments from any FTT would entail substantial tax losses, and should be avoided. Making an exception for one type of instrument from an FTT would provide an incentive for replicating such a type by encouraging financial innovation so as to enjoy similar tax exemption. FTT coverage must therefore be as broad as possible. A combination of residence, exchange of legal title (sometimes referred to as issuance ) and ownership (tieing payment of the tax to ownership of the share) principles makes for by far the most effective tax. 3.1 Combination of country of origin, issue and owner principles advisable In May 2012 the EU Parliament accepted the draft directive of the EU Commission on financial transaction tax with a series of amendments. 18 In line with the decision of the Parliament we assume when analysing the effects of restricting its area of application that the tax will be levied in accordance with three principles.

3 1. The validity of the contract/the transfer to the new owner is tied to the payment of tax (ownership principle in line with the decision of the European Parliament), The tax is levied 2. if a party to the contract is based in the taxation zone (country of origin principle in accordance with the strategy of the EU commission) or 3. the financial instrument is issued by a financial institution in the taxation zone (issue principle as is the case with British stamp duty), Calculating revenues Without independent effects of the geographical restriction of the taxation zone the question of tax payment in smaller tax zones than in EU 27 depends on the distribution model used to calculate total tax receipts. Two models of analysis are used below to distribute the total revenue to the states in the tax zone. Scenario 1: assets of the national financial institutions including foreign subsidiaries and Scenario 2: gross profits/gross fixed asset investments + salaries in the financial sector of a country. 121 It must be pointed out that these distribution models do not amount to proposals for the distribution of tax revenue but serve exclusively to approximate fiscal income in various countries in the taxation zone. 3.2 Substantial revenue possible in a taxation zone with nine Euro countries With nine countries including France and Germany this produces a tax revenue of a good 37 billion (Table 4). Scenario 2 produces 32 billion (Table 5). In both 1 EU Commission (2011), COMMISSION STAFF WORKING PAPER IMPACT ASSESSMENT, op. cit

4 distribution models Germany and France achieve by far the greatest national tax revenues. Germany can anticipate just over 11 or just under 10 billion per year. This is equivalent to about 30% of total tax revenue. For France the annual revenue estimate is just under 11 or a good 7 billion. By contrast with Germany s proportion, France's proportion of total tax revenue differs comparatively sharply if another distribution model is applied. If the distribution is based on the assets of the financial institutions the proportion is around 30% 2. The distribution key profits and salaries on the other hand lowers France s proportion to 22%. Table 3: Tax revenue of the four Euro countries with the highest revenues Four highest revenues Germany France Italy Spain Total Revenue distribution key assets Share of the four in the total revenue of 57.4 billion Revenue distribution key profits and salaries Share of the four in the total revenue of 57.4 billion Germany and France are followed by Italy and Spain respectively (Diagrams 1 and 2). Combining the four Euro countries with the highest revenues produces the picture shown in Table 3. Overall the four countries with the highest revenues achieve tax incomes of 32.2 and billion respectively. That is 56% (distribution key assets) or 48% (distribution key profit and salaries) of estimated revenue from levying tax throughout the EU Germany s share may have been underestimated, as account cannot be taken when distributions are carried out in accordance with the two keys that Deutsche Bank is one of the most important actors worldwide in derivatives trading. 4

5 Scenario 1 Tax rates: 0.1% per contract party for securities, 0.01% per contract party for derivatives Basis of calculation: 15% evasion in the securities trade, 75% evasion in the derivatives trade Table 4: Distribution code for revenues: Assets of financial institutions including foreign subsidiaries 23 EU27 Germany Austria France Italy Belgium Spain Finland Greece Portugal All 9 countries Share of total tax revenue as per distribution key Revenue in billion Shares/units bonds Total revenue securities Equity derivatives Interest rate derivatives Currency derivatives Total revenue derivatives revenue insgesamt (Distribution keys Fi Total revenuescial institutions - Aktiva) Share of the nine in tax revenue The proportion of assets is taken from the impact study Impact Study EU Commission, EU Commission (2011), COMMISSION STAFF WORKING PAPER IMPACT ASSESSMENT, accompanying the document Proposal for a Council Directive on a common system of financial transaction tax and amending Directive 2008/7/EC, Bd. 12

6 Scenario 2 Taxation rates: 0.1% per contract party for securities, 0.01% per contract party for derivatives Basis of calculation: 15% evasion in securities trading, 70% evasion in derivatives trading Table 5: Distribution keys for revenue: gross profits/gross fixed asset investments + salaries in the financial sector 24 Shares of total tax revenue as per distribution key Shares/units bonds Germany Austria France Italy Belgium Spain Finland Greece Portugal All 9 countries Revenue in billion Total revenue securities Equity derivatives Interest rate derivatives Currency derivatives Total revenue derivatives Total revenue per nation Share of the nine in tax revenue The shares of the individual countries as a proportion of the total gross profits (-gross investment in fixed assets) and salariesn in the financial sector is taken from the EU Commission (2011), COMMISSION STAFF WORKING PAPER IMPACT ASSESSMENT, accompanying the document Proposal for a Council Directive on a common system of financial transaction tax and amending Directive 2008/7/EC, Vol

7 12,00 10,00 8,00 6,00 4,00 2,00 - Diagram 1: Revenue of the nine countries in the taxation zone Basis of calculation: 15% evasion in securities trading, 75% evasion in derivatives trading Taxation rates: 0.1% (securities), 0.01% (derivatives) Verteilungsschlüssel: Gewinne und Gehälter Verteilungsschlüssel Aktiva The above table illustrates the annual revenue in billions of euros amongst the 9 nations. For absolute clarity, they are listed in the following order. Germany, Austria, France, Italy, Belgium, Spain, Finland, Greece and Portugal. The green bars show results derived from the profits and salaries model, whilst the grey bar illustrates those derived from the assets model Revenue from derivatives is with both distribution models very nearly twice as high as that from securities. The highest tax revenues are achieved from interest rate derivatives in both cases. Diagram 2: Shares of the nine countries in the tax revenue in the taxation zone 19

8 Basis of calculation: 15% evasion in securities trading, 75% evasion in derivatives trading Taxation rates: 0.1% (securities), 0.01% (derivatives) The Verteilungsschlüssel: Gewinne und Gehälter Verteilungsschlüssel Aktivaabove graph illustrates the percentage share of each member states ranging from Germany, at around 30% of both scenario 1 (grey bar) and 2(green bar), to Greece and Portugal (at around 2-3% of each). Removing individual financial instruments from taxation would entail substantial tax losses in each case. At the same time, making an exception for one type of instrument would provide an incentive for replicating such a type by encouraging financial innovation so as to enjoy similar tax exemption. 3.3 Including all euro countries produces little growth in revenue The inclusion of all euro countries in the estimate produces the following total revenue: Scenario 1: 44 billion and Scenario 2: 39 billion. That is 77% and 68% of the taxation revenue estimated for EU27. Of the remaining Euro states the country with the greatest revenue is the Netherlands, followed by Ireland and Luxembourg (Tables 6 and 7 and Diagrams 3 and 4). Only in these three states does tax revenue lie above 1 billion in each instance. Diagram 3: Revenue in the other euro countries when the taxation zone is restricted to the 17 Euro states

9 Basis of calculation: 15% evasion in securities trading, 75% evasion in derivatives trading Taxation rates: 0.1% (securities), 0.01% (derivatives) 3,50 3,00 2,50 Revenue 2,00 from derivatives is with both distribution keys very nearly twice as high as that 1,50 from securities. The highest tax revenues are achieved from interest rate derivatives in both cases. 1,00 0,50 - Verteilungsschlüssel: Gewinne und Gehälter Verteilungsschlüssel Aktiva

10 Tax rates: 0.1% per contract party for securities, 0.01% per contract party for derivatives Basis of calculation: 15% evasion in securities trading, 75% evasion in derivatives trading Table 6: Distribution key for revenue: assets of financial institutions without branches abroad but with foreign subsidiaries EU27 Estonia Ireland Luxembourg Malta Netherlands Slovakia Slovenia Zypern Alle Weiteren Revenue in billion Shares of total tax revenue as per distribution key Steueraufkommen gemäß Shares/units Bonds Revenue total securities Equity derivatives Interest rate derivatives Currency derivatives Total revenue derivatives derivativesgesamt Revenue pro Land Share of the nine in tax Revenue The proportion of assets is taken from the EU Commission (2011), COMMISSION STAFF WORKING PAPER IMPACT ASSESSMENT, accompanying the document Proposal for a C o u n c i l D i r e c t i v e o n a c o m m o n s y s t e m o f f i n a n c i a l t r a n s a c t i o n t a x a n d a m e n d i n g D i r e c t i v e / 7 / E C, V o l 1 2

11 Scenario 2 Tax rates: 0.1% per contract party for securities, 0.01% per contract party f derivatives Basis of calculation: 15% evasion in securities trading, 75% evasion in derivatives trading Taxation rates: 0.1% (securities), 0.01% (derivatives) Table 7: Distribution keys: gross profits-gross fixed asset investments + salaries in the financial sector 26 Other Euro countries Estonia Ireland Luxembourg Malta Netherlands Slovakia Slovenia Cyprus All others All Euro countries Shares of total tax revenue As per distribution key Revenue in billion Shares/units Bonds Revenue total securities Equity derivatives Interest rate derivatives Currency derivatives Total revenue derivatives Revenue pro Land (Distribution keys: profits und salaries) Shares of the remaining Euro countries in (distribution keys profits + salaries) The share of the individual countries as a proportion of the total gross profits (-gross investment in fixed assets) and salariesn in the financial sector is taken from the EU Commission (2011), COMMISSION STAFF WORKING PAPER IMPACT ASSESSMENT, ibid.

12 Diagram 4: Shares of the remaining Euro countries in tax revenue with taxation zone restricted to the 17 Euro states Basis of calculation: 15% evasion in securities trading, 75% evasion in derivatives trading Taxation rates: 0.1% (securities), 0.01% (derivatives) 0,60 0,50 0,40 0,30 0,20 0,10 0,00 Verteilungsschlüssel Gewinne und Gehälter Verteilungsschlüssel Aktiva The above diagram illustrates the percentage shares of the nine countries listed above. The countries are, namely, Estonia, Ireland, Luxebourg, Malta, the Netherlands, Slovakia, Slovenia, and Cyprus. The green bars indicate the results of the profit and salaries model, whilst the grey indicates the results of the asset model. 3.4 Tendency to underestimate revenue It must be pointed out that the procedure for calculation and distribution to the individual states tends to entail underestimating tax revenue. Essentially there are three reasons for this. As already mentioned above, one reason for a possible underestimate is the way in which account is taken in the calculation formula of the two sides to a contract of tax. Unless joint and several liability comes into effect it would be justified to apply the taxation rate to one contracting party first of all and then to double the revenue calculated therefrom. The route taken here of using the doubled tax rate in the calculation formula yields a lower tax revenue. Tax revenue calculated in this fashion can only be expected if the joint and several liability of one contract party is triggered. The second reason for an underestimate is likewise due to the fact that both parties to the transaction are taxed and are jointly and severally liable for one another. The selected classification keys chosen only register the effect of

13 double taxation to a disproportionately small extent, which can easily be demonstrated by a simple example. 23

14 Let us assume that the maximum possible taxation zone consists of two countries. If both countries introduced the tax the first country would receive 70% of the revenue and the second country 30%. The distribution of the assets to the financial institutions of both countries would be in perfect correlation with the transaction volumes. Let us now assume that country 2 waives the introduction of the tax. Application of the assets key of the financial institutions results in a reduction of 30% in tax revenue. As however one party to the contract is jointly and severally liable for the other party, all cross-border transactions remain in the basis of calculation and are taxed at the same rate as before. However, the indigenous financial institutions of country 1 are now liable for the same debt for cross-border transactions. The cross-border tax revenue overall therefore remains constant, but its distribution changes in favour of the residual taxation zone. Although the tax revenue is reduced, as the transactions within country 2 are no longer taxed, the reduction falls to a disproportionately low extent because of the joint and several liability. The distribution of total revenues in accordance with the assets of the financial institutions cannot reflect this effect and tends therefore to underestimate tax revenue in the remaining taxation zone. Finally the manner in which the total revenue is distributed does not take account of trade with financial instruments of the taxation zone with foreign banks. The latter is nevertheless subject to taxation from a combination of the country of origin and the country of issue principles (see also transaction examples 10 and 11 in Box 3). The United Kingdom achieved tax revenues of a good $4 billion in 2009 by applying the issuer principle to trade in shares of domestic companies. For a rough estimate of the anticipated revenue from taxing trade outside the taxation zone with financial instruments issued in the taxation zone, let us resort to information provided by the World Federation of Exchanges. The latter provides information on trading volumes for the most important exchanges. If we consider the marketing centres represented in the World Federation of Exchanges, an average of 7% of share transactions is for foreign securities (more at the large trading arenas). Of this foreign proportion about 10% can be ascribed to the nine countries taxation zone outlined above, if the foreign proportion is distributed on 24

15 average to worldwide trade volumes. The resultant volume of trade in domestic shares of the nine countries only came to about 0.25 billion in Clearly only small additional income can be anticipated for the nine countries in foreign trading. So we shall not provide precise information. The significance of the estimate is essentially reduced by the poor data reliability of Asiatic stock exchanges in particular and the fact that in the case of transnational stock exchange groups, such as the NYSE Euronext for example, it is not clear what proportion of trade activities can be assigned to the taxation zone with the nine countries. In spite of the presumably rather small additional income from combining the country of origin and the issuing principles, this comprehensive taxation of the securities and derivative trade is important as it is the best way to avoid evasive trends.

Information on insurance tax and fire protection tax for EU/EEA insurers

Information on insurance tax and fire protection tax for EU/EEA insurers Information on insurance tax and fire protection tax for EU/EEA insurers I. General This leaflet is intended for all insurers and authorised agents located in the EU/EEA area who are established outside

More information

Greece Country Profile

Greece Country Profile Greece Country Profile EU Tax Centre March 2013 Key factors for efficient cross-border tax planning involving Greece EU Member State Double Tax Treaties With: Albania Estonia Lithuania Serbia Armenia Finland

More information

Ownership transfer Critical Tax Issues. Johan Fall, Anders Ydstedt March, 2010

Ownership transfer Critical Tax Issues. Johan Fall, Anders Ydstedt March, 2010 Ownership transfer Critical Tax Issues Johan Fall, Anders Ydstedt March, 2010 Ownership transfer Critical Tax Issues 1 Ownership transfer Critical Tax Issues INTRODUCTION In tough economic times family

More information

Car tax refund on export

Car tax refund on export Car tax customer bulletin 13 Car tax refund on export www.tulli.fi 1 January 2015 Replaces the bulletin from August 2014 Car tax refund on export This bulletin applies to getting refund on export if a

More information

Schedule of rates and charges for securities transactions

Schedule of rates and charges for securities transactions Schedule of rates and charges for securities transactions January 01, 2015 Orders Euronext... 2 Foreign stock exchanges... 3 Eurobonds... 4 KBC Investment Funds... 4 KBC Investment Products issued by KBC

More information

Definition of Public Interest Entities (PIEs) in Europe

Definition of Public Interest Entities (PIEs) in Europe Definition of Public Interest Entities (PIEs) in Europe FEE Survey October 2014 This document has been prepared by FEE to the best of its knowledge and ability to ensure that it is accurate and complete.

More information

Consultation on the future of European Insolvency Law

Consultation on the future of European Insolvency Law Consultation on the future of European Insolvency Law The Commission has put the revision of the Insolvency Regulation in its Work Programme for 2012. The revision is one of the measures in the field of

More information

- Assessment of the application by Member States of European Union VAT provisions with particular relevance to the Mini One Stop Shop (MOSS) -

- Assessment of the application by Member States of European Union VAT provisions with particular relevance to the Mini One Stop Shop (MOSS) - - Assessment of the application by Member States of European Union VAT provisions with particular relevance to the Mini One Stop Shop (MOSS) - BACKGROUND The information available on this website relates

More information

PUBLIC DEBT SIZE, COST AND LONG-TERM SUSTAINABILITY: PORTUGAL VS. EURO AREA PEERS

PUBLIC DEBT SIZE, COST AND LONG-TERM SUSTAINABILITY: PORTUGAL VS. EURO AREA PEERS PUBLIC DEBT SIZE, COST AND LONG-TERM SUSTAINABILITY: PORTUGAL VS. EURO AREA PEERS 1. Introduction This note discusses the strength of government finances in, and its relative position with respect to other

More information

REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL

REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL EUROPEAN COMMISSION Brussels, 25.9.2014 COM(2014) 592 final REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT AND THE COUNCIL on the implementation in the period from 4 December 2011 until 31 December

More information

Mutual Insurance in Figures. Executive summary from the 2007 study produced by AMICE s predecessor association, AISAM

Mutual Insurance in Figures. Executive summary from the 2007 study produced by AMICE s predecessor association, AISAM Mutual Insurance in Figures Executive summary from the 2007 study produced by AMICE s predecessor association, AISAM Disclaimer AISAM 2007 all rights reserved The entire content of this AISAM-statistics

More information

72/2015-21 April 2015

72/2015-21 April 2015 72/2015-21 April 2015 Provision of deficit and debt data for 2014 - first notification Euro area and EU28 government deficit at 2.4% and 2.9% of GDP respectively Government debt at 91.9% and 86.8% In 2014,

More information

EUF STATISTICS. 31 December 2013

EUF STATISTICS. 31 December 2013 . ESTIMATES OF EU TURNOVER VOLUMES. Turnover volumes by product, allocation and notification (Estimates of EU s, Millions of ) Estimate of the EU % on Turnover Significance of the sample on total turnover

More information

The Legal Protection Insurance Market in Europe. October 2013

The Legal Protection Insurance Market in Europe. October 2013 The Legal Protection Insurance Market in Europe October 2013 The Legal Protection Insurance Market in Europe October 2013 In its latest publication RIAD, the International Association of Legal Protection

More information

International Hints and Tips

International Hints and Tips International Hints and Tips Content Q: What is the cut off time for processing International payments? A: International payments must be submitted and fully approved within the cut off time indicated

More information

News Analysis: France Takes the Initiative on Financial Transaction Tax

News Analysis: France Takes the Initiative on Financial Transaction Tax News Analysis: France Takes the Initiative on Financial Transaction Tax by Michel Collet The French government on February 8 presented to Parliament a draft bill that would introduce a financial transaction

More information

Comparison of annuity markets (OECD National Annuity Markets: Features and Implications, Rusconi 2008) Mercer

Comparison of annuity markets (OECD National Annuity Markets: Features and Implications, Rusconi 2008) Mercer May 2009 Retirement Income/Annuities Around the World What US Policy Makers Might Learn Barbara Marder, Baltimore Global Defined Contribution Consulting Leader www.mercer.com 1 Comparison of annuity markets

More information

ERASMUS+ MASTER LOANS

ERASMUS+ MASTER LOANS ERASMUS+ MASTER LOANS Erasmus+ Master Loan: opening up access to more affordable lending for cross-border studies The Erasmus+ programme makes it possible for students who want to take a full Masters level

More information

Figure 1 Statutory corporate income tax rates

Figure 1 Statutory corporate income tax rates Figure 1 Statutory corporate income tax rates 7 6 1982 2001 5 4 3 2 1 Austria Belgium Canada Finland France UK Germany Greece Ireland Italy Japan Netherlands Notes: For countries using different tax rates,

More information

Alcohol Consumption in Ireland 1986-2006 A Report for the Health Service Executive

Alcohol Consumption in Ireland 1986-2006 A Report for the Health Service Executive Alcohol Consumption in Ireland 1986-2006 A Report for the Health Service Executive Prepared by Dr. Ann Hope This report should be referenced: Hope, A. (2007). Alcohol consumption in Ireland 1986-2006.

More information

Market analysis on Factoring in EU 25+2

Market analysis on Factoring in EU 25+2 EIF Project "Jeremie" General Report on Factoring 1 Market analysis on Factoring in EU 25+2 prepared by International Factors Group (IFG) for European Investment Fund (EIF) project JEREMIE Preliminary

More information

Evolution of Territorial Tax Systems in the OECD

Evolution of Territorial Tax Systems in the OECD www.pwc.com/us/nes Evolution of Territorial Tax Systems in the OECD Evolution of Territorial Tax Systems in the OECD April 2, 203 Prepared for The Technology CEO Council Evolution of Territorial Tax Systems

More information

Securities Lending in Canada Legal, Regulatory and Tax Issues. 3 rd Annual CASLA Conference on Securities Lending

Securities Lending in Canada Legal, Regulatory and Tax Issues. 3 rd Annual CASLA Conference on Securities Lending Securities Lending in Canada Legal, Regulatory and Tax Issues 3 rd Annual CASLA Conference on Securities Lending Securities Lending in Canada Legal, Regulatory & Tax Issues Christopher Steeves, Chair Fasken

More information

Netherlands. Croatia. Malta. Slovenia. Greece. Czech Republic. Portugal. Compulsory. households actual. social contributions.

Netherlands. Croatia. Malta. Slovenia. Greece. Czech Republic. Portugal. Compulsory. households actual. social contributions. Structure and development of tax revenues Table EL.: Revenue (% of GDP) 2004 2005 2006 2007 2008 2009 200 20 202 203 I. Indirect taxes : : 2.3 2.7 2.7.8 2.6 3.5 3. 3.4 VAT : : 6.8 7. 7.0 6.3 7. 7.2 7.

More information

Status Declaration for Examination of Social Insurance and Supplementary Pension

Status Declaration for Examination of Social Insurance and Supplementary Pension Name, forename Postcode Town Street (Address of employer) Date of birth Contact telephone number: ( ) Reference: LBV personnel number: Status Declaration for Examination of Social Insurance and Supplementary

More information

Appendix II. Subject to amendment 1

Appendix II. Subject to amendment 1 Appendix II High-level Overview of the ation of Unit-linked Life Insurance Policies issued to Natural Persons by EU Life Insurance Undertakings operating on a Freedom of Services Basis in certain Member

More information

Towards a Single Market for Occupational Pensions Without Tax Obstacles

Towards a Single Market for Occupational Pensions Without Tax Obstacles Towards a Single Market for Occupational Pensions Without Tax Obstacles May 25 9:00 AM 9:45 AM Peter Schonewille, European Commission, DG TAXUD/E/3 Competence Centre for Pension Research, University of

More information

193/2014-15 December 2014. Hourly labour costs in the EU28 Member States, 2012 (in )

193/2014-15 December 2014. Hourly labour costs in the EU28 Member States, 2012 (in ) 193/2014-15 December 2014 Labour Cost Survey 2012 in the EU28 Labour costs highest in the financial and insurance sector Three times higher than in the accommodation and food sector In 2012, average hourly

More information

The Act imposes foreign exchange restrictions, i.e. performance of certain actions requires a relevant foreign exchange permit.

The Act imposes foreign exchange restrictions, i.e. performance of certain actions requires a relevant foreign exchange permit. RESPONSIBILITIES OF THE NATIONAL BANK OF POLAND RESULTING FROM THE FOREIGN EXCHANGE ACT 1. FOREIGN EXCHANGE PROVISIONS Foreign exchange regulations, which constitute part of the financial legislation,

More information

Energy prices in the EU Household electricity prices in the EU rose by 2.9% in 2014 Gas prices up by 2.0% in the EU

Energy prices in the EU Household electricity prices in the EU rose by 2.9% in 2014 Gas prices up by 2.0% in the EU 92/2015-27 May 2015 Energy prices in the EU Household electricity prices in the EU rose by 2.9% in 2014 Gas prices up by 2.0% in the EU In the European Union (EU), household electricity prices 1 rose by

More information

IMMIGRATION TO AND EMIGRATION FROM GERMANY IN THE LAST FEW YEARS

IMMIGRATION TO AND EMIGRATION FROM GERMANY IN THE LAST FEW YEARS IMMIGRATION TO AND EMIGRATION FROM GERMANY IN THE LAST FEW YEARS Bernd Geiss* Germany, Destination for Migrants Germany is in the middle of Europe and has common borders with nine countries. Therefore,

More information

Taxation trends in the European Union EU27 tax ratio fell to 39.3% of GDP in 2008 Steady decline in top corporate income tax rate since 2000

Taxation trends in the European Union EU27 tax ratio fell to 39.3% of GDP in 2008 Steady decline in top corporate income tax rate since 2000 DG TAXUD 95/2010-28 June 2010 Taxation trends in the European Union EU27 tax ratio fell to 39.3% of GDP in 2008 Steady decline in top corporate income tax rate since 2000 The overall tax-to-gdp ratio 1

More information

COMMUNICATION FROM THE COMMISSION

COMMUNICATION FROM THE COMMISSION EUROPEAN COMMISSION Brussels, 17.9.2014 C(2014) 6767 final COMMUNICATION FROM THE COMMISSION Updating of data used to calculate lump sum and penalty payments to be proposed by the Commission to the Court

More information

1. Perception of the Bancruptcy System... 2. 2. Perception of In-court Reorganisation... 4

1. Perception of the Bancruptcy System... 2. 2. Perception of In-court Reorganisation... 4 Bankruptcy Systems and In-court Reorganisation of Firms, 2010 Content: 1. Perception of the Bancruptcy System... 2 2. Perception of In-court Reorganisation... 4 3. Perception of Creditor Committees, Fast

More information

Lisa Evers (ZEW), Christoph Spengel (University of Mannheim and ZEW), Julia Braun (ZEW)

Lisa Evers (ZEW), Christoph Spengel (University of Mannheim and ZEW), Julia Braun (ZEW) No. 1 April 2015 ZEWpolicybrief Lisa Evers (ZEW), Christoph Spengel (University of Mannheim and ZEW), Julia Braun (ZEW) Fiscal Investment Climate and the Cost of Capital in Germany and the EU Essential

More information

SMEs access to finance survey 2014

SMEs access to finance survey 2014 EUROPEAN COMMISSION MEMO Brussels, 12 November 2014 SMEs access to finance survey 2014 This memo outlines the results of a survey undertaken by the European Commission to provide policy makers with evidence

More information

Electricity and natural gas price statistics 1

Electricity and natural gas price statistics 1 Electricity and natural gas price statistics 1 Source: Statistics Explained (http://epp.eurostat.ec.europa.eu/statistics_explained/) - 21/11/2011-09:11:44 Electricity and natural gas price statistics Data

More information

How many students study abroad and where do they go?

How many students study abroad and where do they go? From: Education at a Glance 2012 Highlights Access the complete publication at: http://dx.doi.org/10.1787/eag_highlights-2012-en How many students study abroad and where do they go? Please cite this chapter

More information

INTERNATIONAL SERVICES TARIFF

INTERNATIONAL SERVICES TARIFF INTERNATIONAL SERVICES TARIFF Supporting your international business Our service promise. If you experience a problem, we will always try to resolve it as quickly as possible. Please bring it to the attention

More information

ERASMUS+ MASTER LOANS

ERASMUS+ MASTER LOANS Ref. Ares(2015)660570-17/02/2015 ERASMUS+ MASTER LOANS Erasmus+ Master Loan: opening up access to more affordable lending for cross-border studies The Erasmus+ programme makes it possible for students

More information

Challenges in Combating Pensioner Poverty Helsinki, 4-5 Dec 2006

Challenges in Combating Pensioner Poverty Helsinki, 4-5 Dec 2006 Challenges in Combating Pensioner Poverty Helsinki, 4-5 Dec 2006 1st Afternoon Plenary session Design and reform of minimum income guarantee and general public earnings related pension schemes and their

More information

BLUM Attorneys at Law

BLUM Attorneys at Law BLUM Attorneys at Law CORPORATE TAXATION SYSTEM IN SWITZERLAND Outline of Swiss Corporate Tax System Levels of Taxation in Switzerland Resident companies are subject to: federal corporate income tax, and

More information

4 Distribution of Income, Earnings and Wealth

4 Distribution of Income, Earnings and Wealth 4 Distribution of Income, Earnings and Wealth Indicator 4.1 Indicator 4.2a Indicator 4.2b Indicator 4.3a Indicator 4.3b Indicator 4.4 Indicator 4.5a Indicator 4.5b Indicator 4.6 Indicator 4.7 Income per

More information

Briefing note. Survey of environmental liability insurance developments

Briefing note. Survey of environmental liability insurance developments Briefing note Survey of environmental liability insurance developments June 2014 Introduction This paper responds to the consideration by the European Commission (EC) of a possible EU-wide compulsory insurance

More information

EU study on company car taxation: presentation of the main results

EU study on company car taxation: presentation of the main results European Commission EU study on company car taxation: presentation of the main results Presentation in the OECD workshop on estimating support to fossil fuels, Paris 18-19 November 2010 Katri Kosonen European

More information

Each month, the Office for National

Each month, the Office for National Economic & Labour Market Review Vol 3 No 7 July 2009 FEATURE Jim O Donoghue The public sector balance sheet SUMMARY This article addresses the issues raised by banking groups, including Northern Rock,

More information

There is help on form VAT1 itself but these notes provide extra help with some of the questions.

There is help on form VAT1 itself but these notes provide extra help with some of the questions. additional information to help you There is help on form VAT1 itself but these notes provide extra help with some of the questions. The notes have the same numbers as the questions they refer to. On the

More information

Reporting practices for domestic and total debt securities

Reporting practices for domestic and total debt securities Last updated: 4 September 2015 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on

More information

Value of production of agricultural products and foodstuffs, wines, aromatised wines and spirits protected by a geographical indication (GI)

Value of production of agricultural products and foodstuffs, wines, aromatised wines and spirits protected by a geographical indication (GI) Value of production of agricultural products and foodstuffs, wines, aromatised wines and spirits protected by a geographical indication (GI) TENDER N AGRI 2011 EVAL 04 Leaflet October 2012 The information

More information

ARE THE POINTS OF SINGLE CONTACT TRULY MAKING THINGS EASIER FOR EUROPEAN COMPANIES?

ARE THE POINTS OF SINGLE CONTACT TRULY MAKING THINGS EASIER FOR EUROPEAN COMPANIES? ARE THE POINTS OF SINGLE CONTACT TRULY MAKING THINGS EASIER FOR EUROPEAN COMPANIES? SERVICES DIRECTIVE IMPLEMENTATION REPORT NOVEMBER 2011 EUROPEAN COMPANIES WANT WELL-FUNCTIONING POINTS OF SINGLE CONTACT

More information

CENTRAL BANK OF CYPRUS

CENTRAL BANK OF CYPRUS APPENDIX 2 NOTIFICATION BY A BANK INCORPORATED IN CYPRUS, WHICH WISHES TO PROVIDE SERVICES, ON A CROSS BORDER BASIS, IN OTHER EUROPEAN UNION (E.U.) MEMBER STATES IN ACCORDANCE WITH ARTICLE (28) OF THE

More information

Value added tax on financial services 1

Value added tax on financial services 1 Value added tax on financial services 1 1. Background Financial services are exempted from value added tax. Proposition No. 1 (2012 2013) to the Storting; Bill and Draft Resolution on Taxes, discussed

More information

Planned Healthcare in Europe for Lothian residents

Planned Healthcare in Europe for Lothian residents Planned Healthcare in Europe for Lothian residents Introduction This leaflet explains what funding you may be entitled to if you normally live in Lothian (Edinburgh, West Lothian, Midlothian and East Lothian

More information

The Tax Burden of Typical Workers in the EU 27 2013 Edition

The Tax Burden of Typical Workers in the EU 27 2013 Edition (Cover page) The Tax Burden of Typical Workers in the EU 27 2013 Edition James Rogers & Cécile Philippe May 2013 Data provided by NEW DIRECTION Page 1 of 16 The Tax Burden of Typical Workers in the EU

More information

Tax-free. Welcome to the geography of tax avoidance. 1 Tax-free profits

Tax-free. Welcome to the geography of tax avoidance. 1 Tax-free profits Tax-free profits Welcome to the geography of tax avoidance 1 Tax-free profits International investment flows are often concentrated in countries with relatively small economies. Why? Welcome to the world

More information

CASH BENEFITS IN RESPECT OF SICKNESS AND MATERNITY SUBJECT TO EU COORDINATION

CASH BENEFITS IN RESPECT OF SICKNESS AND MATERNITY SUBJECT TO EU COORDINATION CASH BENEFITS IN RESPECT OF SICKNESS AND MATERNITY SUBJECT TO EU COORDINATION Z a k ł a d U b e z p i e c z e ń S p o ł e c z n y c h The scope and purpose of benefits coordination The EU coordination

More information

Central Securities Depository Regulation

Central Securities Depository Regulation Central Securities Depository Regulation Alignment of T+2 Settlement Period Central Securities Depository Regulation Alignment of T+2 Settlement Period The European Commission has proposed new legislation

More information

TAXATION OF CROSS-BORDER DIVI-

TAXATION OF CROSS-BORDER DIVI- DG Taxation and Customs Union TAXATION OF CROSS-BORDER DIVI- DEND PAYMENTS WITHIN THE EU IMPACTS OF SEVERAL POSSIBLE SOLUTIONS TO ALLEVIATE DOUBLE TAXATION 22 JUNE 2012 COLOPHON Disclaimer This report

More information

Single Euro Payments Area

Single Euro Payments Area Single Euro Payments Area Overview SEPA (Single Euro Payments Area) is a European payments initiative which aims to create one single, integrated, standardised payments market in Europe. It is an area

More information

BUSINESS-TO-BUSINESS ALTERNATIVE DISPUTE RESOLUTION IN THE EU

BUSINESS-TO-BUSINESS ALTERNATIVE DISPUTE RESOLUTION IN THE EU Flash Eurobarometer BUSINESS-TO-BUSINESS ALTERNATIVE DISPUTE RESOLUTION IN THE EU REPORT Fieldwork: March-April 22 Publication: November 22 This survey has been requested by Directorate-General for Justice

More information

EIOPA Stress Test 2011. Press Briefing Frankfurt am Main, 4 July 2011

EIOPA Stress Test 2011. Press Briefing Frankfurt am Main, 4 July 2011 EIOPA Stress Test 2011 Press Briefing Frankfurt am Main, 4 July 2011 Topics 1. Objectives 2. Initial remarks 3. Framework 4. Participation 5. Results 6. Summary 7. Follow up 2 Objectives Overall objective

More information

Survey on the access to finance of enterprises (SAFE) Analytical Report 2014

Survey on the access to finance of enterprises (SAFE) Analytical Report 2014 Survey on the access to finance of enterprises (SAFE) Analytical Report 2014 Written by Sophie Doove, Petra Gibcus, Ton Kwaak, Lia Smit, Tommy Span November 2014 LEGAL NOTICE This document has been prepared

More information

Eliminating Double Taxation through Corporate Integration

Eliminating Double Taxation through Corporate Integration FISCAL FACT Feb. 2015 No. 453 Eliminating Double Taxation through Corporate Integration By Kyle Pomerleau Economist Key Findings The United States tax code places a double-tax on corporate income with

More information

International aspects of taxation in the Netherlands

International aspects of taxation in the Netherlands International aspects of taxation in the Netherlands Individuals resident in the Netherlands are subject to income tax on their worldwide income. Companies established in the Netherlands are subject to

More information

MALTA TRADING COMPANIES IN MALTA

MALTA TRADING COMPANIES IN MALTA MALTA TRADING COMPANIES IN MALTA Trading companies in Malta 1. An effective jurisdiction for international trading operations 410.000 MALTA GMT +1 Located in the heart of the Mediterranean, Malta has always

More information

187/2014-5 December 2014. EU28, euro area and United States GDP growth rates % change over the previous quarter

187/2014-5 December 2014. EU28, euro area and United States GDP growth rates % change over the previous quarter 187/2014-5 December 2014 This News Release has been revised following an error in the data for Gross Fixed Capital Formation. This affects both the growth of GFCF and its contribution to GDP growth. All

More information

COMMUNICATION FROM THE COMMISSION 2014 DRAFT BUDGETARY PLANS OF THE EURO AREA: OVERALL ASSESSMENT OF THE BUDGETARY SITUATION AND PROSPECTS

COMMUNICATION FROM THE COMMISSION 2014 DRAFT BUDGETARY PLANS OF THE EURO AREA: OVERALL ASSESSMENT OF THE BUDGETARY SITUATION AND PROSPECTS EUROPEAN COMMISSION Brussels, 15.11.2013 COM(2013) 900 final COMMUNICATION FROM THE COMMISSION 2014 DRAFT BUDGETARY PLANS OF THE EURO AREA: OVERALL ASSESSMENT OF THE BUDGETARY SITUATION AND PROSPECTS EN

More information

Finland must take a leap towards new innovations

Finland must take a leap towards new innovations Finland must take a leap towards new innovations Innovation Policy Guidelines up to 2015 Summary Finland must take a leap towards new innovations Innovation Policy Guidelines up to 2015 Summary 3 Foreword

More information

Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments

Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments January 20, 2015 ShadEcEurope31_January2015.doc Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments by Friedrich Schneider *)

More information

ING Bank N.V. (NL) 4Y EUR Euro Stoxx 50 Autocallable Note

ING Bank N.V. (NL) 4Y EUR Euro Stoxx 50 Autocallable Note 4Y Euro Stoxx 50 Autocallable te 8.00% potential annual yield Product term: 4 years maximum MiFID profile: see page 3 Capital non-guaranteed at maturity by the Issuer Description 4Y Euro Stoxx 50 Autocallable

More information

99/2015-9 June 2015. EU28, euro area and United States GDP growth rates % change over the previous quarter

99/2015-9 June 2015. EU28, euro area and United States GDP growth rates % change over the previous quarter 2005Q1 2005Q2 2005Q3 2005Q4 2006Q1 2006Q2 2006Q3 2006Q4 2007Q1 2007Q2 2007Q3 2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1

More information

ERASMUS+ MASTER LOANS

ERASMUS+ MASTER LOANS ERASMUS+ MASTER LOANS Erasmus+ Master Loan: opening up access to more affordable lending for cross-border studies The Erasmus+ programme makes it possible for students who want to take a full Master's-level

More information

The European Union Savings Tax Directive. An historic guide

The European Union Savings Tax Directive. An historic guide The European Union Savings Tax Directive An historic guide Do you have any questions? This guide will tell you more If you are resident in an EU Member State and earn interest on deposits or investments

More information

Polish insurance market: growth and potential

Polish insurance market: growth and potential Polish insurance market: growth and potential Polish Insurance Association June 2012 Table of contents 1. Polish insurance market general information 2. Non life insurance in Poland 3. Life insurance in

More information

DOING BUSINESS THROUGH MALTA - AN OVERVIEW

DOING BUSINESS THROUGH MALTA - AN OVERVIEW A. WHY MALTA 2 B. THE MALTESE COMPANY 2 C. MALTA TAX REFUNDS - LOWEST TAX IN THE EU 3 D. MALTESE TRADING STRUCTURE - 5% EFFECTIVE TAXATION Benefits and Uses of the Maltese Trading Company Basic Trading

More information

As a campaigning organisation, we fight for the rights of people with sight loss. Our priorities are to:

As a campaigning organisation, we fight for the rights of people with sight loss. Our priorities are to: Royal National Institute of Blind People (RNIB) Scotland response Public Procurement: A Consultation on Changes to the Public Procurement Rules in Scotland A focused response Procurement reform may sound

More information

German Tax Facts. The Expatriate Financial Guide to Germany

German Tax Facts. The Expatriate Financial Guide to Germany The Expatriate Financial Guide to Germany German Tax Facts Introduction Tax Year Assessment Basis Income Tax Taxation in Germany occurs at a national and municipal level. The Ministry of Finance controls

More information

SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS. OECD Secretariat

SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS. OECD Secretariat SURVEY OF INVESTMENT REGULATION OF PENSION FUNDS OECD Secretariat Methodological issues The information collected concerns all forms of quantitative portfolio restrictions applied to pension funds in OECD

More information

Trends in the European Investment Fund Industry. in the Second Quarter of 2014. Results for the first half of 2014

Trends in the European Investment Fund Industry. in the Second Quarter of 2014. Results for the first half of 2014 Quarterly Statistical Release September 2014, N 58 This release and other statistical releases are available on efama s website (www.efama.org) Trends in the European Investment Fund Industry in the Second

More information

Foreign Direct Investment

Foreign Direct Investment Germany Reports Record High of New Investment Projects Germany is a very attractive location for foreign investors. Germany Trade & Invest (GTAI) and the economic development agencies of the German Federal

More information

The Tax Burden of Typical Workers in the EU 28 2014 Edition. James Rogers & Cécile Philippe May 2014. (Cover page) Data provided by

The Tax Burden of Typical Workers in the EU 28 2014 Edition. James Rogers & Cécile Philippe May 2014. (Cover page) Data provided by (Cover page) The Tax Burden of Typical Workers in the EU 28 2014 Edition NEW DIRECTION Page 1 of 17 James Rogers & Cécile Philippe May 2014 New Direction aims to help shift the EU onto a different course

More information

Oppor o t r unit i ie i s e s W it i hin i T h T e e M alt l e t s e e s e Fin i ancia i l l S ec e to t r o Banking

Oppor o t r unit i ie i s e s W it i hin i T h T e e M alt l e t s e e s e Fin i ancia i l l S ec e to t r o Banking Opportunities Within The Maltese Financial Sector Banking Growth of the Industry Malta s international banking centre has been gaining considerable ground in establishing itself as a finance hub in the

More information

Notes to help you apply for VAT registration checklist where to send your application Glossary About Corporate body the business

Notes to help you apply for VAT registration checklist where to send your application Glossary About Corporate body the business Notes to help you apply for VAT registration These notes will help you answer questions on form VAT1 Application for registration. The notes are numbered to correspond with the questions on the form. If

More information

W I R E T R A N S F E R S E R V I C E S

W I R E T R A N S F E R S E R V I C E S Move money quickly and easily through Chase Commercial Online s Wire Transfers service. 1 Select U.S. dollars or another eligible currency to wire funds to most domestic or international recipients. Add

More information

EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES. Mark Rider. Research Discussion Paper 9405. November 1994. Economic Research Department

EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES. Mark Rider. Research Discussion Paper 9405. November 1994. Economic Research Department EXTERNAL DEBT AND LIABILITIES OF INDUSTRIAL COUNTRIES Mark Rider Research Discussion Paper 9405 November 1994 Economic Research Department Reserve Bank of Australia I would like to thank Sally Banguis

More information

Labour Force Survey 2014 Almost 10 million part-time workers in the EU would have preferred to work more Two-thirds were women

Labour Force Survey 2014 Almost 10 million part-time workers in the EU would have preferred to work more Two-thirds were women 75/2015-27 April 2015 Labour Force Survey 2014 Almost 10 million part-time workers in the EU would have preferred to work more Two-thirds were women Among the 44.1 million persons in the European Union

More information

The energy industry and energy price issues in Slovakia during recent years 1

The energy industry and energy price issues in Slovakia during recent years 1 The energy industry and energy price issues in Slovakia during recent years 1 Ing. Mikulá Cár, PhD. National Bank of Slovakia The energy industry and energy prices are becoming a subject of political decisions

More information

SEPA. Changes in the Payment System Implementation of the European SEPA Regulations for Kuna and Euro Payments

SEPA. Changes in the Payment System Implementation of the European SEPA Regulations for Kuna and Euro Payments SEPA Changes in the Payment System Implementation of the European SEPA Regulations for Kuna and Euro Payments SEPA The Single Euro Payments Area (SEPA) stands for a European Union (EU) payments integration

More information

International Services tariff

International Services tariff International Services tariff Contents International Services Sending money abroad 1 International payments 1 International drafts 1 Receiving money from abroad 1 Cut-off times and exchange rates 2 BIC

More information

CABINET OFFICE THE CIVIL SERVICE NATIONALITY RULES

CABINET OFFICE THE CIVIL SERVICE NATIONALITY RULES ANNEX A CABINET OFFICE THE CIVIL SERVICE NATIONALITY RULES Introduction The Civil Service Nationality Rules concern eligibility for employment in the Civil Service on the grounds of nationality and must

More information

This Webcast Will Begin Shortly

This Webcast Will Begin Shortly This Webcast Will Begin Shortly If you have any technical problems with the Webcast or the streaming audio, please contact us via email at: webcast@acc.com Thank You! Seconding employees to Europe The

More information

International ACH: Payment Gateway to Europe

International ACH: Payment Gateway to Europe International ACH: Payment Gateway to Europe Treasury Symposium St. Petersburg Florida Tuesday, January 27 Concurrent Session 16 10:15am 11:30am International ACH: Payment Gateway to Europe Presenters:

More information

DRAFT AMENDING BUDGET N 6 TO THE GENERAL BUDGET 2014 GENERAL STATEMENT OF REVENUE

DRAFT AMENDING BUDGET N 6 TO THE GENERAL BUDGET 2014 GENERAL STATEMENT OF REVENUE EUROPEAN COMMISSION Brussels, 17.10.2014 COM(2014) 649 final DRAFT AMENDING BUDGET N 6 TO THE GENERAL BUDGET 2014 GENERAL STATEMENT OF REVENUE STATEMENT OF EXPENDITURE BY SECTION Section III Commission

More information

EUROPEAN SEMESTER THEMATIC FICHE ACCESS TO FINANCE

EUROPEAN SEMESTER THEMATIC FICHE ACCESS TO FINANCE EUROPEAN SEMESTER THEMATIC FICHE ACCESS TO FINANCE Access to finance is key to business development. Investment and innovation are not possible without adequate financing. A difficulty in getting finance

More information

INNOVATION IN THE PUBLIC SECTOR: ITS PERCEPTION IN AND IMPACT ON BUSINESS

INNOVATION IN THE PUBLIC SECTOR: ITS PERCEPTION IN AND IMPACT ON BUSINESS Flash Eurobarometer INNOVATION IN THE PUBLIC SECTOR: ITS PERCEPTION IN AND IMPACT ON BUSINESS REPORT Fieldwork: February-March 22 Publication: June 22 This survey has been requested by the European Commission,

More information

PORTABILITY OF SOCIAL SECURITY AND HEALTH CARE BENEFITS IN ITALY

PORTABILITY OF SOCIAL SECURITY AND HEALTH CARE BENEFITS IN ITALY PORTABILITY OF SOCIAL SECURITY AND HEALTH CARE BENEFITS IN ITALY Johanna Avato Human Development Network Social Protection and Labor The World Bank Background study March 2008 The Italian Social Security

More information

Ireland Country Profile

Ireland Country Profile Ireland Country Profile EU Tax Centre July 2015 Key tax factors for efficient cross-border business and investment involving Ireland EU Member State Yes Double Tax Treaties With: Albania Armenia Australia

More information