Sittings · Document

Draft report (2024/2117(INI)) 2026-03-19

A coherent tax framework for the EU's financial sector

Committee on Economic and Monetary Affairs

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Amendment 1

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Citation 5 a (new)

Motion for a resolution

Amendment

– having regard to Regulation (EU) 2023/1114 on markets in crypto-assets (MiCA),

Or. en

Amendment 2

Lídia Pereira

Motion for a resolution

Citation 6 a (new)

Motion for a resolution

Amendment

– having regard to the Commission proposal of 12 September 2023 on establishing a Head Office Tax system for micro, small and medium sized enterprises, and amending Directive 2011/16/EU,

Or. en

Amendment 3

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Citation 6 a (new)

Motion for a resolution

Amendment

– having regard to Council Decision 2020/2053 on the system of own resources of the European Union,

Or. en

Amendment 4

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Citation 6 b (new)

Motion for a resolution

Amendment

– having regard to the Commission communication entitled ‘The next generation of own resources for the EU Budget’ (COM(2021)0566),

Or. en

Amendment 5

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Citation 7 a (new)

Motion for a resolution

Amendment

– having regard to the Court of Justice of the European Union’s case law on the VAT exemption for financial and insurance services,

Or. en

Amendment 6

Regina Doherty

Motion for a resolution

Citation 12 a (new)

Motion for a resolution

Amendment

– having regard to the European Commission's proposal of the 30th September 2025 on Increasing the Availability of Savings and Investment Accounts with Simplified and Advantageous Tax Treatment,

Or. en

Amendment 7

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Citation 12 a (new)

Motion for a resolution

Amendment

– having regards to the World Bank working paper “VAT Exemptions, Embedded Tax, and Unintended Consequences”, from May 2025,

Or. en

Amendment 8

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Recital A

Motion for a resolution

Amendment

A. whereas, in the Commission President’s 2024 mission letter to the Commissioner responsible for taxation, the Commission is tasked with identifying innovative solutions for the taxation of the EU’s financial sector to support further integration of the sector, cross-border activity and innovation; whereas the Commission has launched a study on taxation of the financial sector in the EU with a view to assessing existing distortions, exemptions and loopholes in the current tax framework, including the preferential treatment of certain financial services, the hidden VAT costs and to exploring options for a more coherent, progressive and sustainable approach to financial-sector taxation at Union level; whereas this work is particularly relevant in light of the Union’s need to mobilise new own resources, finance the green and digital transitions, and ensure a level playing field between Member States’ financial sector;

Or. en

Amendment 9

Gilles Boyer, Katri Kulmuni

Motion for a resolution

Recital A

Motion for a resolution

Amendment

A. whereas, in her 2024 mission letter to the Commissioner responsible for taxation, Wopke Hoekstra, Commission President Ursula von der Leyen tasked the Commission with identifying innovative solutions for the taxation of the EU’s financial sector to support further integration of the sector, cross-border activity and innovation; whereas the Commission has launched a study on taxation of the financial sector in the EU; whereas any future initiatives should reduce fragmentation in the internal market and strengthen competitiveness by ensuring a coherent, predictable and neutral tax framework for financial services, while taking into account the diversity of business models and tax interactions across the EU financial sector;

Or. en

Amendment 10

Isabel Benjumea Benjumea

Motion for a resolution

Recital A

Motion for a resolution

Amendment

Or. es

Amendment 11

Gilles Boyer, Katri Kulmuni

Motion for a resolution

Recital A a (new)

Motion for a resolution

Amendment

A a. whereas the EU financial sector plays a central role in financing the real economy, supporting innovation and facilitating investment; whereas a stable, resilient and competitive financial sector is therefore essential for economic growth, financial stability and the mobilisation of capital required to support the Union's digital, green and strategic transitions;

Or. en

Amendment 12

Regina Doherty

Motion for a resolution

Recital A a (new)

Motion for a resolution

Amendment

A a. whereas taxation remains a competence of Member States;

Or. en

Amendment 13

Gilles Boyer, Katri Kulmuni

Motion for a resolution

Recital A b (new)

Motion for a resolution

Amendment

A b. whereas, according to Eurostat data, the financial sector is a significant component of the Union's economy, generating around EUR 0.9 trillion in value added in 2022, employing nearly 5 million people and recording a net turnover of approximately EUR 2.4 trillion; whereas the sector contributes substantially to public finances through corporate taxation, payroll taxes and sector-specific levies;

Or. en

Amendment 14

Fernand Kartheiser

Motion for a resolution

Recital B

Motion for a resolution

Amendment

deleted

Or. fr

Amendment 15

Isabel Benjumea Benjumea

Motion for a resolution

Recital B

Motion for a resolution

Amendment

B. whereas numerous financial services are exempted from value added tax (VAT) in the EU; whereas financial institutions cannot deduct VAT paid on their inputs because of that exemption, causing the ‘irrecoverable VAT problem’;

Or. es

Amendment 16

Gilles Boyer

Motion for a resolution

Recital B

Motion for a resolution

Amendment

B. whereas financial services are generally exempted from value added tax (VAT) in the EU; whereas financial institutions cannot deduct VAT paid on their inputs because of that exemption, causing the ‘irrecoverable VAT problem’; whereas this situation often results in additional costs for financial institutions and may influence organisation and outsourcing decisions within the sector, and therefore does not constitute a tax advantage for financial service providers;

Or. en

Amendment 17

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Recital B

Motion for a resolution

Amendment

B. whereas financial services are generally exempted from Value Added Tax (VAT) in the EU; whereas financial institutions cannot deduct VAT paid on their inputs because of that exemption, causing the so-called “irrecoverable VAT problem”, whereas this exemption results in hidden VAT costs that impact consumers, distorts business models and creates competitive disadvantages for smaller, digital and cross-border service providers;

Or. en

Amendment 18

Matthias Ecke, Evelyn Regner, Niels Fuglsang, Bruno Gonçalves

Motion for a resolution

Recital B

Motion for a resolution

Amendment

B. whereas financial services are generally exempted from value added tax (VAT) in the EU; whereas financial institutions cannot deduct VAT paid on their inputs because of that exemption, causing the ‘irrecoverable VAT problem’; whereas the option for financial institutions to opt into VAT is applied inconsistently across Member States, leading to further market distortions and administrative complexity;

Or. en

Amendment 19

Fernand Kartheiser

Motion for a resolution

Recital C

Motion for a resolution

Amendment

C. whereas the VAT exemption dates back to 1977 when taxing financial services was technically unfeasible; whereas technological advances now make such taxation viable and several jurisdictions worldwide have revised similar exemptions;

deleted

Or. fr

Amendment 20

Markus Ferber

Motion for a resolution

Recital C

Motion for a resolution

Amendment

deleted

Or. en

Amendment 21

Gilles Boyer

Motion for a resolution

Recital C

Motion for a resolution

Amendment

C. whereas the VAT exemption dates back to 1977 when taxing financial services was technically unfeasible; whereas technological advances have since rendered elements of the framework outdated; whereas while the rationale for the exemption remains valid, the framework should be modernised to improve simplicity, legal certainty and neutrality and to avoid additional fragmentation or disproportionate compliance burdens;

Or. en

Amendment 22

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Recital C

Motion for a resolution

Amendment

C. whereas the VAT exemption dates back to 1977 when taxing financial services was technically unfeasible due to the complexity of pricing financial intermediation and the limited capacity to track and allocate value added; whereas significant technological, digital and supervisory advances including real-time data processing and improved reporting requirements, have since removed many of the technical obstacles that originally justified the exemption and now make such taxation viable;

Or. en

Amendment 23

Isabel Benjumea Benjumea

Motion for a resolution

Recital C

Motion for a resolution

Amendment

C. whereas the VAT exemption applicable to numerous financial services dates back to 1977 when taxing such services posed significant technical and administrative difficulties; whereas technological advances have partially reduced such difficulties and several jurisdictions worldwide have revised similar exemptions;

Or. es

Amendment 24

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Recital C a (new)

Motion for a resolution

Amendment

C a. whereas several jurisdictions worldwide have revised similar exemptions or have introduced alternative forms of taxation of financial services, in order to reduce distortions, broaden the tax base and ensure a fairer contribution of the financial sector to public revenues;, whereas maintaining a broad VAT exemption risks perpetuating competitive distortions between the financial sector and the real economy and undermines the neutrality, fairness and efficiency of the Union’s tax system;

Or. en

Amendment 25

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Recital C b (new)

Motion for a resolution

Amendment

C b. whereas the VAT exemption for financial services lowers the effective tax burden on financial intermediation compared to most other sectors of the economy; whereas this contributes to a regressive distribution of the tax burden by shifting indirect taxation towards households and labour-intensive sectors;

Or. en

Amendment 26

Isabel Benjumea Benjumea

Motion for a resolution

Recital D

Motion for a resolution

Amendment

D. whereas both the Letta and Draghi reports underline that tax fragmentation in the single market obstructs economic growth, trade and cross-border business; whereas EU internal barriers effectively impose a near 100 % tariff on financial services;

D. whereas both the Letta and Draghi reports underline that fragmentation in the single market, including regulatory, administrative and tax barriers, obstructs economic growth, trade and cross-border activities; whereas EU internal barriers effectively impose a near 100 % tariff on financial services;

Or. es

Amendment 27

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Recital D a (new)

Motion for a resolution

Amendment

D a. whereas those barriers and regulatory hurdles are, according to Darghi, far more damaging to economic growth than any tariffs the US might impose;

Or. en

Amendment 28

Regina Doherty

Motion for a resolution

Recital E

Motion for a resolution

Amendment

E. whereas the taxation of financial services in the EU remains highly fragmented, with diverging national approaches to financial transaction taxes (FTTs), bank levies, financial activity taxes and other profit-based taxes; whereas this fragmentation creates legal uncertainty and complexity, drives market distortions, encourages tax avoidance and reduces the EU’s competitiveness;

E. whereas differences in national approaches to the taxation of the financial sector reflect legitimate national policy choices and can support healthy tax competition, innovation and investment within the Single Market;

Or. en

Amendment 29

Tomáš Kubín, Jaroslava Pokorná Jermanová, Pierre Pimpie, Enikő Győri

Motion for a resolution

Recital E

Motion for a resolution

Amendment

E. whereas the taxation of financial services in the EU remains highly fragmented, with diverging national approaches to financial transaction taxes (FTTs), bank levies, financial activity taxes and other profit-based taxes; whereas this fragmentation creates complexity, drives market distortions and encourages tax avoidance; whereas, on the other hand, diverging tax systems and levels can produce a healthy competitive environment in the EU financial sector;

Or. en

Amendment 30

Matthias Ecke, Evelyn Regner, Niels Fuglsang, Bruno Gonçalves

Motion for a resolution

Recital E

Motion for a resolution

Amendment

E. whereas the taxation of financial services in the EU remains highly fragmented, with diverging national approaches to insurance premium taxes (IPTs), financial transaction taxes (FTTs), bank levies, financial activity taxes and other profit-based taxes; whereas this fragmentation creates legal uncertainty and complexity, drives market distortions, encourages tax avoidance and reduces the EU’s competitiveness;

Or. en

Amendment 31

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Recital E a (new)

Motion for a resolution

Amendment

E a. whereas, following the COVID-19 crisis and subsequent economic shocks, some Member States introduced temporary windfall taxes or solidarity levies on bank profits in order to address extraordinary increases in profitability linked to rising interest rates and to ensure a fair contribution of the financial sector to public finances;

Or. en

Amendment 32

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Recital E b (new)

Motion for a resolution

Amendment

E b. whereas these measures reflected concerns that certain segments of the banking sector benefited disproportionately from monetary tightening while households and businesses faced rising borrowing costs;

Or. en

Amendment 33

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Recital E c (new)

Motion for a resolution

Amendment

E c. whereas the introduction of such national measures also highlighted the fragmented nature of the Union’s approach to the taxation of the financial sector and the potential risks of regulatory and fiscal divergence within the internal market;

Or. en

Amendment 34

Isabel Benjumea Benjumea

Motion for a resolution

Recital F

Motion for a resolution

Amendment

deleted

Or. es

Amendment 35

Markus Ferber

Motion for a resolution

Recital F

Motion for a resolution

Amendment

deleted

Or. en

Amendment 36

Fernando Navarrete Rojas

Motion for a resolution

Recital F

Motion for a resolution

Amendment

F. whereas FTTs and bank levies were discussed after the financial crisis in 2008 and 2009; whereas these measures sought to offset the costs of the crisis

Or. en

Amendment 37

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Recital F

Motion for a resolution

Amendment

F. whereas FTTs and bank levies were discussed after the financial crisis in 2008 and 2009; whereas these measures sought to ensure that the financial sector contributes to public budgets, and to offset the costs of the crisis while discouraging excessive speculation and high-risk financial activity; whereas the European Commission’s 2011 FTT proposal explicitly aimed to make the financial sector “pay its fair share” of the costs of the crisis and reduce competitive distortions in the Single Market; whereas these measures remain essential instruments to address systemic risk and contribute to public budgets;

Or. en

Amendment 38

Gilles Boyer

Motion for a resolution

Recital F

Motion for a resolution

Amendment

F. whereas FTTs and bank levies were discussed after the financial crisis in 2008 and 2009; whereas these measures sought to ensure that the financial sector contributes to public budgets, and to offset the costs of the crisis and curb the negative effects of speculative or high-risk financial activity; whereas, when designing national taxes on the financial sector, due consideration should be given to transparency regarding their objectives and design, as well as to regular assessments of their economic impact and the continued relevance of such measures, in order to avoid unintended or lasting distortions to financial markets;

Or. en

Amendment 39

Isabel Benjumea Benjumea

Motion for a resolution

Recital F a (new)

Motion for a resolution

Amendment

Fa. whereas financial transaction taxes, when applied unilaterally and with diverging national designs, further fragment the single market, increase compliance costs for cross-border investors and operators, reduce market liquidity and discourage investment; whereas such taxes can distort the efficient allocation of capital, hinder the development of the Savings and Investments Union and weaken the EU’s competitiveness vis-à-vis other global jurisdictions;

Or. es

Amendment 40

Fernando Navarrete Rojas

Motion for a resolution

Recital G

Motion for a resolution

Amendment

G. whereas at least seven Member States currently levy an FTT; whereas these Member States have not coordinated their FTTs in scope, rate or application; whereas no agreement has been reached on an EU-wide FTT, despite several legislative proposals from the Commission since 2011;

G. whereas seven Member States currently levy an FTT; whereas these Member States have not coordinated their FTTs in scope, rate or application; whereas no agreement has been reached on an EU-wide FTT, despite several legislative proposals from the Commission since 2011; Whereas empirical literature studying the effects of FTTs introduced in those Member States conclude that this type of taxation cannot be expected to help stabilising financial markets, are expected to reduce trading volumes between 10% and 30%1a and decrease market liquidity2a, widening spreads;

_________________

1a Funke et al. (2020)

2a Matheson, 2012

Or. en

Amendment 41

Isabel Benjumea Benjumea

Motion for a resolution

Recital H

Motion for a resolution

Amendment

H. whereas Parliament has consistently supported the introduction of an EU-wide FTT, including as a possible own resource, most recently in its resolution of May 2023; whereas in its 2026 work programme, the Commission proposed to withdraw its previous FTT proposal;

deleted

Or. es

Amendment 42

Regina Doherty

Motion for a resolution

Recital H

Motion for a resolution

Amendment

H. whereas no agreement has been reached on an EU-wide FTT; whereas empirical evidence1a and past experience raise serious concerns that such taxes reduce market liquidity, encourage relocation of trading activity and weaken the competitiveness of EU capital markets;

_________________

1a https://www.imf.org/external/pubs/ft/wp/2011/wp1154.pdf

Or. en

Amendment 43

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Recital H

Motion for a resolution

Amendment

H. whereas Parliament has consistently supported the introduction of a Union-wide FTT and as a possible Own Resource, most recently in its April 2023 resolution; whereas regrettably the Commission has decided to withdraw the FTT proposal in its 2026 Work Programme;

Or. en

Amendment 44

Tomáš Kubín, Jaroslava Pokorná Jermanová, Pierre Pimpie, Enikő Győri

Motion for a resolution

Recital H

Motion for a resolution

Amendment

H. whereas Parliament has previously called for the introduction of an EU-wide FTT, including as a possible own resource, most recently in its resolution of May 2023; whereas in its 2026 work programme, the Commission understandably proposed to withdraw its previous FTT proposal due to years of deadlock and limited agreement prospects;

Or. en

Amendment 45

Gilles Boyer, Katri Kulmuni

Motion for a resolution

Recital H

Motion for a resolution

Amendment

H. whereas Parliament has consistently discussed the introduction of an EU-wide FTT, including as a possible own resource, most recently in its resolution of May 2023; whereas in its 2026 work programme, the Commission proposed to withdraw its previous FTT proposal as a result of a lack of consensus amongst Member States with no agreement reached;

Or. en

Amendment 46

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Recital H a (new)

Motion for a resolution

Amendment

H a. whereas the completion of the Savings and Investments Union (SIU) requires a comprehensive approach to financial stability, market integration and investor protection; whereas ensuring that the financial sector contributes fairly to public finances, internalises the risks it generates and supports long-term sustainable investment is crucial for the success and credibility of the SIU; whereas the taxation of financial services should therefore remain a key focus of Union policy in the coming years, in order to ensure a level playing field across Member States, to reduce distortions in investment markets and to mobilise resources for the Union’s economic, social and green objectives; whereas tax incentives should not be used to compensate the lower returns get by EU savers compared to their international peers due to the higher fees charged on EU retail investors;

Or. en

Amendment 47

Fernando Navarrete Rojas

Motion for a resolution

Recital H a (new)

Motion for a resolution

Amendment

H a. whereas the European Parliament adopted by 324 votes to 132 with 155 abstentions, on January 2024, following a Parliament’s consultation, a legislative resolution on the proposal for a Council directive on laying down rules on a debt-equity bias reduction allowance and on limiting the deductibility of interest for corporate income tax purposes; whereas the Parliament approved the Commission's proposal with amendments to assist SMEs, concluding that an allowance on equity should be deductible1a;

_________________

1a European Parliament legislative resolution of 16 January 2024 on the proposal for a Council directive on laying down rules on a debt-equity bias reduction allowance and on limiting the deductibility of interest for corporate income tax purposes (COM(2022)0216 – C9-0197/2022 – 2022/0154(CNS))

Or. en

Amendment 48

Gilles Boyer

Motion for a resolution

Recital H a (new)

Motion for a resolution

Amendment

H a. whereas recent initiatives such as the Directive on Faster and Safer Relief of Excess Withholding Taxes (FASTER) have made important progress in reducing administrative burdens and facilitating cross-border economic activity in the Union, and similar efforts should continue in order to further strengthen the integration and efficiency of the internal market;

Or. en

Amendment 49

Lídia Pereira

Motion for a resolution

Recital H a (new)

Motion for a resolution

Amendment

H a. whereas the Council have been delaying a decision regarding the proposal for a Directive establishing a Head Office Tax system for micro, small and medium sized enterprises, and amending Directive 2011/16/EU, while the European Parliament has already approved a legislative resolution on 10 April 2024;

Or. en

Amendment 50

Regina Doherty

Motion for a resolution

Recital H a (new)

Motion for a resolution

Amendment

H a. whereas the experience of financial transaction taxes in third countries has shown that such taxes can fail to deliver the expected stable revenue while encouraging relocation and substitution into untaxed instruments;

Or. en

Amendment 51

Fernand Kartheiser

Motion for a resolution

Recital H a (new)

Motion for a resolution

Amendment

Ha. whereas tax policies and rates of taxation must remain the exclusive competence of the Member States;

Or. fr

Amendment 52

Fernando Navarrete Rojas

Motion for a resolution

Recital H b (new)

Motion for a resolution

Amendment

H b. whereas bank lending continues to represent the primary source of financing for the EU economy; whereas funding from capital markets and non-bank financial intermediation has steadily increased since the Great Financial Crisis, although it still represents a lower overall share of total credit to the private sector compared to traditional bank lending;

Or. en

Amendment 53

Regina Doherty

Motion for a resolution

Recital H b (new)

Motion for a resolution

Amendment

H b. whereas the Savings and Investments Union requires stronger incentives for citizens to save and invest in European capital markets, including through simplified and advantageous national tax arrangements for long-term investment accounts;

Or. en

Amendment 54

Lídia Pereira

Motion for a resolution

Recital H b (new)

Motion for a resolution

Amendment

H b. whereas tax policy is primarily a national competence of Member States but further cooperation and integration at European level is a paramount condition of a structured strategy to enhance European competitiveness;

Or. en

Amendment 55

Fernando Navarrete Rojas

Motion for a resolution

Recital H c (new)

Motion for a resolution

Amendment

H c. whereas both the Return on Assets (ROA) and Return on Equity (ROE) of European banks have been consistently lower than in other comparable jurisdictions, such as the United States; whereas these indicators have converged during the recent period of high inflation and tightening monetary policy, which led to temporary higher profitability for domestic banks1a

_________________

1a https://www.eba.europa.eu/publications-and-media/publications/profitability-0

Or. en

Amendment 56

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Subheading 1

Motion for a resolution

Amendment

Addressing the tax fragmentation of the financial sector and increasing its competitiveness

Addressing the tax fragmentation of the financial sector

Or. en

Amendment 57

Markus Ferber

Motion for a resolution

Paragraph 1

Motion for a resolution

Amendment

deleted

Or. en

Amendment 58

Tomáš Kubín, Jaroslava Pokorná Jermanová, Pierre Pimpie

Motion for a resolution

Paragraph 1

Motion for a resolution

Amendment

1. Notes that the VAT exemption for financial services deviates from the general VAT system in the EU and entails a higher administrative burden for financial services providers; notes that this diverse tax landscape makes compliance more challenging, weakening the EU’s financial sector and its investment capacity and undermining the objectives of the Savings and Investments Union and the Banking Union;

Or. en

Amendment 59

Fernand Kartheiser

Motion for a resolution

Paragraph 1

Motion for a resolution

Amendment

1. notes that the fragmented tax landscape makes compliance more challenging and increases structural barriers to the cross-border expansion of financial services providers, weakening the EU’s financial sector and its investment capacity and undermining the objectives of the Savings and Investments Union and the Banking Union;

Or. fr

Amendment 60

Siegbert Frank Droese

Motion for a resolution

Paragraph 1

Motion for a resolution

Amendment

1. Notes that the VAT exemption for financial services has resulted in a highly fragmented landscape of 91 sector-specific taxes across the Member States to mitigate these revenue losses; notes that this fragmented tax landscape makes compliance more challenging and could increase structural barriers to the cross-border expansion of financial services providers;

Or. de

Amendment 61

Regina Doherty

Motion for a resolution

Paragraph 1

Motion for a resolution

Amendment

1. Notes that the VAT exemption for financial services remains an important feature of the EU VAT system that avoids disproportionate administrative complexity, reduces retail costs, and helps maintain the competitiveness of EU financial markets; notes that introducing VAT on financial services would increase complexity within the Single Market; notes that the existing fragmented tax landscape already makes compliance more challenging and increases structural barriers to the cross-border expansion of financial services providers, weakening the EU’s financial sector and its investment capacity and undermining the objectives of the Savings and Investments Union and the Banking Union;

Or. en

Amendment 62

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 1

Motion for a resolution

Amendment

1. Notes the fragmented landscape of 91 sector-specific taxes across the Member States; notes that a fragmented tax landscape makes compliance more challenging and increases structural barriers to the cross-border expansion of financial services providers, weakening the EU’s financial sector and its investment capacity and undermining the objectives of the Savings and Investments Union and the Banking Union;

Or. en

Amendment 63

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 1

Motion for a resolution

Amendment

1. Notes that the VAT exemption for financial services has resulted in a substantial VAT policy gap and a highly fragmented landscape of 91 sector-specific taxes across the Member States to mitigate these revenue losses; notes that this fragmented tax landscape makes compliance more challenging and increases structural barriers to the cross-border expansion of financial services providers, weakening the EU’s financial sector and its investment capacity and undermining the objectives of the Savings and Investments Union and the Banking Union; stresses that any reform of VAT rules must aim at reducing fragmentation and ensuring fair taxation of the financial sector, while safeguarding financial stability, consumer protection and the financing of the green and social transition;

Or. en

Amendment 64

Gilles Boyer

Motion for a resolution

Paragraph 1

Motion for a resolution

Amendment

1. Notes that the VAT exemption for financial services has resulted in a substantial VAT policy gap and a highly fragmented landscape of 91 sector-specific taxes across the Member States to mitigate these revenue losses; notes that this fragmented tax landscape makes compliance more challenging, generates additional operational and administrative costs for financial institutions, and increases structural barriers to the cross-border expansion of financial services providers, thus weakening the EU’s financial sector and its investment capacity and undermining the objectives of the Savings and Investments Union and the Banking Union;

Or. en

Amendment 65

Markus Ferber

Motion for a resolution

Paragraph 1 a (new)

Motion for a resolution

Amendment

1 a. Underlines that a well-designed tax system should be predictable, stable and transparent, allowing households and businesses to plan and invest with confidence; stresses that tax rates should remain moderate and based on a broad tax base, avoiding excessive burdens on work, savings and entrepreneurship; emphasises that tax policy should minimise distortions to economic activity, ensuring that economic decisions are driven primarily by market considerations rather than tax incentives; further underlines the importance of simplicity and administrative efficiency, so that compliance costs for taxpayers and administrative burdens for authorities remain proportionate; notes that sound tax policy should ultimately strengthen competitiveness, encourage productive investment and support sustainable long-term growth within the social market economy; highlights that these considerations also apply with regards to the financial sector;

Or. en

Amendment 66

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 1 a (new)

Motion for a resolution

Amendment

1 a. Calls on the Council to proceed with the approval of a harmonised framework for a debt-equity bias reduction allowance, establishing a tax allowance for the increase in equity to incentivize capitalisation through high-quality CET 1 Capital;

Or. en

Amendment 67

Regina Doherty

Motion for a resolution

Paragraph 1 a (new)

Motion for a resolution

Amendment

1 a. Stresses that taxation of financial services must not undermine the competitiveness of the EU financial sector or restrict the ability of Member States to design tax systems suited to their national economic structures;

Or. en

Amendment 68

Regina Doherty

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Notes that differences in national tax regimes reflect legitimate policy choices of Member States and can foster healthy tax competition within the Single Market; Notes the ongoing work at an international level in respect of profit shifting;

Or. en

Amendment 69

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Highlights that fragmentation of tax rules across Member States and the high mobility of the financial sector’s tax base create opportunities for regulatory arbitrage and capital and profit shifting; underlines that this issue is rapidly becoming more worrying with the surge of neobanks such as digital-only banks, challenger banks or fintech banks; points out the significant increase in the share of cross-border deposits held by these banks in the last six years;

Or. en

Amendment 70

Gilles Boyer

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Highlights that fragmentation of tax rules across Member States and the high mobility of the financial sector’s tax base create opportunities for regulatory arbitrage and capital and profit shifting; stresses that such fragmentation may also hinder the cross-border consolidation of financial institutions and reduce the efficiency and resilience of the Union's banking and capitals market;

Or. en

Amendment 71

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 2

Motion for a resolution

Amendment

2. Highlights that fragmentation of tax rules across Member States and the high mobility of the financial sector’s tax base create significant opportunities for aggressive tax planning, regulatory arbitrage and capital and profit shifting;

Or. en

Amendment 72

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 2 a (new)

Motion for a resolution

Amendment

2 a. Calls for strengthened coordination at EU-level, including effective minimum taxation, robust anti-avoidance rules and enhanced transparency requirements, notably public country-by-country reporting, to ensure that the financial sector contributes its fair share of taxation where economic activity takes place;

Or. en

Amendment 73

Regina Doherty

Motion for a resolution

Paragraph 2 a (new)

Motion for a resolution

Amendment

2 a. Recognises that tax competition between Member States can promote efficiency, innovation and investment across the Union;

Or. en

Amendment 74

Regina Doherty

Motion for a resolution

Paragraph 2 b (new)

Motion for a resolution

Amendment

2 b. Recognises that competitive and investment-friendly tax systems are an important part of a well-functioning Savings and Investments Union, and that Member States should remain free to improve the tax treatment of long-term retail savings and investment products in line with their national circumstances;

Or. en

Amendment 75

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

3. Notes that fragmentation of national tax regimes increases the risk of cross-border double taxation and can inhibit the growth of the EU’s financial sector can inhibit growth of the EU’s financial sector as well as hampering competitiveness; stresses however that simplification efforts must not result in deregulation or a race to the bottom in tax standards, but should promote legal certainty, fairness and environmental and social responsibility;

Or. en

Amendment 76

Siegbert Frank Droese

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

3. Notes that fragmentation of national tax regimes increases the risk of cross-border double taxation and, driven by administrative and legal complexity, may inhibit the growth of the EU’s financial sector;

Or. de

Amendment 77

Gilles Boyer, Katri Kulmuni

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

3. Notes that fragmentation of national tax regimes increases the risk of cross-border double taxation and, driven by administrative and legal complexity, can inhibit the growth of the EU’s financial sector; stresses that differences in national taxation procedures, including withholding tax procedures, create administrative burdens and barriers to cross-border investment, as acknowledged in the Commission's Savings and Investments Union Strategy;

Or. en

Amendment 78

Regina Doherty

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

3. Notes that fragmentation of national tax regimes increases the risk of cross-border double taxation and, driven by administrative and legal complexity, can inhibit the growth of the EU’s financial sector; Emphasises that avoiding double taxation and reducing administrative burdens should remain the priority rather than introducing additional layers of taxation;

Or. en

Amendment 79

Markus Ferber

Motion for a resolution

Paragraph 3

Motion for a resolution

Amendment

Or. en

Amendment 80

Matthias Ecke, Evelyn Regner, Niels Fuglsang, Bruno Gonçalves

Motion for a resolution

Paragraph 3 a (new)

Motion for a resolution

Amendment

3 a. Observes moreover that existing tax frameworks have not fully kept pace with the emergence of new financial products and market infrastructures; underlines that ensuring consistent tax treatment of economically equivalent financial activities is essential to prevent fragmentation and tax arbitrage within the financial sector; underlines that differences in the tax treatment of economically equivalent financial activities may incentivise the relocation of financial intermediation towards non-bank entities; stresses the need for greater coherence between tax rules and the prudential framework to avoid distortions in the structure of the EU financial sector;

Or. en

Amendment 81

Matthias Ecke, Evelyn Regner, Niels Fuglsang, Bruno Gonçalves

Motion for a resolution

Paragraph 3 b (new)

Motion for a resolution

Amendment

3 b. Emphasises that the insufficient data on the effective tax burden across the EU financial sector obstructs evidence-based policymaking and the assessment of policy impacts on market behaviour, competition and financial stability; underlines the need for improved transparency and data collection, including clearer identification, pricing and reporting of fees, margins and the economic value generated by financial services, as a prerequisite for coherent reform of financial sector taxation;

Or. en

Amendment 82

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 4

Motion for a resolution

Amendment

Or. es

Amendment 83

Angelika Winzig

Motion for a resolution

Paragraph 4

Motion for a resolution

Amendment

4. Stresses that removing tax barriers to cross-border investment through coherent EU-level rules would reduce compliance costs, improve market efficiency, enhance legal clarity for cross-border capital flows and strengthen the competitiveness of EU financial services, while simultaneously curbing tax evasion and aggressive tax planning; highlights that legal and tax certainty are key drivers for investment decisions and should be a primary objective of any reform of the financial sector’s tax framework;

Or. en

Amendment 84

Regina Doherty

Motion for a resolution

Paragraph 4

Motion for a resolution

Amendment

4. Stresses that removing tax barriers to cross-border investment through coherent EU-level rules would reduce compliance costs, improve market efficiency, enhance legal clarity for cross-border capital flows and strengthen the competitiveness of EU financial services, while simultaneously curbing tax evasion and aggressive tax planning; Stresses that such cooperation must respect Member States’ tax sovereignty and the principle of subsidiarity;

Or. en

Amendment 85

Tomáš Kubín, Jaroslava Pokorná Jermanová, Pierre Pimpie, Enikő Győri

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

_________________

4 European Commission, ‘2026 European Macroeconomic Report’, November 2025.

Or. en

Amendment 86

Markus Ferber

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

_________________

4 European Commission, ‘2026 European Macroeconomic Report’, November 2025.

Or. en

Amendment 87

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

_________________

4 European Commission, ‘2026 European Macroeconomic Report’, November 2025.

Or. en

Amendment 88

Regina Doherty

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

_________________

4 European Commission, ‘2026 European Macroeconomic Report’, November 2025.

Or. en

Amendment 89

Bruno Gonçalves

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

5. Notes that, according to the Commission’s 2026 European Macroeconomic Report4 , the EU household saving rate remains well above the average of the countries of the Organisation for Economic Co-operation and Development; regrets that around one third of these savings are invested outside the EU, which shows the shortcomings of the EU financial and tax framework in retaining investment; calls on the Commission to assess whether tax measures can encourage investment to flow towards the EU economy instead of external jurisdictions; underlines the importance of applying coordinated administrative and legislative tax measures to the financial outflows towards countries in the EU list of non-cooperative jurisdictions;

_________________

4 European Commission, ‘2026 European Macroeconomic Report’, November 2025.

Or. en

Amendment 90

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

5. Notes that, according to the Commission’s 2026 European Macroeconomic Report4 , the EU household saving rate remains well above the average of the countries of the Organisation for Economic Co-operation and Development; regrets that around one third of these savings are invested outside the EU, which shows the shortcomings of the EU financial framework in retaining investment; underlines that any changes to VAT rules must have a very limited and carefully assessed impact on retail consumers, in particular low- and middle-income households, and must not lead to higher costs for basic financial services;

_________________

4 European Commission, ‘2026 European Macroeconomic Report’, November 2025.

Or. en

Amendment 91

Gilles Boyer, Katri Kulmuni

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

5. Notes that, according to the Commission’s 2026 European Macroeconomic Report4 , the EU household saving rate remains well above the average of the countries of the Organisation for Economic Co-operation and Development; regrets that around one third of these savings are invested outside the EU, which shows the shortcomings of the EU financial and tax framework in retaining investment; considers that reducing tax fragmentation and improving cross-border investment channels are key to mobilising European savings for investment within the Union;

_________________

4 European Commission, ‘2026 European Macroeconomic Report’, November 2025.

Or. en

Amendment 92

Christophe Gomart

Motion for a resolution

Paragraph 5

Motion for a resolution

Amendment

5. Notes that, according to the Commission’s 2026 European Macroeconomic Report4, the EU household saving rate remains well above the average of the countries of the Organisation for Economic Co-operation and Development; regrets that around one third of these savings are invested outside the EU, which shows the shortcomings of the EU financial and tax framework in retaining investment; notes, in this regard, the deterrent effect that a tax on financial products at European level would have on investors;

_________________

4 European Commission, ‘2026 European Macroeconomic Report’, November 2025.

Or. fr

Amendment 93

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution

Amendment

5 a. Recalls the difficulties of the European Capital Markets in channelling household savings into investment products, especially long-term ones; underlines that introducing new taxation on financial services risks increasing the cost of capital for SMEs and retail investors, reducing market liquidity and undermining the flow of household savings into capital markets;

Or. en

Amendment 94

Regina Doherty

Motion for a resolution

Paragraph 5 a (new)

Motion for a resolution

Amendment

5 a. Underlines the importance of advancing the Savings and Investments Union in order to mobilise Europe’s high household savings for productive investment within the EU;

Or. en

Amendment 95

Regina Doherty

Motion for a resolution

Paragraph 5 b (new)

Motion for a resolution

Amendment

5 b. Emphasises that a competitive tax environment is essential to retaining investment within the EU and strengthening the Savings and Investments Union;

Or. en

Amendment 96

Regina Doherty

Motion for a resolution

Paragraph 5 c (new)

Motion for a resolution

Amendment

5 c. Welcomes the Commission’s blueprint recommendation on European Savings and Investment Accounts with simplified and advantageous tax treatment, and encourages Member States to adopt more competitive tax arrangements for such accounts in order to mobilise household savings for productive investment in the Union;

Or. en

Amendment 97

Regina Doherty

Motion for a resolution

Paragraph 5 d (new)

Motion for a resolution

Amendment

5 d. Stresses that reducing tax disincentives to saving and investing is more effective for deepening EU capital markets than creating new transaction-based taxes that raise the cost of capital intermediation;

Or. en

Amendment 98

Regina Doherty

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

Or. en

Amendment 99

Tomáš Kubín, Jaroslava Pokorná Jermanová, Pierre Pimpie

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

Or. en

Amendment 100

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

6. Calls for the tax rules for the financial sector to be clarified, simplified and rendered more coherent to improve capital allocation and strengthen the sector’s competitiveness, and eliminate unnecessary obstacles to cross-border activity and investment, while guaranteeing a high level of consumer protection; calls on the Commission to follow through on its commitment to propose innovative solutions for the taxation of the sector that reduce fragmentation and favour further market integration at EU level and contribute to the completion of the Savings and investments union;

Or. es

Amendment 101

Markus Ferber

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

Or. en

Amendment 102

Matthias Ecke, Evelyn Regner, Niels Fuglsang, Bruno Gonçalves

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

6. Calls for the tax rules for the financial sector to be clarified to improve capital allocation and strengthen the sector’s competitiveness, while maintaining a high level of consumer protection; calls on the Commission to follow through on its commitment to propose innovative solutions for the taxation of the sector and for further integration at EU level; highlights that taxes on financial services tend to have higher incidence on consumers that use financial services the most, in particular complex and non-basic financial products, thereby introducing elements of progressivity in the system;

Or. en

Amendment 103

Angelika Winzig

Motion for a resolution

Paragraph 6

Motion for a resolution

Amendment

6. Calls for the tax rules for the financial sector to be clarified to improve capital allocation and strengthen the sector’s competitiveness, while maintaining a high level of consumer protection; calls on the Commission to follow through on its commitment to propose innovative solutions for the taxation of the sector and for further integration at EU level; stresses that improving the attractiveness of EU capital markets through stable, predictable and investment-friendly tax frameworks is essential to retain savings within the Union and reduce capital outflows;

Or. en

Amendment 104

Gilles Boyer, Katri Kulmuni

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution

Amendment

6 a. Underlines that taxes on the financial sector introduced to promote fairness, support fiscal consolidation, or ensure the sector's contribution to the costs of financial crises should be carefully calibrated so as not to create lasting distortions in financial markets; calls on Member States to ensure that such measures are subject to regular evaluation of their economic impact and reviewed periodically;

Or. en

Amendment 105

Lídia Pereira

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution

Amendment

6 a. Calls on the Council to decide on the proposal for a Council Directive establishing a Head Office Tax system for micro, small and medium sized enterprises, and amending Directive 2011/16/EU, duly considering the European Parliament legislative resolution of 10 April 2024;

Or. en

Amendment 106

Regina Doherty

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution

Amendment

6 a. Reaffirms that direct taxation remains primarily a competence of Member States and that any EU-level initiatives must fully respect national tax sovereignty;

Or. en

Amendment 107

Gilles Boyer

Motion for a resolution

Paragraph 6 b (new)

Motion for a resolution

Amendment

6 b. Welcomes the adoption of the Directive on Faster and Safer Relief of Excess Withholding Taxes (FASTER) as a significant step towards streamlining withholding tax procedures in the Union; notes, however, that investors still face complexity, uncertainty and costs when seeking withholding tax relief across Member States, and therefore calls for further progress towards a more coordinated and ambitious framework;

Or. en

Amendment 108

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 6 a (new)

Motion for a resolution

Amendment

6 a. Stresses that, under the common system of value added tax, exemptions are granted to activities of general interest, such as healthcare, education and social services in recognition of their essential social function; underlines that certain core banking services - notably payment services, deposit-taking and basic credit provision - perform a quasi-public utility function by safeguarding savings, facilitating economic exchange and ensuring that citizens and businesses can participate safely in the economy, thereby preventing disintermediation and the hoarding of cash outside the regulated financial system; highlights, that a significant share of financial, insurance and asset management activities consists of highly profitable and in some cases speculative transactions that do not serve the same general-interest purpose; considers that maintaining a broad and undifferentiated VAT exemption for the entire financial sector raises serious concerns regarding tax neutrality, fairness and revenue adequacy; calls for a reassessment of the scope and justification of such exemptions, with a view to distinguishing clearly between essential financial services of general interest and other activities, in line with the objectives of equity, financial stability, efficiency and sustainable public finances;

Or. en

Amendment 109

Markus Ferber

Motion for a resolution

Subheading 2

Motion for a resolution

Amendment

Addressing the VAT regime for financial services

deleted

Or. en

Amendment 110

Fernand Kartheiser

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Notes that technological progress has rendered the original technical justification for the VAT exemption obsolete; takes the view that the status quo perpetuates market distortions, reinforces the self-supply bias in the financial sector and creates competitive disadvantages compared with institutions from non-EU countries;

deleted

Or. fr

Amendment 111

Markus Ferber

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

deleted

Or. en

Amendment 112

Regina Doherty

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Notes that the VAT exemption for financial services has long served to avoid technical difficulties in applying VAT to margin-based financial activities and continues to provide legal certainty and administrative simplicity;

Or. en

Amendment 113

Siegbert Frank Droese

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Notes that technological progress has by no means rendered the original technical justification for the VAT exemption obsolete;

Or. de

Amendment 114

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Highlights that the exemption dates back 1977 and was originally justified on technical grounds, where at the time taxing complex financial margins was considered administratively unworkable. Notes that technological progress and digitalisation has rendered the original technical justification for the VAT exemption obsolete; takes the view that the status quo perpetuates market distortions and, puts hidden costs on consumers, reinforces the self-supply bias in the financial sector and creates competitive disadvantages compared with third-country institutions;

Or. en

Amendment 115

Gilles Boyer

Motion for a resolution

Paragraph 7

Motion for a resolution

Amendment

7. Notes that technological progress has rendered the original technical justification for the VAT exemption obsolete; notes, however, that the exemption does not necessarily constitute an advantage for financial institutions, as it prevents them from recovering input VAT; takes the view that the status quo perpetuates market distortions, reinforces the self-supply bias in the financial sector and creates competitive disadvantages compared with institutions from non-EU countries;

Or. en

Amendment 116

Fernand Kartheiser

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Regrets that repeated Commission initiatives, including its 2007 proposals and the 2020 inception impact assessment, did not result in a reform of the VAT exemption for the financial sector; notes that most recently the Commission intended to publish amendments to the VAT Directive5in early 2023; observes that these plans were stalled, leaving this essential reform still pending;

deleted

_________________

5 Council Directive 2006/112/EC of 28 November 2006 on the common system of value added tax (OJ L 347, 11.12.2006, p. 1, ELI: http://data.europa.eu/eli/dir/2006/112/oj).

Or. fr

Amendment 117

Markus Ferber

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Regrets that repeated Commission initiatives, including its 2007 proposals and the 2020 inception impact assessment, did not result in a reform of the VAT exemption for the financial sector; notes that most recently the Commission intended to publish amendments to the VAT Directive5 in early 2023; observes that these plans were stalled, leaving this essential reform still pending;

deleted

_________________

5 Council Directive 2006/112/EC of 28 November 2006 on the common system of value added tax (OJ L 347, 11.12.2006, p. 1, ELI: http://data.europa.eu/eli/dir/2006/112/oj).

Or. en

Amendment 118

Regina Doherty

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Regrets that repeated Commission initiatives, including its 2007 proposals and the 2020 inception impact assessment, did not result in a reform of the VAT exemption for the financial sector; notes that most recently the Commission intended to publish amendments to the VAT Directive5 in early 2023; observes that these plans were stalled, leaving this essential reform still pending;

8. Notes that previous attempts to reform the VAT exemption for financial services have raised concerns about complexity, compliance costs and potential negative impacts on investment of the VAT exemption for the financial sector; notes that most recently the Commission intended to publish amendments to the VAT Directive5 in early 2023; observes that these plans were stalled, leaving this reform still pending;

_________________

5 Council Directive 2006/112/EC of 28 November 2006 on the common system of value added tax (OJ L 347, 11.12.2006, p. 1, ELI: http://data.europa.eu/eli/dir/2006/112/oj).

Or. en

Amendment 119

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Regrets that repeated Commission initiatives, including its 2007 proposals and the 2020 inception impact assessment, did not result in a reform of the VAT exemption for the financial sector; notes that most recently the Commission intended to publish amendments to the VAT Directive5 in early 2023; observes that these plans were stalled, leaving this essential reform still pending;

8. Notes that repeated Commission initiatives, including its 2007 proposals and the 2020 inception impact assessment, did not result in a reform of the VAT exemption for the financial sector; notes that most recently the Commission intended to publish amendments to the VAT Directive5 in early 2023; observes that these plans were stalled, leaving this essential reform still pending;

_________________

5 Council Directive 2006/112/EC of 28 November 2006 on the common system of value added tax (OJ L 347, 11.12.2006, p. 1, ELI: http://data.europa.eu/eli/dir/2006/112/oj).

Or. en

Amendment 120

Matthias Ecke, Evelyn Regner, Niels Fuglsang, Bruno Gonçalves

Motion for a resolution

Paragraph 8

Motion for a resolution

Amendment

8. Regrets that repeated Commission initiatives, including its 2007 proposals and the 2020 inception impact assessment, did not result in a reform of the VAT exemption for the financial sector; notes that most recently the Commission intended to publish amendments to the VAT Directive5 in early 2023; observes that these plans were stalled, leaving this essential reform still pending;

8. Regrets that repeated Commission initiatives, including its 2007 proposals and the 2020 inception impact assessment, did not result in a reform of the VAT exemption for the financial sector because Member States failed to make the necessary efforts to reach unanimous agreement; notes that most recently the Commission intended to publish amendments to the VAT Directive5 in early 2023; observes that these plans were stalled, leaving this essential reform still pending;

_________________

5 Council Directive 2006/112/EC of 28 November 2006 on the common system of value added tax (OJ L 347, 11.12.2006, p. 1, ELI: http://data.europa.eu/eli/dir/2006/112/oj).

Or. en

Amendment 121

Regina Doherty

Motion for a resolution

Paragraph 8 a (new)

Motion for a resolution

Amendment

8 a. Notes that, under Article 11 of the VAT Directive, VAT grouping remains optional for Member States and is limited by territorial constraints, creating legal and practical obstacles for cross-border groups active in financial services;

Or. en

Amendment 122

Markus Ferber

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Notes that, due to the failed reform efforts, the VAT Directive lacks specific provisions for emerging financial instruments, including crypto-assets, decentralised finance and fintech; notes that this has led to divergent national interpretations of VAT rules, legal uncertainty for service providers and uneven treatment between traditional and new financial services and has hindered innovation;

deleted

Or. en

Amendment 123

Siegbert Frank Droese

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Notes that, due to the failed reform efforts, the VAT Directive lacks specific provisions for emerging financial instruments, including crypto-assets, decentralised finance and fintech; notes that this has led to divergent national interpretations of VAT rules, legal uncertainty for service providers and uneven treatment between traditional and new financial services and has hindered innovation;

9. Stresses that the increasing complexity of new financial instruments, including crypto-assets, decentralised finance and fintech, can make it even more difficult to determine a tax base;

Or. de

Amendment 124

Regina Doherty

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Notes that, due to the failed reform efforts, the VAT Directive lacks specific provisions for emerging financial instruments, including crypto-assets, decentralised finance and fintech; notes that this has led to divergent national interpretations of VAT rules, legal uncertainty for service providers and uneven treatment between traditional and new financial services and has hindered innovation;

9. Notes that the VAT Directive lacks specific provisions for emerging financial instruments, including crypto-assets, decentralised finance and fintech; notes that this has led to divergent national interpretations of VAT rules, legal uncertainty for service providers and uneven treatment between traditional and new financial services and has hindered innovation; Stresses that any clarification of VAT rules must preserve the exemption for core financial services;

Or. en

Amendment 125

Tomáš Kubín, Jaroslava Pokorná Jermanová, Pierre Pimpie

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Notes that, due to the failed reform efforts, the VAT Directive lacks specific provisions for emerging financial instruments, including crypto-assets, decentralised finance and fintech; notes that this has led to divergent national interpretations of VAT rules, legal uncertainty for service providers and uneven treatment between traditional and new financial services and has hindered innovation;

9. Notes that, due to the failed reform efforts, the VAT Directive lacks specific provisions for emerging financial instruments, including crypto-assets, decentralised finance and fintech; notes that this has led to divergent national interpretations of VAT rules, legal uncertainty for service providers and uneven treatment between traditional and new financial services;

Or. en

Amendment 126

Gilles Boyer

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Notes that, due to the failed reform efforts, the VAT Directive lacks specific provisions for emerging financial instruments, including crypto-assets, decentralised finance and fintech; notes that this has led to divergent national interpretations of VAT rules, legal uncertainty for service providers and uneven treatment between traditional and new financial services and has hindered innovation;

Or. en

Amendment 127

Matthias Ecke, Evelyn Regner, Niels Fuglsang, Bruno Gonçalves

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Notes that, due to the failed reform efforts, the VAT Directive lacks specific provisions for emerging financial instruments, including crypto-assets, decentralised finance and fintech; notes that this has led to divergent national interpretations of VAT rules, legal uncertainty for service providers and uneven treatment between traditional and new financial services and has hindered innovation;

9. Notes that, due to the failed reform efforts, the VAT Directive lacks specific provisions for emerging financial instruments, including crypto-assets, decentralised finance and fintech; highlights that in addition the Directive does not address the VAT treatment of derivatives and that the treatment of investment funds remains divergent across Member States; notes that this has led to divergent national interpretations of VAT rules, legal uncertainty for service providers and uneven treatment between traditional and new financial services and has hindered innovation;

Or. en

Amendment 128

Angelika Winzig

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Notes that, due to the failed reform efforts, the VAT Directive lacks specific provisions for emerging financial instruments, including crypto-assets, decentralised finance and fintech; notes that this has led to divergent national interpretations of VAT rules, legal uncertainty for service providers and uneven treatment between traditional and new financial services and has hindered innovation;

Or. en

Amendment 129

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 9

Motion for a resolution

Amendment

9. Notes that, due to the failed reform efforts, the VAT Directive lacks specific provisions for emerging financial instruments, including crypto-assets, decentralised finance and fintech; notes that this has led to divergent national interpretations of VAT rules, legal uncertainty for service providers and uneven treatment between traditional and new financial services and has hindered innovation;

Or. es

Amendment 130

Markus Ferber

Motion for a resolution

Paragraph 10

Motion for a resolution

Amendment

deleted

Or. en

Amendment 131

Siegbert Frank Droese

Motion for a resolution

Paragraph 10

Motion for a resolution

Amendment

10. Warns that reforming the VAT exemption without resolving the underlying technical issues risks further increasing legal uncertainty and compliance costs, rather than reducing them;

Or. de

Amendment 132

Fernand Kartheiser

Motion for a resolution

Paragraph 10

Motion for a resolution

Amendment

10. stresses that clear VAT definitions and simplified rules are needed to reduce burdens, ensure consistent application of rules across the EU, and support innovation;

Or. fr

Amendment 133

Gilles Boyer

Motion for a resolution

Paragraph 10

Motion for a resolution

Amendment

10. Emphasises that the outdated VAT exemption, combined with differing compensatory national tax rules, creates a complex, fragmented and incoherent tax landscape, making tax compliance costly and increasing firms’ operating expenses; stresses that clear VAT definitions and simplified rules are needed to reduce these burdens, ensure consistent application of rules across the EU, and support innovation;

Or. en

Amendment 134

Regina Doherty

Motion for a resolution

Paragraph 10

Motion for a resolution

Amendment

10. Emphasises that, despite the use of VAT grouping and cost-sharing arrangements in some Member States, the outdated VAT exemption, combined with differing compensatory national tax rules, creates a complex, fragmented and incoherent tax landscape, making tax compliance costly and increasing firms’ operating expenses; stresses that clear VAT definitions and simplified rules are needed to reduce these burdens, ensure consistent application of rules across the EU, and support innovation; Welcomes the use of VAT grouping mechanisms as a tool to reduce administrative burdens and improve the efficiency of financial institutions operating across borders; highlights that addressing the legal obstacles to effective VAT grouping, especially for cross-border financial groups, would be preferable to imposing VAT on financial services;

Or. en

Amendment 135

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 10

Motion for a resolution

Amendment

Or. es

Amendment 136

Gilles Boyer

Motion for a resolution

Paragraph 10 a (new)

Motion for a resolution

Amendment

10 a. Highlights that greater convergence in the application of VAT grouping and cost-sharing arrangements could reduce fragmentation and legal uncertainty in the internal market; notes that VAT grouping is currently applied unevenly across Member States and generally limited to entities established within a single Member State; calls on the Commission to explore options for a more consistent framework across the Union, including the possibility of cross-border VAT groups and strengthened cost-sharing mechanisms, while ensuring coherence with corporate tax rules, notably transfer pricing;

Or. en

Amendment 137

Regina Doherty

Motion for a resolution

Paragraph 10 a (new)

Motion for a resolution

Amendment

10 a. Calls on the Commission to encourage consistent implementation of VAT grouping provisions across Member States in order to facilitate cross-border financial services activity; Calls on the Commission to examine targeted amendments to the VAT Directive to facilitate broader and more coherent use of VAT grouping for financial and insurance services, including by addressing divergences in national implementation and legal barriers affecting cross-border structures;

Or. en

Amendment 138

Fernand Kartheiser

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

deleted

Or. fr

Amendment 139

Markus Ferber

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

deleted

Or. en

Amendment 140

Regina Doherty

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

deleted

Or. en

Amendment 141

Siegbert Frank Droese

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

11. Points out that many financial services are not based on explicit fees or commissions, which generally makes it difficult to determine the taxable consideration;

Or. de

Amendment 142

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

11. Stresses that the VAT exemption, especially for clearly identifiable financial charges such as fees and commissions, is no longer fit for purpose; underlines that taxing such charges, unlike margin-based services, can reduce distortions without creating disproportionate administrative complexity; calls for safeguards to ensure that this does not give rise to further unnecessary burdens for consumers or to obstacles to investment;

Or. es

Amendment 143

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 11

Motion for a resolution

Amendment

11. Stresses that the VAT exemption, especially for clearly identifiable financial charges such as fees and commissions, is no longer fit for purpose; underlines that taxing such charges proportionately for B2B transactions, unlike margin-based services, can reduce distortions without creating disproportionate administrative complexity;

Or. en

Amendment 144

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 11 a (new)

Motion for a resolution

Amendment

11 a. Calls for the introduction of a 0% VAT rate (zero-rating) for B2C financial transactions; stresses that such a measure would effectively remove the 'hidden tax' by allowing financial corporations to fully deduct the input VAT incurred on purchases for production; underlines that this would eliminate the current bias towards self-supply, comparative disadvantage with respect to other jurisdictions and enhance the international competitiveness of EU financial institutions;

Or. en

Amendment 145

Fernand Kartheiser

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

deleted

Or. fr

Amendment 146

Markus Ferber

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

deleted

Or. en

Amendment 147

Siegbert Frank Droese

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Emphasises that previous attempts at reform have repeatedly failed due to unresolved technical challenges and a lack of political consensus;

Or. de

Amendment 148

Regina Doherty

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Calls on the Commission to prioritise simplification, legal certainty and competitiveness when considering any future adjustments to the VAT framework affecting financial services; calls on the Commission to base any proposal for revision on an in-depth analysis at macroeconomic level, taking into account the administrative implications for financial services; emphasises that this reform should also take into account the competitive level playing field and outcomes on consumers and society;

Or. en

Amendment 149

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Calls on the Commission to publish a proposal to reform the VAT rules for the financial sector and address the distortions caused by the VAT exemption; emphasises that this reform should reduce fragmentation, improve legal certainty, favour an efficient allocation of capital and strengthen the competitiveness of the Union, while avoiding disproportionate burdens for consumers and unnecessary obstacles to investment and cross-border activity;

Or. es

Amendment 150

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

Or. en

Amendment 151

Gilles Boyer

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

12. Calls on the Commission to publish a proposal to reform the VAT rules for the financial sector and address the distortions caused by the VAT exemption; emphasises that this reform should take into account distributional consequences, mitigate costs for retail consumers and ensure that the financial sector makes a fair contribution; calls on the Commission, ahead of any legislative initiative on the VAT framework for financial services, to map national bank taxes and financial sector levies and assess their interaction with the VAT system and their impact on the internal market; stresses that any reform should simplify the system, enhance legal certainty and fairness, avoid disproportionate sector-specific taxation, and support the competitiveness of EU financial markets and the mobilisation of European savings for long-term investment;

Or. en

Amendment 152

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

Or. en

Amendment 153

Matthias Ecke, Evelyn Regner, Niels Fuglsang, Bruno Gonçalves

Motion for a resolution

Paragraph 12

Motion for a resolution

Amendment

Or. en

Amendment 154

Geadis Geadi, Stephen Nikola Bartulica

Motion for a resolution

Paragraph 12 a (new)

Motion for a resolution

Amendment

12 a. Stresses that any future reform of the EU tax framework for the financial sector should ensure proportionality for new market entrants, including start-ups, scale-ups and innovative fintech providers; emphasises that excessive compliance costs and complex tax regimes disproportionately affect smaller firms and young entrepreneurs seeking to establish financial services businesses in the Union; calls on the Commission to examine simplified compliance regimes or targeted tax relief mechanisms for new and innovative financial sector entrants operating within the single market;

Or. en

Amendment 155

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 12 a (new)

Motion for a resolution

Amendment

12a. Recalls that value added tax is a harmonised tax framework at EU level, although Member States retain some scope for its implementation, and that a reform of the VAT system for financial services can therefore only be effectively addressed at EU level, in order to reduce fragmentation, improve legal certainty, facilitate cross-border activity and strengthen the competitiveness of the internal market

Or. es

Amendment 156

Siegbert Frank Droese

Motion for a resolution

Paragraph 12 a (new)

Motion for a resolution

Amendment

12a. Notes that the VAT exemption for financial services was originally introduced not only because of technical difficulties, but also to avoid additional costs for consumers; emphasises that these aspects remain of considerable importance, particularly against the backdrop of the current cost-of-living crisis;

Or. de

Amendment 157

Regina Doherty

Motion for a resolution

Paragraph 12 a (new)

Motion for a resolution

Amendment

12 a. Calls on the Commission, in any future work on VAT rules for the financial sector, to prioritise simplification, legal certainty, the reduction of irrecoverable VAT through wider and more effective VAT grouping, and the competitiveness of EU financial markets, while avoiding measures that would increase costs for consumers and investors;

Or. en

Amendment 158

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 12 a (new)

Motion for a resolution

Amendment

12 a. Calls on the Commission to ensure that any reform of the VAT treatment of financial services includes targeted safeguards for households and SMEs, including the possibility of reduced rates or exemptions for essential retail banking services, so as to avoid disproportionate impacts on vulnerable consumers;

Or. en

Amendment 159

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 12 a (new)

Motion for a resolution

Amendment

12 a. Notes that heterogeneous Financial Transaction Taxes (FTTs) and Financial Activity Taxes (FATs) have been introduced by Member States as alternative tax instruments to the Value Added Tax (VAT) and should be removed if the VAT exemption disappears;

Or. en

Amendment 160

Matthias Ecke, Evelyn Regner, Niels Fuglsang, Bruno Gonçalves

Motion for a resolution

Paragraph 12 a (new)

Motion for a resolution

Amendment

12 a. Calls on the Commission to assess the feasibility of replacing national insurance premium taxes with full integration of insurance services into the VAT system;

Or. en

Amendment 161

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 12 b (new)

Motion for a resolution

Amendment

12 b. Warns that the introduction of a 0% VAT rate for financial services would entail a significant loss of public revenues and further widen the existing VAT policy gap; recalls that the financial sector is a profitable and systemically important part of the economy and should contribute fairly to the financing of public goods; considers therefore that replacing the current exemption with a zero rate would undermine fiscal sustainability and tax fairness rather than addressing existing distortions within the VAT system;

Or. en

Amendment 162

Regina Doherty

Motion for a resolution

Paragraph 12 b (new)

Motion for a resolution

Amendment

12 b. Notes that imposing VAT on financial service would have distortionary effects and lead to a reduced consumption of financial services; stresses that imposing VAT on financial transactions therefore would lead to less investment in the real economy and less retail investment overall;

Or. en

Amendment 163

Siegbert Frank Droese

Motion for a resolution

Paragraph 12 b (new)

Motion for a resolution

Amendment

12b. Underscores the fact that that abolishing or restricting the VAT exemption could lead to higher costs for financial products, which would ultimately be borne by the final consumers;

Or. de

Amendment 164

Regina Doherty

Motion for a resolution

Paragraph 12 c (new)

Motion for a resolution

Amendment

12 c. Calls on the Commission to carry out a comprehensive analysis and mapping of national bank taxes and levies ahead of any potential reform of the VAT rules for the financial sector;

Or. en

Amendment 165

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 12 c (new)

Motion for a resolution

Amendment

12 c. Takes the view that reforming the VAT treatment of financial services should form part of a broader strategy to ensure that financial sector taxation reflects both value creation and negative externalities, including excessive risk-taking and speculative activity, and contributes fairly to financing the Union’s social, climate and strategic investment needs;

Or. en

Amendment 166

Gilles Boyer

Motion for a resolution

Subheading 3

Motion for a resolution

Amendment

Ensuring that the financial sector makes a fair contribution

Assessing options for financial sector taxation at Union level

Or. en

Amendment 167

Isabel Benjumea Benjumea

Motion for a resolution

Subheading 3

Motion for a resolution

Amendment

Ensuring that the financial sector makes a fair contribution

Promoting a more coherent tax framework for the financial sector

Or. es

Amendment 168

Fernando Navarrete Rojas

Motion for a resolution

Subheading 3

Motion for a resolution

Amendment

Ensuring that the financial sector makes a fair contribution

Ensuring a non-distortive tax framework for the financial sector

Or. en

Amendment 169

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

13. Recalls that the EU faces a significant investment gap of EUR 750 to 800 billion annually to meet its climate, digital and strategic autonomy objectives; recalls the commitment of the Member States and the EU to substantially increase European defence investment; emphasises that fair taxation of the financial sector could mobilise revenue for public investment;

13. Recalls that the EU faces a significant investment gap of EUR 750 to 800 billion annually to meet its objectives; recalls the commitment of the Member States and the EU to substantially increase European defence investment; emphasises that in order to respond to these challenges, a tax framework for the financial sector is essential to facilitate the mobilisation of private capital, eliminate distortions and strengthen the EU’s ability to channel investment towards strategic priorities;

Or. es

Amendment 170

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

Or. en

Amendment 171

Regina Doherty

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

13. Recalls that the EU faces a significant investment gap of EUR 750 to 800 billion annually to meet its climate, digital and strategic autonomy objectives; recalls the commitment of the Member States and the EU to substantially increase European defence investment; Stresses the need to close the EU investment gap by mobilising private capital, stimulating retail investment, and strengthening European capital markets rather than introducing additional taxes that could discourage investment;

Or. en

Amendment 172

Gilles Boyer

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

13. Recalls that the EU faces a significant investment gap of EUR 750 to 800 billion annually to meet its climate, digital and strategic autonomy objectives; recalls the commitment of the Member States and the EU to substantially increase European defence investment; emphasises that the financial sector already contributes significantly to public finances through corporate taxation, payroll taxes and sector-specific levies, thereby supporting public investment across the Union;

Or. en

Amendment 173

Tomáš Kubín, Jaroslava Pokorná Jermanová, Pierre Pimpie, Enikő Győri

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

13. Recalls that the EU faces a significant investment gap of EUR 750 to 800 billion annually to meet its objectives, especially competitiveness and economic strength; recalls the commitment of the Member States and the EU to substantially increase European defence investment; emphasises that fair taxation of the financial sector could mobilise revenue for public investment;

Or. en

Amendment 174

Markus Ferber

Motion for a resolution

Paragraph 13

Motion for a resolution

Amendment

13. Recalls that the EU faces a significant investment gap of EUR 750 to 800 billion annually to meet its climate, digital and strategic autonomy objectives; recalls the commitment of the Member States and the EU to substantially increase European defence investment; emphasises that a more coherent taxation of the financial sector could contribute to mobilising revenue for public investment;

Or. en

Amendment 175

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 13 a (new)

Motion for a resolution

Amendment

13 a. Stresses that a tax framework for financial services should be designed with the aim of achieving the objectives of the Savings and Investment Union (SIU), focusing on enhancing efficiency and competitiveness; underlines that taxation in this sector should not be driven by revenue-raising objectives, but rather by the need to address market failures, foster investment and long-term growth;

Or. en

Amendment 176

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 13 a (new)

Motion for a resolution

Amendment

13a. Stresses that taxation of the financial sector should be governed by the principles of simplicity, neutrality and legal certainty, in order to prevent decisions on investment, financing or establishment from responding to tax distortions rather than economic efficiency criteria;

Or. es

Amendment 177

Matthias Ecke, Evelyn Regner, Niels Fuglsang, Bruno Gonçalves

Motion for a resolution

Paragraph 13 a (new)

Motion for a resolution

Amendment

13 a. Highlights that empirical literature on the subject concludes that FTTs are not associated with significant market distortions, carry limited administrative costs and can provide a stable source of revenue;6a

_________________

6a Atanas PEKANOV, and Margit SCHRATZENSTALLER, The taxation of the EU’s financial sector - Options and experiences, June 2025, p. 26, https://www.europarl.europa.eu/RegData/etudes/STUD/2025/772638/ECTI_STU(2025)772638_EN.pdf

Or. en

Amendment 178

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 13 b (new)

Motion for a resolution

Amendment

13b. Emphasises that the significant investment challenges facing the Union cannot be addressed solely by increased tax burdens on the financial sector, but by a regulatory and tax framework that favours the mobilisation of private capital, innovation and a more efficient channelling of savings towards investments;

Or. es

Amendment 179

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Recalls the 2020 agreement between Parliament, the Council and the Commission on a roadmap for the introduction of new own resources, including an FTT; notes that at that time, an FTT with 10 participating Member States would have produced around EUR 3.5 billion per year in public revenue; notes that this figure would have risen to EUR 31 to75 billion with the participation of all the Member States;

deleted

Or. es

Amendment 180

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

deleted

Or. en

Amendment 181

Regina Doherty

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Recalls the 2020 agreement between Parliament, the Council and the Commission on a roadmap for the introduction of new own resources;

Or. en

Amendment 182

Gilles Boyer

Motion for a resolution

Paragraph 14

Motion for a resolution

Amendment

14. Recalls the 2020 agreement between Parliament, the Council and the Commission on a roadmap for the introduction of new own resources, including an FTT; notes that the idea of an EU-wide FTT has been extensively debated but continues to face significant political and economic challenges; notes that revenue estimates for such a tax vary considerably depending on its scope and design; underlines that new own resources should strengthen the Union's budget while safeguarding the competitiveness of European undertakings and should, where possible, target economic activities involving third-country actors accessing the Union market rather than placing additional burdens on companies established in the Union;

Or. en

Amendment 183

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 14 a (new)

Motion for a resolution

Amendment

14 a. Recalls the cyclical dynamics of banks’ profits; stresses that three years of monetary policy tightening and, consequently, banks’ profits increases were preceded by 6 years of lower returns and very low interest rates fighting low inflation rates; underlines, therefore, that any tax framework must be non-distortive and take into account the transitory nature of such profits to avoid hampering long-term financial stability and credit supply;

Or. en

Amendment 184

Regina Doherty

Motion for a resolution

Paragraph 14 a (new)

Motion for a resolution

Amendment

14 a. Welcomes the Commission’s decision to withdraw the proposal for a Financial Transaction Tax and calls for a focus on policies that enhance the attractiveness of EU capital markets;

Or. en

Amendment 185

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 14 b (new)

Motion for a resolution

Amendment

14 b. Warns that a disproportionate increase or temporary levy on banks’ profits will have long-term negative effects by reducing financial stability and credit capacity, thereby damaging the European Union’s competitiveness ; stresses, in this matter, the importance of supporting the reduction of the debt-capital bias in the taxation framework by introducing a neutral and harmonized deduction for capital to ensure a level-playing field and foster long-term investment;

Or. en

Amendment 186

Regina Doherty

Motion for a resolution

Paragraph 14 b (new)

Motion for a resolution

Amendment

14 b. Recalls that empirical research on financial transaction taxes points to significant risks of market relocation, reduced liquidity and diminished market quality, and therefore cautions against reviving proposals for an EU-wide FTT;

Or. en

Amendment 187

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 14 c (new)

Motion for a resolution

Amendment

14 c. Notes the European Central Bank opinions on financial sector levies in Spain, Poland, Hungary, Italy, Lithuania, Latvia, Romania, Slovenia and Slovakia, where it warns that such taxes may increase fragmentation of the European financial system and impair the level playing field within the Banking Union ; further notes that these measures could weaken the banking sector’s resilience to economic shocks by reducing the capacity to build additional capital buffers during periods of high profitability , and potentially limit the ability of credit institutions to provide credit to the real economy;

Or. en

Amendment 188

Fernand Kartheiser

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Regrets that the Commission announced, in its 2026 work programme, the withdrawal of the FTT proposal; urges the Commission to ensure that any proposal for a coherent framework for taxing the EU financial sector presents a concrete plan to address the policy gap created by the withdrawal of the FTT proposal;

deleted

Or. fr

Amendment 189

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

deleted

Or. es

Amendment 190

Regina Doherty

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Calls on the Commission to avoid introducing new EU-wide taxes on financial services that could undermine investment and competitiveness;

Or. en

Amendment 191

Jussi Saramo

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Strongly regrets the Commission's decision to withdraw its proposal for a FTT; considers that, at a time of growing inequalities and pressing investment needs, the Union should instead relaunch the political debate on the introduction of an EU-wide FTT; calls on the Commission to present a renewed proposal building on previous work and ensuring that the financial sector makes a fair and proportionate contribution to public finances;

Or. en

Amendment 192

Markus Ferber

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Acknowledges the lack of progress on the FTT proposal and takes note that the Commission announced, in its 2026 work programme, the withdrawal of the FTT proposal;

Or. en

Amendment 193

Siegbert Frank Droese

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Takes note of the fact that the Commission announced, in its 2026 work programme, the withdrawal of the FTT proposal;

Or. de

Amendment 194

Tomáš Kubín, Jaroslava Pokorná Jermanová, Pierre Pimpie, Enikő Győri

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Notes that the Commission announced, in its 2026 work programme, the withdrawal of the FTT proposal due to a lack of progress in the negotiations;

Or. en

Amendment 195

Gilles Boyer

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Notes that the Commission announced, in its 2026 work programme, the withdrawal of the FTT proposal; calls the Commission to carry out a transparent and evidence-based assessment of options for financial sector taxation at Union level, including a comprehensive analysis of their potential impact on market functioning, cross-border investment, and the international competitiveness of Union financial markets; stresses that an FTT would be more effective if implemented at international level and that unilateral action at Union level risks placing European financial markets at a competitive disadvantage;

Or. en

Amendment 196

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Supports that the Commission announced, in its 2026 work programme, the withdrawal of the FTT proposal; urges the Commission to present a proposal for a coherent framework for taxing the EU financial sector ; encourages to design a framework aimed at improving the efficiency and competitiveness of European capital markets by avoiding disproportionate taxation and focusing on reducing gold-plating;

Or. en

Amendment 197

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Strongly regrets that the Commission has announced the withdrawal of the EU FTT proposal in its 2026 Work Programme; considers this decision a serious step backwards in the efforts to ensure that the financial sector makes a fair contribution to the economy and society, in a context of growing inequalities; recalls Parliament’s consistent support for an ambitious and coordinated EU-level FTT as a tool to ensure that the financial sector contributes fairly to the financing of Union strategic priorities and to promote long-term investment, while curbing excessive short-term speculation, including high frequency trading; urges the Commission to ensure that any proposal for a coherent framework for taxing the EU financial sector presents a concrete and ambitious plan to address the policy gap created by the FTT’s withdrawal and to present, without delay, a renewed legislative proposal establishing a EU-wide financial transaction tax, including the possibility of introducing it as a EU own resource; urges the Commission to explore other solutions for an ambitious EU level FTT including cooperation of the willing;

Or. en

Amendment 198

Angelika Winzig

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Notes that the Commission announced, in its 2026 work programme, the withdrawal of the FTT proposal; urges the Commission to ensure that any proposal for a coherent framework for taxing the EU financial sector presents a concrete plan to address the need for alternative, feasible and globally competitive approaches following the withdrawal of the FTT proposal;

Or. en

Amendment 199

Matthias Ecke, Evelyn Regner, Niels Fuglsang, Bruno Gonçalves

Motion for a resolution

Paragraph 15

Motion for a resolution

Amendment

15. Regrets that, because Member States failed to make the necessary efforts to reach agreement both under unanimity and enhanced cooperation, the Commission announced, in its 2026 work programme, the withdrawal of the FTT proposal; urges the Commission to ensure that any proposal for a coherent framework for taxing the EU financial sector presents a concrete plan to address the policy gap created by the withdrawal of the FTT proposal;

Or. en

Amendment 200

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 15 a (new)

Motion for a resolution

Amendment

15 a. Supports the inclusion of a coherent and harmonized tax framework for the financial sector within the '28th regime' proposal, aiming to achieve an efficient and competitive environment that ensures the objectives of the Savings and Investment Union are met;

Or. en

Amendment 201

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 15 b (new)

Motion for a resolution

Amendment

15 b. Stresses that the competitiveness of the financial sector is intrinsically linked to the competitiveness of the real economy as a whole; underlines that, due to its significant forward linkages, any disproportionate burden on financial services translates into higher costs of capital for SMEs and reduced investment capacity for households;

Or. en

Amendment 202

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 16

Motion for a resolution

Amendment

deleted

Or. en

Amendment 203

Markus Ferber

Motion for a resolution

Paragraph 16

Motion for a resolution

Amendment

16. Emphasises that any forthcoming tax proposal should be fully in line with the spirit of the Savings and Investments Union and must not counteract the objectives of higher retail participation in financial markets and more integrated, more liquid, more efficient and deeper European financial markets;

Or. en

Amendment 204

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 16

Motion for a resolution

Amendment

16. Emphasises that any forthcoming tax proposal should be based on clear, simple and predictable rules; stresses that these rules should safeguard market stability and competitiveness, facilitate investment and cross-border activity and mitigate costs for retail consumers;

Or. es

Amendment 205

Regina Doherty

Motion for a resolution

Paragraph 16

Motion for a resolution

Amendment

16. Emphasises that any forthcoming tax proposal should ensure that taxation remains proportionate, predictable and supportive of investment and economic growth under clear and predictable rules; stresses that these rules should safeguard market stability and competitiveness, mitigate costs for retail consumers, and should not introduce new transaction taxes or other measures that risk fragmenting capital markets further;

Or. en

Amendment 206

Siegbert Frank Droese

Motion for a resolution

Paragraph 16

Motion for a resolution

Amendment

16. Suggests that any forthcoming tax proposal should ensure that the financial sector makes a fair, sound and simple financial contribution under clear and predictable rules; stresses that these rules must safeguard market stability and competitiveness and mitigate costs for retail consumers;

Or. de

Amendment 207

Gilles Boyer

Motion for a resolution

Paragraph 16

Motion for a resolution

Amendment

16. Emphasises that any forthcoming tax proposal should ensure that the financial sector makes a fair, sound and simple financial contribution under clear and predictable rules; stresses that these rules should safeguard market stability and competitiveness and mitigate costs for retail consumers; stresses in particular that reforms should prioritise reducing tax fragmentation and compliance costs within the Union and should avoid replacing existing tax frameworks, including the VAT exemption, with additional sector-specific taxes that could impose disproportionate burdens on specific financial activities, institutions or transactions and generate adverse effects for the objectives of the Savings and Investments Union;

Or. en

Amendment 208

Angelika Winzig

Motion for a resolution

Paragraph 16

Motion for a resolution

Amendment

Or. en

Amendment 209

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 16

Motion for a resolution

Amendment

16. Emphasises that any forthcoming tax proposal should ensure that the financial sector makes a fair, sound and simple financial contribution under clear, transparent and predictable rules; stresses that these rules should safeguard market stability and competitiveness and mitigate costs for retail consumers;

Or. en

Amendment 210

Jussi Saramo

Motion for a resolution

Paragraph 16 a (new)

Motion for a resolution

Amendment

16 a. Emphasises that the introduction of a harmonised EU-wide Financial Transaction Tax (FTT) would contribute to correcting the structural undertaxation of the financial sector; underlines that such a tax could provide a stable and significant source of public revenue; stresses that a well-designed FTT can contribute to curbing short-term speculative behaviour and high-frequency trading, thereby enhancing financial stability without undermining long-term investment;

Or. en

Amendment 211

Tomáš Kubín, Jaroslava Pokorná Jermanová, Pierre Pimpie, Enikő Győri

Motion for a resolution

Paragraph 16 a (new)

Motion for a resolution

Amendment

16 a. Acknowledges that an EU-wide FTT, if ever adopted, could make financial products more expensive due to the financial institutions passing on the costs arising from the FTT to retail investors;

Or. en

Amendment 212

Tomáš Kubín, Jaroslava Pokorná Jermanová, Pierre Pimpie, Enikő Győri

Motion for a resolution

Paragraph 16 b (new)

Motion for a resolution

Amendment

16 b. Stresses than in the absence of a global FTT, an EU-wide FTT could trigger relocation of financial institutions from the EU to third countries, causing a decrease in tax revenue and competitiveness of EU financial institutions;

Or. en

Amendment 213

Tomáš Kubín, Jaroslava Pokorná Jermanová, Pierre Pimpie, Enikő Győri

Motion for a resolution

Paragraph 16 c (new)

Motion for a resolution

Amendment

16 c. Notes that some studies have shown that FTTs can lead to reductions of trading volumes, which would negatively affect tax revenue;

Or. en

Amendment 214

Fernand Kartheiser

Motion for a resolution

Paragraph 17

Motion for a resolution

Amendment

17. Highlights that coordinated temporary windfall taxes can complement long-term sector-wide taxation by providing short-term revenue in times of crisis without destabilising markets or distorting long-term commercial activity; stresses that such temporary taxes should be transparent and proportionate, strictly time-bound and apply only to profits arising from circumstances unrelated to productivity gains or surges in demand; calls on the Commission to bring forward a legislative proposal for the temporary taxation of exceptional profits in the financial sector, ensuring the sector makes a fair and coordinated contribution at EU level in periods of extraordinary macroeconomic circumstances;

deleted

Or. fr

Amendment 215

Regina Doherty

Motion for a resolution

Paragraph 17

Motion for a resolution

Amendment

deleted

Or. en

Amendment 216

Gilles Boyer

Motion for a resolution

Paragraph 17

Motion for a resolution

Amendment

deleted

Or. en

Amendment 217

Fernando Navarrete Rojas

Motion for a resolution

Paragraph 17

Motion for a resolution

Amendment

deleted

Or. en

Amendment 218

Markus Ferber

Motion for a resolution

Paragraph 17

Motion for a resolution

Amendment

17. Highlights that windfall taxes have a distortive effect on the market, weaken relevant price signals and create an unpredictable policy environment that deters investments;

Or. en

Amendment 219

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 17

Motion for a resolution

Amendment

17. Highlights that temporary taxes adopted in times of crisis must be exceptional, strictly proportionate, legally clear and time-bound, in order to avoid adverse effects on investment, financial stability, competitiveness and the proper functioning of markets; stresses that such measures should not replace structural reforms aimed at simplifying the fiscal framework, reducing fragmentation and strengthening the Union’s ability to mobilise private capital; calls on the Commission, should it consider temporary measures applicable to the financial sector during exceptional macroeconomic circumstances, to assess their impact on investment, cross-border activity, market stability and the Union’s competitiveness, ensuring that no permanent distortions or disproportionate burdens are created for the economy under any circumstances;

Or. es

Amendment 220

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 17

Motion for a resolution

Amendment

17. Stresses that, in the context of ongoing discussions on the VAT treatment of financial services, the financial sector must in the meantime make a fair and visible contribution to public finances in particular in periods of extraordinary macroeconomic circumstances; highlights that coordinated temporary windfall taxes can complement long-term sector wide taxation by providing short-term revenue without destabilising markets or distorting long-term commercial activity; underlines that such temporary instruments can be mobilised more rapidly than structural VAT reform and can therefore serve as an appropriate interim response; stresses that such temporary instruments should be transparent and proportionate, strictly time-bound and apply only to profits arising from circumstances unrelated to productivity gains or surges in demand; calls on the Commission to bring forward where appropriate, a legislative proposal for a coordinated EU framework enabling the temporary taxation of exceptional profits in the financial sector, ensuring a fair and consistent contribution at EU level before any comprehensive revision of VAT rules is agreed;

Or. en

Amendment 221

Isabel Benjumea Benjumea

Motion for a resolution

Paragraph 17 a (new)

Motion for a resolution

Amendment

17a. Notes with concern the introduction of specific national levies on financial institutions, in particular where they are designed or kept outside a coordinated approach at Union level; underlines that such measures risk increasing fragmentation of the internal market, weakening legal certainty, distorting competition and reducing the ability of the financial sector to channel capital to the real economy; stresses, therefore, that any tax measures applicable to the sector should be proportionate, temporary where they respond to exceptional circumstances, and compatible with the Union’s market integration, investment and competitiveness objectives;

Or. es

Amendment 222

Regina Doherty

Motion for a resolution

Paragraph 17 a (new)

Motion for a resolution

Amendment

17 a. Stresses that temporary windfall or exceptional profit taxes can be distortionary, increase investor uncertainty and weaken incentives for long-term investment, especially where their entry into force and withdrawal are unpredictable; Notes that research2a on excess profits taxation underlines that poorly designed temporary taxes can interact negatively with investment decisions and profit-shifting incentives; considers therefore that such measures should not be promoted as a general EU-level solution for the financial sector;

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2a https://www.imf.org/-/media/files/publications/wp/2022/english/wpiea2022187-print-pdf.pdf

Or. en

Amendment 223

Rasmus Andresen

on behalf of the Verts/ALE Group

Motion for a resolution

Paragraph 17 a (new)

Motion for a resolution

Amendment

17 a. Is concerned by the repetitive Commission’s recommendation to use tax incentives to enhance the attractiveness of savings and pension products; highlights that tax incentives on savings and pension products have anti-redistributive effects; is of the view that the higher fees charged to EU retail investors compared to their peers significantly reduce their returns; considers that tax policy is not the right tool to offset the dysfunctioning of the distribution model of EU financial products;

Or. en

Amendment 224

Regina Doherty

Motion for a resolution

Paragraph 17 b (new)

Motion for a resolution

Amendment

17 b. Stresses that windfall or exceptional profit taxes should remain strictly a national competence and should not be coordinated at EU level;

Or. en