Download or read book The Global Reach of the Proposed EU Financial Transaction Tax Directive written by Bart van Vooren and published by . This book was released on 2012 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the 2008 financial crisis, taxation of the financial sector has forcefully re-emerged on the European Union political agenda. One proposal - rightly or wrongly - received much political attention: a broad-based tax on financial transactions. What had for years existed as a utopia in the minds of grass roots movements, reached a legal and political milestone during Commission President Barosso's State of the Union speech on 28 September 2011. There he presented a proposal for an EU Directive on a financial transaction tax installed across the 27 EU Member States. It was then an explicit objective of the Union that it would lead by example, and that its pan-European implementation would prove the global feasibility of a financial transaction tax (FTT). The Cannes G-20 Meeting early November 2011 under French chairmanship was expected to launch the global dimension of the FTT, using the momentum created by the proposed EU FTT Directive two months earlier. However, the European sovereign debt crisis caused the EU to teeter on the brink of political, financial and economic collapse, and momentum for a global FTT seemed utterly lost. Nonetheless, political discussions within the Union continued, and at the time of writing - Spring 2012 - discussions in the Council were on-going for some form of pan-EU. The global implementation of the EU FTT Directive is a tale of divided political views between Member States of the Union, the pursuit of an elusive single voice in the G-20, and the use of legal instruments for political reasons. In this paper, it will serve as a case-study for the EU seeking to shape global financial governance in the wake of the 2008 financial crisis, in line with its binding, law-oriented mission statement of Article 21 TEU. In light of this, this contribution investigates EU (im)potence to affect legal and institutional processes in global (financial) governance.
Download or read book The Financial Transaction Tax Proposal Under The Enhanced Cooperation Procedure written by Joachim Englisch and published by . This book was released on 2013 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article examines the European Commission's Proposal for a Council Directive implementing a financial transaction tax through the enhanced cooperation procedure published on February 14, 2013. It starts by providing a brief description and analysis of the Proposal and the accompanying Impact Assessment, focusing on the newly added features of the proposed tax and its potential impact on both participating and non-participating Member States. Next, the article examines the Proposal from the perspective of public international law, discussing the controversial extraterritorial reach of the proposed tax. It is argued that doubts exist with respect to the compatibility of the “contagion effect” and the issuance principle with internationally recognised legal principles. The article then turns to EU law and considers the legal requirements imposed by the EU Treaties on the use of enhanced cooperation. Whilst raising some concerns in relation to the Proposal's compliance with these requirements, the article concludes that the political and judicial controlling mechanisms in place appear weak and therefore the outcome of any potential political or judicial challenge remains uncertain. The importance of this debate is not limited to the financial transaction tax, but also extends to the use of enhanced cooperation in other areas of taxation and beyond.
Download or read book The Global Reach of EU Law written by Elaine Fahey and published by Taylor & Francis. This book was released on 2016-08-25 with total page 167 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses upon unpacking the uncertainty, the form and directions of the global reach of EU law, as a distinctive form of post-national rule-making. It considers what specific impact and effects the EU’s rules are having, and its approach to global rule-making. Using a casestudy of the Area of Freedom, Security and Justice, the book develops a sharper focus upon the ‘internal’ and ‘external’ elements of EU rule-making.
Download or read book Financial Transaction Tax in Europe written by G. Lagos Rodríguez and published by . This book was released on 2021 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the last two decades, the European Union (EU) and various European States have proposed or created several taxes aimed at increasing the overall tax burden to which the financial sector is currently subject. The interest in new taxable events and the need to regulate financial markets' functioning are two powerful reasons that support the application of this type of tax. This article details both the European Commission's Proposals for Directives on Financial Transaction Tax, and the related taxes currently in force in Europe. Evidence shows that the goal of harmonized taxation in this area is far from being achieved and that national decisions are based on two different models: a tax on the registration of certain transactions and a tax on financial transactions levied on the financial intermediaries involved in such transactions. This article focuses on the comparative experience of European States in the adoption of this type of tax. This review highlights the differences and similarities between different national taxes, and ultimately the possibilities of the EU's Financial Transaction Tax Proposal becoming effective.
Download or read book Taxing the FTT written by Peter-Paul Hillebrink and published by . This book was released on 2012 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Financial Transaction Tax Within the EU written by Michael Wurm and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis studies the economic impact of the 2013 proposal for a financial transaction tax that has been submitted by 11 of the 27 member states of the European Union (EU FTT).The analysis covers the impact of the tax on the financial markets and evaluates the tax with respect to achieving the intended economic objectives. The thesis is based on (a) a review of the relevant literature on asset pricing, market microstructure and international finance and (b) a comparison of the EU FTT with four other types of financial transaction taxes. The results indicate that the proposal for the EU FTT largely fails to achieve its intended economic goals; It does not make the financial sector contribute to the public finances of the respective member states to a sufficient degree and it does not distinguish effectively between the targeted and unintended consequences for the financial markets.
Download or read book Financial Crisis Management and Democracy written by Bettina De Souza Guilherme and published by Springer Nature. This book was released on 2020-12-09 with total page 372 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book discusses financial crisis management and policy in Europe and Latin America, with a special focus on equity and democracy. Based on a three-year research project by the Jean Monnet Network, this volume takes an interdisciplinary, comparative approach, analyzing both the role and impact of the EU and regional organizations in Latin America on crisis management as well as the consequences of crisis on the process of European integration and on Latin America’s regionalism. The book begins with a theoretical introduction, exploring the effects of the paradigm change on economic policies in Europe and in Latin America and analyzing key systemic aspects of the unsustainability of the present economic system explaining the global crises and their interconnections. The following chapters are divided into sections. The second section explores aspects of regional governance and how the economic and financial crises were managed on a macro level in Europe and Latin America. The third and fourth sections use case studies to drill down to the impact of the crises at the national and regional levels, including the emergence of political polarization and rise in populism in both areas. The last section presents proposals for reform, including the transition from finance capitalism to a sustainable real capitalism in both regions and at the inter-regional level of EU-LAC relations.The volume concludes with an epilogue on financial crises, regionalism, and domestic adjustment by Loukas Tsoukalis, President of the Hellenic Foundation for European and Foreign Policy (ELIAMEP). Written by an international network of academics, practitioners and policy advisors, this volume will be of interest to researchers and students interested in macroeconomics, comparative regionalism, democracy, and financial crisis management as well as politicians, policy advisors, and members of national and regional organizations in the EU and Latin America.
Download or read book The EU as a Global Robin Hood Proposal for a Multilateral Convention on a Global Financial Tranaction Tax written by Bart Van Vooren and published by . This book was released on 2011 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Financial sector taxation written by [Anonymus AC08741538] and published by . This book was released on 2010 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The global economic and financial crisis has created important needs for fiscal consolidation. This document analyses potential instruments to raise additional tax revenues from the financial sector. The first section reviews the current policy objectives related to the taxation of the financial sector. The second section sheds some light on the current tax treatment of the financial sector. The third section discusses potential tax instruments to reach the goals. The fourth and fifth section respectively assess the advantages and drawbacks of a Financial Transaction Tax and a Financial Activities Tax."--Editor.
Download or read book The EU s Role in Global Governance written by Bart Van Vooren and published by OUP Oxford. This book was released on 2013-01-17 with total page 585 pages. Available in PDF, EPUB and Kindle. Book excerpt: For years the European Union has been looked on as a potential model for cosmopolitan governance, and enjoyed considerable influence on the global stage. The EU has a uniquely strong and legally binding mission statement to pursue international relations on a multilateral basis, founded on the progressive development of international law. The political vision was for the EU to export its values of the rule of law and sophisticated governance mechanisms to the international sphere. Globalization and the financial crisis have starkly illustrated the limits of this vision, and the EU's dependence on global forces partially beyond the control of traditional provinces of law. This book takes stock of the EU's role in global governance. It asks: to what extent can and does the EU shape and influence the on-going re-ordering of legal processes, principles, and institutions of global governance, in line with its optimistic mission statement? With this ambitious remit it covers the legal-institutional and substantive aspects of global security, trade, environmental, financial, and social governance. Across these topics 23 contributors have taken the central question of the extent of the EU's influence on global governance, providing a broad view across the key areas as well as a detailed analysis of each. Through comparison and direct engagement with each other, the different chapters provide a distinctive contribution to legal scholarship on global governance, from a European perspective.
Download or read book Harmful Tax Competition An Emerging Global Issue written by OECD and published by OECD Publishing. This book was released on 1998-05-19 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: Tax competition in the form of harmful tax practices can distort trade and investment patterns, erode national tax bases and shift part of the tax burden onto less mobile tax bases. The Report emphasises that governments must intensify their cooperative actions to curb harmful tax practices.
Download or read book Civil Society and Financial Regulation written by Lisa Kastner and published by Routledge. This book was released on 2017-10-12 with total page 151 pages. Available in PDF, EPUB and Kindle. Book excerpt: Coalitions of consumer groups, NGOs, and trade unions have traditionally been considered politically weak compared to well-organized and resourceful financial sector groups which dominate or "capture" financial regulatory decisions. However, following the 2008 financial crisis, civil society groups have been seen to exert much more influence, with politicians successfully implementing financial reform in spite of industry opposition. Drawing on literature from social movement research and regulatory politics, this book shows how diffuse interests were represented in financial regulatory overhauls in both the United States (US) and the European Union (EU). Four cases of reform in the post-crisis regulatory context are analyzed: the creation of a new Consumer Financial Protection Bureau in the US; the introduction of new consumer protection regulations through EU directives; the failure of attempts to introduce a financial transaction tax in the US; and the agreement of 11 EU member states to introduce such a tax. It shows how building coalitions with important elite allies outside and inside government helped traditionally weak interest groups transcend a lack of material resources to influence and shape regulatory policy. By engaging with a less well-known side of the debate, it explains how business power was curbed and diverse interests translated into financial regulatory policy.
Download or read book CJEU Recent Developments in Direct Taxation 2020 written by Georg Kofler and published by Linde Verlag GmbH. This book was released on 2021-10-15 with total page 280 pages. Available in PDF, EPUB and Kindle. Book excerpt: CJEU – The most important cases in the field of direct taxation A great number of cases pending before the Court of Justice of the European Union (CJEU) concern the fundamental freedoms and direct taxation. In particular, the number of infringement procedures brought before the CJEU by the European Commission has been increasing year on year. The CJEU is still in the driver’s seat in the area of direct taxation. All judgements and pending cases, therefore, have to be carefully analyzed by academics as well as practitioners. This book discusses the most important cases in the field of direct taxation pending before or recently decided by the CJEU. Moreover, the national background of these cases is discussed and possible infringements of the fundamental freedoms and secondary EU law are analyzed. The analyses are presented by esteemed national and European tax law experts. By examining the preliminary questions, the arguments brought forward by the parties and existing CJEU case law, the authors provide insight into the possible reasoning of the Court. Moreover, this book goes to the heart of the national tax systems, exposing hidden obstacles to the fundamental freedoms.
Download or read book Towards a financial transaction tax written by Great Britain: Parliament: House of Lords: European Union Committee and published by The Stationery Office. This book was released on 2012-03-30 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The House of Lords EU Sub-Committee on Financial and Economic Affairs say in its report that the FTT proposed by the European Commission is flawed and will fail to fulfil the Commission's own objectives. The proposals place the City of London under severe threat and are likely to force financial institutions to relocate away from the UK and the EU as a whole. Given the strategic importance of the City of London, such relocation would have a highly damaging impact not only for the UK but on the economic health of the EU as a whole. A proposal that would have such a disproportionate impact on the UK above all other Member States makes the Commission's proposals particularly unacceptable. Whilst the Committee acknowledge the strength of public anger against the financial sector an FTT is the wrong way to meet such demands. The Committee urges the Government to refuse to agree to the Commission's "wholly impractical and unworkable" proposals. In addition, the Government have stated that, whilst they oppose an EU-wide FTT, they have no objection to a global FTT. The Committee found the Minister's explanation of this position unconvincing. If the Government's true position is to oppose an FTT outright, then they should say so.
Download or read book Transaction Banking and the Impact of Regulatory Change written by R. Wandhöfer and published by Springer. This book was released on 2015-12-17 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book takes you on a journey through post-crisis regulatory reform, highlighting the unintended consequences of some of the measures on transaction banking, a business that provides the backbone of financial markets.
Download or read book Taxing Financial Transactions written by Ms.Thornton Matheson and published by International Monetary Fund. This book was released on 2011-03-01 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: In reaction to the recent financial crisis, increased attention has recently been given to financial transaction taxes (FTTs) as a means of (1) raising revenue for a variety of possible purposes and/or (2) helping to curb financial market excesses. This paper reviews existing theory and evidence on the efficacy of an FTT in fulfilling those tasks, on its potential impact, and on key issues to be faced in designing taxes of this kind.
Download or read book Advanced Issues in International and European Tax Law written by Christiana HJI Panayi and published by Bloomsbury Publishing. This book was released on 2015-12-03 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines recent developments and high-profile debates that have arisen in the field of international tax law and European tax law. Topics such as international tax avoidance, corporate social responsibility, good governance in tax matters, harmful tax competition, state aid, tax treaty abuse and the financial transaction tax are considered. The OECD/G20 project on Base Erosion and Profit Shifting (BEPS) features prominently in the book. The interaction with the European Union's Action Plan to strengthen the fight against tax fraud and tax evasion is also considered. Particular attention is paid to specific BEPS deliverables, exploring them through the prism of European Union law. Can the two approaches be aligned or are there inherent conflicts between them? The book also explores whether, when it comes to aggressive tax planning, there are internal conflicts between the established case law of the Court of Justice and the emerging policy of the European institutions. By so doing it offers a review of issues which are of constitutional importance to the European Union. Finally, the book reflects on the future of international and European tax law in the post-BEPS world.
