CELEX: 51987PC0139
Language: en
Date: 1987-04-09
Title: Amended proposal for a COUNCIL DIRECTIVE relating to indirect taxes on transactions in securities (presented by the Commission on the basis of Article 149, 2 of the EEC Treaty)

ARCHIVES HISTORIQUES
DE LA COMMISSION
COLLECTION RELIEE DES
DOCUMENTS "COM"
COM (87) 139
Vol. 1987/0056
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 ---pagebreak--- COMMISSION OF THE EUROPEAN COMMUNITIES
                                              COM(87 ) 139 final
                                              Brussels , 9 April 1987
                            Amended proposai for a
                               COUNCIL DIRECTIVE
                relating to indirect taxes on transactions in
                                   securities
        ( presented by the Commission on the basis of Article 149, 2
                              of the EEC Treaty )
 C0M(87 ) 139 final
 ---pagebreak---                                                                           CsTT-Sl ?
                                         4 λ
                       AMENDED PROPOSAL FOR A COUNCIL DIRECTIVE
                               relating to indirect taxes
                             on transactions in securities
                    ( presented by the Commission
                on the basis of Article 149 , 2 of the EEC Treaty )
Explanatory Memorandum
1.        On April 2 , 1976 , the Commission presented to the Council a draft
Directive providing for the harmonisation of indirect taxes on transactions
                  (1 )
in securities
          In presenting this proposal , it indicated that the most desirable
solution , from the point of view of the establishment of a real European
capital market , would be the abolition , purely and simply , of these taxes .
The Commission added that it had kept to the idea of harmonisation of these
taxes where they exist , only because most of the Member States which apply
these taxes could not give up the revenue they produce without certain
difficulties , even if that revenue was relatively small in comparison
with the total tax revenue .
2.        The Commission 's opinion on this point was shared by both the
Economic and Social Committee and the European Parliament .
          The Economic and Social Committee stressed in its opinion ^ that
the proposed Directive could only constitute a new partial step on the
way to the creation of a genuine common capital market and the best solu­
tion would be to abolish these taxes altogether .
           For its part , the European Parliament , in its resolution of
15 October 1976            insisted on the idea that the final objective
 remainsthe abolition of the taxes in question and expressed the wish
that the Commission should endeavour to attain this objective as quickly
as possible .
 ( 1 ) O.J. C 133 of 14.6.1976 , p. 1
 ( 2 ) O.J. C 297 of 16.12.1976 , p. 9
 ( 3 ) O.J. C 259 of 4.11.1976 , p. 43 .
                                                                            ./.
 ---pagebreak---                                        - 2 -
3.         The examination by the Council of the proposal for a Directive has
brought out the complexity of the technical problems which must be solved
if the idea of harmonisation , even in a limited form , is to be kept to .
In these conditions , the Presidency has been lead in October 1984 to suggest
a solution consisting of a double commitment on the part of the Member States :
- a commitment to abolish the indirect taxes on transactions in securities
    at the latest by the time obstacles to free movement of capital have
    been removed ;
- a commitment in the meantime not to increase the rates of these taxes
    and to eliminate double taxation .
           The examination of the proposal by the Council has been suspended
since then .
4.         The Directive adopted by the Council on 17 November 1986 for the
                                             (1)
implementation of Article 67 of the Treaty       extended , with effect from
28 February 1987, the obligation to liberalise capital movements to
include all operations involving the acquisition of securities and opera­
tions involving the admission to the capital market of negotiable securi­
ties and of those which are in the process of being introduced into a stock
exchange . Temporary derogations , however , are provided for in respect of
Spain and Portugal .
           The Commission accordingly considers that the time has now come to
abolish the indirect taxes on transactions in securities . If this is not
done the differences which exist between Member States , in the rates and
terms of application , are liable to cause significant distortions in
capital movements within the Community . In addition , the abolition of
these taxes will improve the copetititiveness of the Community as an
international financial centre .
           With a view to permitting Member States to lessen the budgetary
consequences of the abolition , a period of at least 2 years is granted
for compliance .
( 1 ) O.J. L 332 of 26.11.1986, p. 22 .
                                                                         ./.
 ---pagebreak---                                     - 3 -
Comments on the articles
Article 1
       This article fixes the latest date by which Member States have
to abolish indirect taxes on transactions in securities .
Article 2
       The provisions in this article are taken over from the original
proposal . They aim to avoid the effects of the abolition of the taxes
levied on transactions in securities being nullified by the introduction
of other taxes having the same base , whilst at the same time permitting
Member States to impose taxes and duties which will not hamper free cir­
culation of capital in the area considered .
      However , the provision under 2 d ) has been deleted , given that it
is no longer justified under the new approach .
 ---pagebreak---                                        ч
                 AMENDED PROPOSAL FOR A DIRECTIVE OF THE COUNCIL
            RELATING TO INDIRECT TAXES ON TRANSACTIONS IN SECURITIES
The Council of the European Communities ,
Having regard to the Treaty establishing the European Economic Community ,
                                                   (*)
and in particular articles 99 and 100 thereof          ,
Having regard to the proposal from the Commission ,
                                                            (D
Having regard to the opinion of the European Parliament         ,
Having regard to the opinion of the Economic and Social Committee
Whereas Council Directive 86/ 566/ EEC ^ has
extended , with effect from 28 February 1987 , the obligation to liberalise
capital movements to include all operations involving the acquisition of
securities and operations involving the admission to the capital market
of negotiable securities and of those which are in the process of being
introduced onto a stock exchange ;
Whereas the said movements of capital may be distorted by the existence ,
in the Member States , of differing provisions concerning indirect taxes
on transactions in securities , which often give rise to double taxation
and discrimination ;
Whereas , to eliminate these distortions , the abolition of the taxes in
question is the most appropriate solution as regards the proper function­
ing of the capital market ; whereas this abolition should preferably occur
on the date fixed for the liberalisation of capital movements ; whereas it
is nevertheless suitable to allow the Member States , if they so wish , to
phase the budgetary effects of the abolition over a period ,
( '*) If the Single Act is in force at the time of the transmission of the
      amended proposal to the Council    the reference to article 100 will
      have to be deleted
( 1 ) OJNoC 259,     4.11.1976 , p. 43
( 2) 0J NoC 297,     16.12.1976 , p. 9
( 3) Oj NoC 332,   . 26.11.1986 , p. 22
                                                                       ./.
 ---pagebreak---                                          5
HAS ADOPTED THIS DIRECTIVE :
                                     Article 1
        Member States which impose a tax on transactions in securities
shall abolish it .
                                     Article 2
1.      Member States shall refrain from levying any tax on transactions
in securities , whether or not levied at a flat rate , the base of which
consists of the value of the security which is the object of the
transaction .
2.      Notwithstanding paragraph 1 , Member States may levy :
                                                                  (1)
a ) capital duty , as defined by Council Directive 69 / 335 / EEC     ,
b ) transfer duties on immovable property where , as a result of transactions
     in shares in companies , funds , associations or other legal persons whose
     assets consist in whole or in part of immovable property situated in
     their territory , the purchaser acquires all assets of or a position
     by virtue of which he is able to exercise control over these companies ,
     funds , associations or other legal persons . In this case , transfer
     duties shall apply only in respect of the value of the immovable
     property , such value being determined in accordance with national
     legislation ,
c ) value added tax applicable to interests or shares giving the holder
     thereof de jure or de facto rights of ownership or possession over
     immovable property or part thereof .
( 1 ) OJ No L 249 ,  3.10.1969 , p. 25
                                                                       ./.
 ---pagebreak---                                       Q>
                                  Article 3
1.     Member States shall bring into force the
laws , regulations or administrative provisions necessary to
comply with this Directive not later than 1 January 1990 .
2.     Member States shall inform the Commission of the provisions which
they adopt for the application of this Directive .
                                  Article 4
       This Directive is addressed to the Member States .
Done at Brussels ,                                  For the Counci l ,
                                                     The President
 ---pagebreak---         FICHE D' IMPACT SUR LA COMPETITIVITE ET L' EMPLOI
I.    Quelle est la justification principale de la mesure ?
      Les conditions sont aujourd'hui réunies           pour   proposer    au
      Conseil la suppression des impôts indirects sur les              trans­
      actions sur titres .
II .  Caractéristiques des entreprises concernées . En particulier :
              Y a - t - il un grand nombre de PME ? Non
             note t' on des concentrations dans des régions :
                      éligibles aux aides régionales des E.M. ?         Non .
                      éligibles au Feder ?      Non .
III . Quelles sont les obligations imposées directement aux entre­
      prises ?
      Aucune .
IV .  Quelles sont les obligations susceptibles d' être imposées
      indirectement aux entreprises via les autorités locales ?
      Aucune .
V.    Y a - t - il des mesures spéciales pour les PME ?          Non .
              Lesquelles ?       /
VI .  Quel est l' effet prévisible ?
              sur la compétitivité des entreprises ?       L' amélioration
              des conditions fiscales des transactions sur titres
              peut influencer favorablement les investissements .
              sur l' emploi ? Néant .
VII . Les partenaires sociaux ont -ils été consultés ?           Non
              avis des partenaires sociaux ?          /