financial transaction tax belgium
A split in the government coalition could push Belgium out of EU negotiations on a Tobin tax. Explore our updated web tool to compare tax codes across the developed world. 107 0 obj The Belgian draft law implementing the tax on securities accounts (TSA) has been adopted on 1 February 2018. �MJz(����p2+'��E�m��@�ն�hg����nI�.\&e�$4syE���pt4ut4 )��� �q;Hw*��c૛ �@`G13�,��p�A���L��6� �6���kg?y��$~lG��Zq��Ɛ�=��rf�[b��A|�.|˅���pQw���QFK� �9bJ <>stream For example, Switzerland levies a 0.15-0.30 percent stamp duty on the transfer of equities and bonds involving a Swiss securities dealer, while France implemented an FTT that taxes equity trades at 0.3 percent and high-frequency-trading at 0.01 percent. Latest news, analysis and comment on defense in Europe and beyond. 108 0 obj The Tax Foundation works hard to provide insightful tax policy analysis. Estonia has since withdrawn, arguing that the costs associated with the tax would be higher than the revenues. %%EOF In 2011, the European Union proposed an EU-wide FTT that would levy a 0.1 percent tax on the transfer of shares and bonds and a 0.01 percent tax on derivative contracts. For example, if an investor sells an asset worth $1,000, they would be charged $1 on the transaction under a 0.1 percent FTT. The finance minister is eyeing exemptions from the tax to prevent it from discouraging Belgian investors and businesses from taking risks with their capital. Explore the live extension of our journalism, The wonk's survival guide to the EU Green Deal. Lacking unanimous approval, an “enhanced cooperation” group of 11 countries agreed to push the project: France, Germany, Italy, Portugal, Spain, Greece, Belgium, Slovenia, Slovakia, Estonia and Austria. November 17-18 — POLITICO's Health Care Summit, November 18 — Energy Visions Series – Carbon removal and natural sinks in reaching climate neutrality by 2050, November 19 — Making digital work for SMEs in Europe. The Belgian tax administration has just published a list of Frequently Asked Questions (FAQ) on the webpage dedicated to the Belgian Tax on Stock Exchange Transactions (French / Dutch). h�bbd```b``����@$��&f?�O�� d�v�ŧ�٢`r%�*�2�@���)[4 H2�4��w|g`��$�Me�?c�'� g>> FTTs are sometimes called “Robin Hood” taxes, as the tax burden is predominantly borne by the wealthy. endobj Would you consider telling us more about how we can do better? Ten EU countries, including France, Germany, Italy, and Spain, are still interested in the common tax and negotiations on the design of that tax are ongoing. However, negotiations came to a halt due to resistance from several EU member states, and an EU-wide policy has not been adopted. <> He now plans to underline Belgium’s support for the so-called “Tobin tax” in parliament on Tuesday morning. Help us achieve a world where the tax code doesn't stand in the way of success. Francesco Guerrera contributed to this article. The financial industry has consistently opposed the tax — nicknamed the Robin Hood tax or Tobin tax, after the Nobel prize-winning economist James Tobin who championed it — arguing that it would hurt pension funds and other investors and make it more difficult for companies to raise capital. Bank of England to buy £150B more bonds as new lockdown starts, France plans new €20B stimulus package ahead of second lockdown, ECB steps up call for EU coronavirus spending package. endobj The Tax Foundation is the nation’s leading independent tax policy nonprofit. The FTTs differ significantly across countries. Today’s map shows which European OECD countries impose a type of FTT. “The government will stick to the principles as agreed in the coalition agreement,” Michel’s spokesperson said. Since the 2008 financial crisis, financial transaction taxes (FTTs) have been debated as a potential instrument to address financial market instabilities and as a source for tax revenue. FTTs are levied on the trade in financial instruments such as stocks, bonds, or derivatives. Latest news, analysis and comment from POLITICO’s editors and guest writers on the continent. Suite 950 Differences within Belgium’s ruling coalition over a European financial transaction tax cast further doubt on the proposal, which is championed by a group of 10 EU states but opposed by the financial industry. 1325 G St NW We work hard to make our analysis as useful as possible. 139 0 obj Today’s map shows which European OECD countries impose a type of FTT. 106 0 obj %PDF-1.6 %���� In order for Belgium to withdraw from the Tobin tax entirely, Van Overtveldt and the N-VA would have to convince the three other parties in the governing coalition. 0 Some other countries in the group, such as Slovenia, now appeared reluctant too and the withdrawal of two or more countries  would sink the proposal, since EU rules require at least nine countries to back such a procedure. Washington, DC 20005, Tax Expenditures, Credits, and Deductions, Small Business, Pass-throughs, and Non-profits, Sources of Government Revenue in the OECD, Opportunities for Pro-Growth Tax Reform in Austria, Tax Proposals, Comparisons, and the Economy, http://taxsummaries.pwc.com/ID/Belgium-Individual-Other-taxes, https://www.bnymellon.com/emea/en/_locale-assets/pdf/our-thinking/tax-and-regulatory-client-forum-2019/global-view-of-financial-transaction-taxes.pdf. <>/Metadata 69 0 R/Pages 99 0 R/StructTreeRoot 95 0 R/Type/Catalog/ViewerPreferences<>>> “This is what we hoped would happen and there is a clear direction of travel against the proposal but there’s no guarantee that it won’t happen,” said one senior financial services lobbyist, speaking on condition of anonymity. endobj endstream Following the 2007-2008 financial crisis, FTT proposals have gained steam globally as the FTT tax base—financial markets—is very broad. “There is a lot of political energy and political capital that has been spent on this since the Commission launched the proposal in 2011.”. November 25 — Will the EU be ready for all packaging to be sustainable by 2030? FTTs are levied on the trade in financial instruments such as stocks, bonds, or derivatives. Sources: BNY Mellon, “A Global View of Financial Transaction Taxes (FTT),” 2018, https://www.bnymellon.com/emea/en/_locale-assets/pdf/our-thinking/tax-and-regulatory-client-forum-2019/global-view-of-financial-transaction-taxes.pdf; and Deloitte, “Tax guides and highlights,” 2019, https://dits.deloitte.com/#TaxGuides. Differences within Belgium’s ruling coalition over a European financial transaction tax cast further doubt on the proposal, which is championed by a group of 10 EU states but opposed by the financial industry. If you do not have a login you can register here. endobj FTTs usually apply only to select financial instruments and often have varying tax rates depending on the asset type. In order for Belgium to withdraw from the Tobin tax entirely, Van Overtveldt and the N-VA would have to convince the three other parties in the governing coalition. <>stream Latest news, analysis and comment from POLITICO’s editors and guest writers on French politics. November 5 — After the U.S. election: Building bridges or walls? However, a spokesperson for Overtveldt — who is from the Flemish nationalist N-VA — underlined his party’s “reservations concerning the impact of the tax on the real economy, for instance on pension funds.”. Since the 2008 financial crisis, financial transaction taxes (FTTs) have been debated as a potential instrument to address financial market instabilities and as a source for tax revenue. It’s our way of fighting speculation, to the benefit of the real economy and investments.”. Stay up on the tax news and analysis that matters to you. Latest news, analysis and comment on security in Europe and beyond. Belgium, Finland, France, Ireland, Italy, Poland, Switzerland, and the United Kingdom currently levy a type of FTT. As a reminder, the TSA is a new tax levied at the rate of … startxref The tax is a long-standing aim of Belgium’s mainstream parties but is opposed by the right-wing N-VA. Belgian Economy Minister Kris Peeters, from the Flemish Christian Democrats who favor the Tobin tax, said: “We shouldn’t throw out the baby with the bathwater.” He urged Van Overtveldt to negotiate its implementation “in a constructive manner.”, Denis Ducarme, parliamentary whip of Michel’s liberals, said the party would stand by the plan: “We, as liberals, are very attached to this tax. 26 April 2017 . In order to sink the plans entirely, the lobbyist said, a big EU member country like Germany, Italy or Spain would have to come up against it, which looks unlikely at the moment. That deal, struck in 2014,  states that “Belgium will continue to work constructively on a gradual introduction of a financial transaction tax,” but clarifies that it should focus on share- and derivative-trading while leaving the real economy untouched and not affecting pension funds and insurance companies. This contradicted the official position of the coalition government headed by Prime Minister Charles Michel from the liberal, French-speaking Reformist Movement (MR). A split in the government coalition could push Belgium out of EU negotiations on a Tobin tax. Finance Minister Johan Van Overtveldt exposed the split by saying last week he would “investigate in the coming weeks or months how to put a stop to this tax” because it threatens the economy and the financial sector. endstream Would you consider contributing to our work? *Belgium’s lower tax rate has been increased from 0.09% to 0.12%; see PwC, “Belgium, Individual – Other taxes,” last updated July 1, 2019, http://taxsummaries.pwc.com/ID/Belgium-Individual-Other-taxes. Belgian cabinet ministers are expected to discuss the financial transaction tax on Friday. Since 1937, our principled research, insightful analysis, and engaged experts have informed smarter tax policy at the federal, state, and global levels. Latest news, analysis and comment from POLITICO’s editors and guest writers on German politics. <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageC]/XObject<>>>/Rotate 0/Tabs/S/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> Financial Transaction Tax (FTT) is a generic name for taxes that are levied on transactions such as the sale and purchase of some sort of financial instrument such as stocks, shares or FX transactions. Financial industry executives on Monday welcomed Belgium’s skeptical stance, but said that it was unlikely the proposals would be dropped in the near term. 123 0 obj endobj Our work depends on support from members of the public like you. The European Commission proposed taxing financial services in 2011, in the wake of the financial crisis. 105 0 obj Belgium's Finance Minister Johan Van Overtveldt, Campaigning, lobbying and political influence in the EU. For over 80 years, our goal has remained the same: to improve lives through tax policies that lead to greater economic growth and opportunity. Worldwide there are approximately 20 regimes for taxing securities transactions, not including bank levy or withholding tax. Financial transaction tax Belgian Tax on Stock Exchange Transactions: FAQ published.

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