Radovan Kavický: Financial transaction tax (FTT) & Sectoral taxation [SK point of view]
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Financial transaction tax (FTT) & Sectoral taxation [SK point of view], 28. 2. 2017 (euro.cz konference, Hotel Augustine, Letenská 12/33, Praha), Radovan Kavicky, GapData Institute (GDI), https://www.youtube.com/watch?v=In7slqS4gR8 --------------------- Sektorové daně v ČR – ano či ne? Termín: 28.2.2017 Místo: Augustine, a Luxury Collection Hotel, Prague (mapa) Moderátor: Miroslav Zámečník Podtémata: Jaké jsou důvody pro zavedení sektorového zdanění v ČR a kterých odvětví by se mohlo týkat? Jaké existují formy sektorového zdanění a možnosti použití vybraných peněžních prostředků? Jaká rizika by byla v ČR se sektorovými daněmi spojena? Jaké jsou dosavadní zkušenosti se sektorovým zdaněním v jiných evropských zemích? Program: 8.30–9.00 registrace, snídaně 9.00–9.05 úvodní slovo Vojtěch Jirků, člen dozorčí rady Blok I – Sektorové zdanění z českého pohledu 9.05–9.25 Ing. Mojmír Hampl, MSc., Ph.D., viceguvernér ČNB 9.25–9.45 Ing. Pavel Štěpánek, CSc., výkonný ředitel ČBA 9.45–10.05 Aleš Chmelař, vedoucí Oddělení strategií a trendů EU 10.05–10.25 JUDr. Pavel Smutný, president Bohemian Heritage Fund, nadační fond 10.25–10.40 panelová diskuse 10.40–10.50 coffee break Blok II – Praktické zkušenosti se sektorovým zdaněním 10.50–11.10 JUDr. PhDr. Vratislav Košťál, nezávislý expert v oblasti energetiky 11.10–11.30 Ing. Radovan Kavický, ředitel GapData Institute (GDI) 11.30–11.50 Ing. Marek Hatlapatka, hlavní investiční stratég CYRRUS, a. s. 11.50–12.15 panelová diskuse 12.15–12.20 závěrečné slovo Vstup na akci je možný výhradně po registraci na základě osobní pozvánky. V případě jakýchkoli dotazů či zájmu o registraci nás neváhejte kontaktovat. (via) http://setkani.euro.cz/sektorové-daně-v-čr-–-ano-či-ne Více informací: http://setkani.euro.cz/ Hlavní partner: Česká spořitelna Mediální partner: Mladá fronta -------------------------------- EURO KONFERENCE - Jedná se o odborné půldenní až celodenní akce zaměřené na náročnější profesní témata. Na konferencích vystupují odborní přednášející, kteří mohou nabídnout zajímavé zkušenosti a nové poznatky. Účastníci tak mají možnost potkat se se zajímavými lidmi z oblasti ekonomiky, politiky či obchodu. Konference se účastní okolo 80 lidí. EURO - Týdeník Euro je nejprodávanějším titulem soustředěným na byznys a byznysmeny v České republice. Tento titul si již od roku 1998 každý týden předplácejí tisíce profesionálů z kategorií decision Makers a Opinion Makers, kteří rozhodují o prosperitě České republiky, o stomiliardových investicích a milionech pracovních míst. Pro tyto čtenáře je týdeník Euro jediným specializovaným týdeníkem typu B2B na domácím trhu.
![Financial transaction tax (FTT) &
Sectoral taxation [SK point of view]
Radovan Kavicky, GapData Institute (GDI)28. 2. 2017
(euro·, Hotel Augustine, Letenská 12/33, Praha)
euro· konference
(euro.cz)](https://image.slidesharecdn.com/euro-170318174608/85/Radovan-Kavicky-Financial-transaction-tax-FTT-Sectoral-taxation-SK-point-of-view-1-320.jpg?cb=1492383912)
![GapData Institute (GDI)
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GapData Institute (GDI) is a non-profit
nonpartisan research institution harnessing
power of data & wisdom of economics for public
good.
Transparent account (from day #1;
SK7383300000002200933920
https://www.fio.sk/ib2/transparent?a=2200933920)
Partnership (openness, transparency)
1/7 Financial transaction tax (FTT) [SK point of view]](data:image/gif;base64,R0lGODlhAQABAIAAAAAAAP///yH5BAEAAAAALAAAAAABAAEAAAIBRAA7)
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Radovan Kavický: Financial transaction tax (FTT) & Sectoral taxation [SK point of view]
- 1. Financial transaction tax (FTT) & Sectoral taxation [SK point of view] Radovan Kavicky, GapData Institute (GDI)28. 2. 2017 (euro·, Hotel Augustine, Letenská 12/33, Praha) euro· konference (euro.cz)
- 2. GapData Institute (GDI) Economic Research & Public Policy & Data Science think-tank (data-tank) Data. Think. Change. GapData Institute (GDI) is a non-profit nonpartisan research institution harnessing power of data & wisdom of economics for public good. Transparent account (from day #1; SK7383300000002200933920 https://www.fio.sk/ib2/transparent?a=2200933920) Partnership (openness, transparency) 1/7 Financial transaction tax (FTT) [SK point of view]
- 3. Why sectoral tax? (concept, theoretical basis) 2/7 Tobin Tax (Robin Hood Tax, 2002 FTT unworkable) - collapse Bretton Woods (1971), discourage short-term currency speculation (FOREX +liberalisation) FTT to eliminate distortions in tax system that may have contributed to the 2008/2009 financial crisis value-added tax (VAT) not applied to financial services (disproportionate growth of the financial sector in recent years) financial sector contribution to national tax revenues (implementation in 15 European countries) Financial transaction tax (FTT) [SK point of view]
- 4. FTT in Europe (genesis) 3/7 2010 (Germany, France) European Commission (EC) 9/2011 EC proposal EU-wide FTT - min. 0.1 % tax rate/all types of fin. instruments/stocks, bonds; derivatives min. 0.01 % tax rate 12/2012 European Parliament Approved 1/2013 FTT Enhanced cooperation (9, 11 – Estonia, Slovenia) - Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia & Slovakia 3/2015, 6/2016 2018? 2019? Ever? (as reaction to crisis/15 countries) Financial transaction tax (FTT) [SK point of view]
- 5. Slovakia’s “strategy” (follow/stick to GER) 4/7 Financial transaction tax (FTT) [SK point of view] Slovak support from the start (2010, 2011) - collapse of the talks (common tax base) Exclusion: Pension funds, govern. bonds, state enterp. [2012, Inspiration from Hungary] - Special bank tax/levy (0,4% from selected & adjusted passives/0,2bn EUR/more than direct bank/business tax revenue) & 2016, Special insurance levy (8% from non- life insurance premium) Why? Why not. (“fair share” of consolidation) - Special tax 4,356% for energy, telecom., insurance, pharmacy sector/mainly foreign investors
- 6. What to do now? (position of Czechia) 5/7 Financial transaction tax (FTT) [SK point of view] 12/2012 CZ Senate (approved FTT) 4/2013 (Petr Nečas opposed) - harm of competitiveness of EU’s financial sector ČNB/Mojmir Hampl, Vice-Governor stated CB opposes FTT (potential negative impacts on economy) CZ will not participate (also as non-member of eurozone +non-member of the 11 countries) Slovakia, Hungary & Cyprus used bank levy to finance budget deficit (Czechia w/ budget surplus/no need)
- 7. FTT & Sectoral Tax/Problems (+impacts) 6/7 Financial transaction tax (FTT) [SK point of view] Reducing investment activities (reducing GDP) - slowing economic growth No impact on reducing risks (no goal/only extra tax) No extra reserves for possible rescue of banks Conflict with Constitution (f. e. Slovakia) Not fair taxation & discriminatory (to abolish) Without proof of the existence of relevant costs incurred in this sector which should be covered f. e. SK & CZ banks during the crisis, have not been rescued & currently enjoying a solid financial health
- 8. Other activities (GapData Institute) Economic Research (studies, papers, publications) Quantitative & Qualitative Analyses - Data is center of it all Data Visualization (Interactive DataViz Tools) Public Policy (Public Budget, Public Finance) Economic Reforms (any area) Data Science Tools (R, Python, Tableau, Alteryx) Open Data & Linked Open Data Cooperation 7/7 Financial transaction tax (FTT) [SK point of view]
- 9. Thank you for your attention Contact: Radovan Kavicky radovan.kavicky@gapdata.org +420 776 467 159 (CZ) +421 949 716 214 (SK) http://www.linkedin.com/in/radovankavicky @radovankavicky, @GapDataInst #GapDataInst In case you have any question, feel free to ask.
Editor's Notes
- (30s.) 3 parts: Intro & About our activities Financial transaction tax (FTT) & Sectoral tax (experience EU, SK, CZ) Conslusion & Future activites
- (1 min.) Basic information about GapData Institute Economic Research & Public Policy & Data Science think-tank (data-tank) Data. Think. Change. GapData Institute (GDI) is a non-profit nonpartisan research institution harnessing power of data & wisdom of economics for public good. Transparent account (from day #1; SK7383300000002200933920 https://www.fio.sk/ib2/transparent?a=2200933920) Partnership (openness, transparency)
- (1-1,5 min.) A Financial Activities Tax should be designed so as to minimise the scope for financial-activity dislocation stemming from tax rate differentials. To this aim, a well-designed Financial Activities Tax should: be levied at comparable rates internationally, cover all bank-like financial institutions in a country, and apply only to financial-sector income generated domestically, thus exempting foreign-source, financial-sector income from domestic taxation. The “Tobin tax” was originally proposed in the early 1970s by James Tobin, an influential American macroeconomist and recipient of the Nobel prize for economics. His idea was prompted by the collapse of the Bretton Woods system in 1971, which replaced an arrangement of fixed exchange rates ultimately based on the US dollar’s peg to gold with a period of volatile floating exchange rates. He wanted to discourage short-term currency speculation, which makes it difficult for countries to implement independent monetary policies by moving money quickly back and forth between countries with different interest rates. As described by Tobin, the tax involves applying a small charge – of as little or less than 0.1 per cent – on foreign currency transactions to protect countries from exchange-rate volatility caused by short-term currency speculation. Before Tobin died in 2002, he changed his thinking, arguing that the tax was unworkable because the liberalisation of the capital markets made it much trickier to undertake.
- (3 min.) Given this framework, on December 2012 the European Parliament approved that 11 countries (including Spain moved forward in the path towards the implementation of the financial transaction tax. In January 2013, it was proposed that Germany, France and nine other euro area countries would agree the exact terms of Europe's financial transaction tax. The draft was published that cast a wider net than expected and added anti-avoidance measures so that financial business would not decamp to safer havens. It was proposed that the tax should apply to financial products issued in the participating area of Europe, even if the parties were trading it only in Asia, the US or Britain (which opposes the tax). Critics of the proposals said the tax would affect long term growth and cost jobs. - impose a levy on trades in stocks, bonds and derivatives. Exemptions include overnight repurchase agreements, the issue of shares and units in retail funds known as Ucits and the exchanges of stock in mergers. Enhanced cooperation was authorised by a Council decision of January 2013, following the failure to obtain unanimous support on a previous proposal from September 2011 for an EU-wide FTT. The participating countries are. Following Estonia's withdrawal, ten Member States are currently participating in the negotiations on enhanced cooperation procedure on the proposed directive.
- (3 min.) Although Slovakia has introduced a bank levy in 2012 as the 12th country of the European Union, banks in our country pay more than the state budget from all member countries in proportion to the amount of assets. For every million it was almost three thousand, which is 10 times more than the EU average. For example, in Germany it was only less than 100 EUR.Bank tax, ie bank levy and an extraordinary one-off amount was so high that last year the bank did it 1.75 times more (170 million) than on the actual income tax (EUR 97 million). Also thanks to the effective tax rate for the banking sector increased almost twice from 19% to 36%.One of the risks of high bank levy is a negative impact on raising capital, so banks' own funds. At the time of tightening the conditions for capital adequacy is the most effective way to meet their conversion gain on own resources. To date, the bank levy introduced unprecedented, respectively. bank levy 13 countries of the European Union (EU). Most are states of Western Europe, where governments since 2009, both directly and indirectly involved in the rescue efforts. Among the countries of Central and Eastern Europe is a banking tax introduced in addition to Slovakia, only in Hungary, Latvia and Slovenia.The average load-sector bank levies (calculated as an annual fee to total assets) was significantly higher than the average in only two EU countries: Hungary and Slovakia. After the upcoming changes will have in 2013 Slovakia clearly the highest burden of the banking sector in the EU, 22 times higher than in Germany and 29 times higher than in France and six times higher than the EU average. Special tax of 4.356 percent per annum applies for example to companies from the energy sector, telecommunications, insurance and pharmacy if manage to get at least three million euros a year. The tax applies mainly big energy and telecom firms, which have a share of foreign investors.
- (2 min.) The government of the Czech Republic is opposed to the EU FTT Czech PM Petr Necas said in April 2013 that the tax would harm the competitiveness of the EU's financial sector However, the Senate, which is controlled by the opposition CSSD, has supported the FTT. In December 2012 the Senate passed a resolution supporting the use of enhanced co-operation to implement the FTT and recommending that the Czech government reconsider joining the tax. Bohuslav Sobotka, the leader of Social Democratic Party which was leading in the polls by October 2012 and could take power after elections no later than May 2014, has stated that his government would support the EU FTT. Mojmir Hampl, Vice-Governor of the CNB, has stated that the central bank opposes the FTT due to the potential negative impacts on the economy. Slovak Republic with Hungary and Cyprus ranked among countries that used bank levy to finance budget deficit (Czech Republic has a surplus budget).
- (3 min.) Bank levy, however, has a negative impact on the process, as trims gains. This is reflected in the subsequent restrictions on lending to the private sector, reducing investment activity and slowing economic growth. In its latest report found International Monetary Fund. To promote economic growth, therefore, it proposes to reduce the rate of the bank levy. Absolutely perfect would this de facto tax abolished.Original intention was in fact to establish a reserve for a possible rescue banks if they got into trouble. Slovak and Czech banks during the crisis, however, may not have been rescued and currently enjoying a solid financial health. This form of taxation is in conflict with the Constitution and contrary to the rules of fair taxation. At the same time, according to the association discriminatory because it applied only to non-life insurance without proof of the existence of relevant costs incurred in this sector, which should be covered.
- (1 min.) Economic Research (studies, papers, publications) Quantitative & Qualitative Analyses (Data/center of it all) Data Visualization (Interactive DataViz Tools) Public Policy (Public Budget, Public Finance) Economic Reforms (any area) Data Science Tools (R, Python, Tableau, Alteryx) Open Data & Linked Open Data Cooperation
- Contact: Radovan Kavicky radovan.kavicky@gapdata.org +420 776 467 159 (CZ) +421 949 716 214 (SK) http://www.linkedin.com/in/radovankavicky @radovankavicky, @GapDataInst