Where the law stands, Dossier 2024/2117(INI)
A coherent tax framework for the EU's financial sector
Own-initiative report (INI): Parliament’s own position on a topic. It is not binding. · First reading
Parliament sets out its own position on a topic. The resolution is not binding but signals what Parliament wants.
Where it stands
Parliament’s position
Parliament adopted the text on 7 July 2026. This is its final position on the matter.
- Referred to committee(done) 23 January 2025
- Committee work(done) Report adopted 3 June 2026
- Tabled for plenary(done) 11 June 2026
- Plenary vote(done) Adopted 7 July 2026
- Parliament’s position(done) Final
Decided in plenary
7 July 2026 · decision 13
Economy & single market, Resolution
A coherent tax framework for the EU’s financial sector
Adopted 418 for · 152 against · 85 abstained by a large majority
AI summary:The adopted text is Parliament's official position, urging reforms to modernise VAT rules, coordinate EU-wide taxation, and set common standards for windfall taxes.
What changed
Latest Tabled for plenary → Adopted by Parliament
AI summary:The adopted text removes a paragraph on regulatory arbitrage and profit shifting, and rewrites another to attribute fragmentation to the financial crisis and sector-specific taxes. It also drops specific VAT reform options, adding instead a requirement to safeguard consumers and ensure fair contributions. Other changes are formal or wording: corrected typos, removed footnote numbers, and rephrased sentences without altering substance.
Committee draft → Tabled for plenary
AI summary:The report expands significantly, adding new recitals and paragraphs on VAT reform, the FASTER Directive, and the Savings and Investments Union. It shifts focus from supporting an EU-wide FTT to exploring VAT reform options and improving coordination, while acknowledging the FTT withdrawal. New text highlights the negative effects of the VAT exemption, such as fragmentation and costs, and calls for studies and impact assessments. The report adds calls for action on the Head Office Tax proposal and stresses the need for data and transparency in financial sector taxation. The other changes are formal: updated references and renumbering of paragraphs.
Who works on it
- Lead committee
- Economic and Monetary Affairs
- The MEP who drafts the report and negotiates it on behalf of the committee.
- Matthias Ecke (S&D)
- An MEP who follows a report on behalf of their own group when another group holds the rapporteur.
- Regina Doherty (EPP), Tomáš Kubín (Patriots), Roberts Zīle (ECR), Gilles Boyer (Renew), Rasmus Andresen (Greens), Jussi Saramo (The Left)
The text, version by version
Newest first.
Adopted by Parliament· 7 Jul 2026
AI summary:The European Parliament adopted a resolution on a coherent tax framework for the EU's financial sector, addressing tax fragmentation, the VAT exemption for financial services, and the need for coordination.
Tabled for plenary· 11 Jun 2026
AI summary:This resolution addresses the fragmented taxation of the EU's financial sector, calling for reforms to the VAT exemption for financial services and for more coordinated tax rules to support the single market and the Savings and Investments Union.
Committee draft· 4 Feb 2026
AI summary:This draft report proposes a coherent EU tax framework for the financial sector, addressing VAT exemption distortions, fragmentation, and fair contribution.
Timeline
Newest first.
Plenary stage 3 steps
7 July 2026
Plenary vote
Sitting of 7 Jul 2026 Report A10-0169/2026Adopted text TA10-0248/2026
1 July 2026
6 amendments tabled for the plenary vote
Groups propose changes to the tabled text; each is voted on before the final vote.
11 June 2026
Report tabled for plenary
This is the text all MEPs vote on. Political groups can still table amendments to it.
Committee stage 4 steps
3 June 2026
Committee vote: report adopted
ECON (Economic and Monetary Affairs) voted on the amendments and adopted the report that goes to plenary.
19 March 2026
Amendments tabled in committee
Members of ECON (Economic and Monetary Affairs) proposed changes to the draft.
4 February 2026
Draft report published
The rapporteur’s first text in ECON (Economic and Monetary Affairs). Members can table amendments before the committee votes.
23 January 2025
Referred to the ECON (Economic and Monetary Affairs) committee
The lead committee prepares Parliament’s report.
Official record: Legislative Observatory, 2024/2117(INI)