EU Flash: stronger European financial supervision and fair digital taxation

29/09/2017

De Europese Commissie stelt voor om de mandaten van de Europese toezichtsorganen te hervormen om zo de weg vrij te maken voor een sterker en beter geïntegreerd Europees financieel toezicht. De Commissie schetste ook de uitdagingen van digitale belasting en mogelijke oplossingen om groei te ondersteunen en eerlijk en doeltreffende belasting te verzekeren.

Hieronder vindt u een Engelse samenvatting van deze onderwerpen.

Stronger and more integrated European financial supervision for the Capital Markets Union

The European Commission has proposed a number of reforms to the mandates of the European Supervisory Authorities (ESAs).

The proposals will improve the mandates, governance and funding of the ESAs for banking (European Banking Authority, EBA), for securities and financial markets (European Securities and Markets Authority, ESMA), and for insurance and pensions (European Insurance and Occupational Pensions Authority, EIOPA).

The proposals also include targeted changes to the composition and organisation of the ESRB, which monitors stability risks for the financial system as a whole. The reforms will also introduce changes to the supervisory relations with non-EU countries to ensure proper management of all financial-sector risks.

The European Commission also aims to foster the development of financial technologies and to ensure that sustainability considerations are systematically taken into account in supervisory practices at the European level. They will coordinate national initiatives to promote innovation and strengthen cybersecurity.

The Commission proposal intends to make ESMA the direct supervisor over certain sectors of capital markets across the EU.

Funding of the ESAs will be independent from national supervisors. While the EU budget will continue to contribute a share of the ESAs' funding, the rest should be funded by contributions from the financial sector.

Fair taxation of the digital economy

The European Commission is launching a new EU agenda outlining the challenges Member States currently face when it comes to digital taxation and possible solutions to be explored to ensure that the digital economy is taxed in a fair and growth-friendly way.

Fair and effective digital taxation

The aim is to ensure a coherent EU approach to taxing the digital economy that ensures the fair and effective taxation of profits of all companies in the digital economy.

The growing digitalisation of the economy creates huge economic opportunities. According to the European Commission, a comprehensive revision of global tax rules to meet these new realities is necessary. The EU tax systems should evolve to capture new business models while being fair, efficient and future-proof to ensure that companies pay their fair share of tax where they generate profits and thus safeguard the integrity of the Single Market.

Taxation reform

The Commission states that the current tax framework does not fit with modern realities. As a result, the effective tax rate of digital companies in the EU is estimated to be half that of traditional companies. Meanwhile, patchwork unilateral measures by Member States to address the problem threaten to create new obstacles and loopholes.

The first focus should be on pushing for a fundamental reform of international tax rules, which would ensure a better link between how value is created and where it is taxed. However, according to the Commission, the EU should implement its own solutions to taxing the profits of digital economy companies. 

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