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Beskattning av finansiella transaktioner - En studie av EU-kommissionens direktivförslag, KOM(2011)594.

Fridh, Martin LU (2012) JURM02 20121
Department of Law
Abstract (Swedish)
EU-kommissionen har hösten 2011 antagit ett direktivförslag med innebörden att finansiella transaktioner kopplade till unionens territorium ska beskattas. Den föreslagna beskattningen är en del i ett större
reformpaket vilket syftar till att stabilisera den finansiella sektorn för att motverka framtida finansiella kriser samt tillförsäkra att den finansiella sektorn återbetalar en rättvis och betydande del av de kostnader som den
senaste finansiella krisen inneburit för många av EU:s medlemsstater. Det framlagda beskattningsförslaget har följaktligen både ett reglerande syfte och ett fiskalt syfte.

Beskattning av finansiella transaktioner kommer inducera ökade transaktionskostnader på de finansiella marknaderna, vilket leder till... (More)
EU-kommissionen har hösten 2011 antagit ett direktivförslag med innebörden att finansiella transaktioner kopplade till unionens territorium ska beskattas. Den föreslagna beskattningen är en del i ett större
reformpaket vilket syftar till att stabilisera den finansiella sektorn för att motverka framtida finansiella kriser samt tillförsäkra att den finansiella sektorn återbetalar en rättvis och betydande del av de kostnader som den
senaste finansiella krisen inneburit för många av EU:s medlemsstater. Det framlagda beskattningsförslaget har följaktligen både ett reglerande syfte och ett fiskalt syfte.

Beskattning av finansiella transaktioner kommer inducera ökade transaktionskostnader på de finansiella marknaderna, vilket leder till minskade incitament att genomföra kortfristig spekulativ handel. Hypotesen
som ligger bakom förslaget är att en lägre transaktionsvolym ska leda till en lägre prisvolatilitet kopplad till de finansiella tillgångarna, ett tillstånd vilket korresponderar med ökad stabilitet inom det finansiella systemet, dessutom hävdas att den kvarstående transaktionsvolymen inom den europeiska finansiella sektorn fortsatt torde vara tillräcklig för att via samma skatt samtidigt generera betydande intäkter.

I detta arbete återfinns en tvärvetenskaplig studie vilken analyserar beskattningsförslaget ur såväl ett juridiskt perspektiv som ett rättsekonomiskt perspektiv. Studiens syfte är dels att redovisa beskattningsförslagets huvudsakliga ramar och belysa eventuella komplikationer och tillämpningsproblem, dels att värdera möjligheterna för den föreslagna skatten att, mot bakgrund av debatten kring beskattningsförslagets generella hypotes samt beskattningsförslagets specifika risk-reducerande utformning, infria dess uttalade målsättning utan att i alltför stor utsträckning skada effektiviteten inom den finansiella sektorn och i förlängningen påverka den reala ekonomin negativt.

Mina studier av framlagt beskattningsförslag uppmärksammar flertalet frågetecken kring dess tilltänkta tillämpning och fastslår att kompletteringar torde krävas för att tillförsäkra en, eventuellt framtida, enhetlig tillämpning inom unionen. Vidare konstateras mot bakgrund av Sveriges tidigare negativa erfarenheter av en snarlik beskattning samt Sveriges regerings och övriga motståndares opposition till aktuellt beskattningsförslag att EU-kommissionen saknar såväl teoretiska som empiriska belägg för sin hypotes om beskattningstypens förtjänstfullhet. Dessutom noteras det att en implementering av en beskattning av finansiella transaktioner inom EU, trots direktivförslagets risk-reducerande utformning, troligen leder till en minskad effektivitet inom den finansiella sektorn, att det inte står klart att det är den finansiella sektorn som kommer bära bördan av skatten samt att en erodering av utpekad skattebas, på grund av omlokalisering och substitution, i viss utsträckning torde vara att vänta. (Less)
Abstract
The European Commission has, during the fall of 2011, adopted a proposal for a Directive to the effect that financial transactions with a connection to the territory of the union shall be taxed. The proposed taxation is part of a larger reform programme which aims to stabilize the financial sector in order to prevent a new financial crisis and to ensure that the financial sector bear a fair and substantial share of the financial burden that the recent crisis has brought upon many of the member states. The adopted proposal consequently contains both fiscal and regulatory purposes.

Taxation of financial transactions will, in order to discourage excess liquidity on the financial markets, increase transaction costs and therefore reduce... (More)
The European Commission has, during the fall of 2011, adopted a proposal for a Directive to the effect that financial transactions with a connection to the territory of the union shall be taxed. The proposed taxation is part of a larger reform programme which aims to stabilize the financial sector in order to prevent a new financial crisis and to ensure that the financial sector bear a fair and substantial share of the financial burden that the recent crisis has brought upon many of the member states. The adopted proposal consequently contains both fiscal and regulatory purposes.

Taxation of financial transactions will, in order to discourage excess liquidity on the financial markets, increase transaction costs and therefore reduce incentives for short-term speculative trading. The hypothesis, which is underlying the proposal, is that reduced transaction volumes, induced by a weakened share of short-term trading, will lead to a reduction in the volatility of asset prices, which if true will implicate stability within the financial system. Furthermore it is argued that the volume of residual transactions within the European financial sector still will be sufficient to raise significant revenues via the same taxation regime.

This thesis consists of an interdisciplinary study that applies both a traditional legal perspective and a law and economics perspective in its analysis of the proposed Directive. The ambition of the study is partly to present the essential framework of the proposal and to illustrate any prospective legal uncertainties, partly to evaluate the likelihood that the proposed tax, considering the misgivings regarding the basis for the general hypothesis and the proposal’s specific risk-mitigating design features, will fulfil its objectives without entailing a major negative effect on the financial sector and in elongation the real economy.

My studies of the proposed Directive displays several issues regarding its intended enforcement and states that further additions ought to be made in order to constitute a legislation which can underlie a future uniform interpretation within the whole European Union. Other conclusions, owing to studies of the negative experiences in Sweden, due to a bilateral attempt to implement a similar taxation, and studies of the opposition to the current taxation proposal from the Swedish government and other adversaries, indicate that the European Commission neither in theory nor in practice supports that the general hypothesis is correct. Additionally its concluded that an implementation of a general financial transaction tax within the European Union, regardless of the proposal’s risk-mitigation design features, likely will give rise to a less effective financial sector, that the burden of the tax probably will be passed on to entities and individuals outside the financial sector and that diversion of trade, to untaxed jurisdictions or to untaxed securities, to some extent are to be expected. (Less)
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author
Fridh, Martin LU
supervisor
organization
alternative title
Financial Transaction Tax - A study of the EU-Commission's Directive proposal, COM(2011)594.
course
JURM02 20121
year
type
H3 - Professional qualifications (4 Years - )
subject
keywords
Skatterätt
language
Swedish
id
2543918
date added to LUP
2012-10-15 12:35:35
date last changed
2012-10-15 12:35:35
@misc{2543918,
  abstract     = {The European Commission has, during the fall of 2011, adopted a proposal for a Directive to the effect that financial transactions with a connection to the territory of the union shall be taxed. The proposed taxation is part of a larger reform programme which aims to stabilize the financial sector in order to prevent a new financial crisis and to ensure that the financial sector bear a fair and substantial share of the financial burden that the recent crisis has brought upon many of the member states. The adopted proposal consequently contains both fiscal and regulatory purposes. 

Taxation of financial transactions will, in order to discourage excess liquidity on the financial markets, increase transaction costs and therefore reduce incentives for short-term speculative trading. The hypothesis, which is underlying the proposal, is that reduced transaction volumes, induced by a weakened share of short-term trading, will lead to a reduction in the volatility of asset prices, which if true will implicate stability within the financial system. Furthermore it is argued that the volume of residual transactions within the European financial sector still will be sufficient to raise significant revenues via the same taxation regime. 

This thesis consists of an interdisciplinary study that applies both a traditional legal perspective and a law and economics perspective in its analysis of the proposed Directive. The ambition of the study is partly to present the essential framework of the proposal and to illustrate any prospective legal uncertainties, partly to evaluate the likelihood that the proposed tax, considering the misgivings regarding the basis for the general hypothesis and the proposal’s specific risk-mitigating design features, will fulfil its objectives without entailing a major negative effect on the financial sector and in elongation the real economy.

My studies of the proposed Directive displays several issues regarding its intended enforcement and states that further additions ought to be made in order to constitute a legislation which can underlie a future uniform interpretation within the whole European Union. Other conclusions, owing to studies of the negative experiences in Sweden, due to a bilateral attempt to implement a similar taxation, and studies of the opposition to the current taxation proposal from the Swedish government and other adversaries, indicate that the European Commission neither in theory nor in practice supports that the general hypothesis is correct. Additionally its concluded that an implementation of a general financial transaction tax within the European Union, regardless of the proposal’s risk-mitigation design features, likely will give rise to a less effective financial sector, that the burden of the tax probably will be passed on to entities and individuals outside the financial sector and that diversion of trade, to untaxed jurisdictions or to untaxed securities, to some extent are to be expected.},
  author       = {Fridh, Martin},
  keyword      = {Skatterätt},
  language     = {swe},
  note         = {Student Paper},
  title        = {Beskattning av finansiella transaktioner - En studie av EU-kommissionens direktivförslag, KOM(2011)594.},
  year         = {2012},
}