International Monetary Fund

High-Level Conference; September 16, 2010

Financial Sector Taxation

IMF Offices in Europe, 66 avenue d’Iena, 75116 Paris, France

Ground Floor Conference Room A

Organized by the Departments of Fiscal Affairs, Monetary and Capital Markets, Research, and the Offices in Europe International Monetary Fund

The IMF's Departments of Fiscal Affairs, Monetary and Capital Markets, Research, and the Offices in Europe are organizing a high-level conference on “Financial Sector Taxation” at the IMF’s Paris Office on September 16, 2010.

As many countries in Europe are reviewing their tax treatment of financial institutions, with financial stability in mind as a major goal, and several are already embarked on major reforms in this area, the IMF is hosting a one-day seminar on this topic at its Paris office, on September 16, 2010. The aim of this conference is to promote a sharing of experiences and the conclusions from the existing analyses of these issues. The conference will draw on the Fund’s recent report to the G-20, but its primary objective is to bring together officials from more than thirty European countries, academics, and financial sector representatives, in order to learn from their practical experiences and research. The seminar will also touch on the potential reform of existing tax instruments, notably in relation to interest deductibility and the VAT treatment of financial services.

The event is by invitation only

Preliminary Program

Paris, September 16, 2010

9:15 - 9:20 Welcome
Emmanuel van der Mensbrugghe, Offices in Europe, IMF
9:20 - 9:40 Opening Remarks

Murilo Portugal, Deputy Managing Director, IMF
9:40 - 10:45 Session 1: Overview of Issues and the Report to the G-20

Chair: Emmanuel van der Mensbrugghe, IMF


Michael Keen, Fiscal Affairs Department, IMF

Stijn Claessens, Research Department, IMF


Enrico Perotti, University of Amsterdam

Carmine Lamanda, Unicredit Group

Open Discussion

10:45 - 11:10 Coffee Break
11:10 - 12:30 Session 2: New tax instruments for the financial sector—Country perspectives

Chair: Murilo Portugal, IMF


United Kingdom: Nikhil Rathi, U.K. Treasury

France: Jean-Francois Lepetit, Author of a report on Systemic Risk, April 2010

Germany: Jörg Kraeusel, German Federal Ministry of Finance

Open discussion

12:30 - 2:00 Lunch
2:00 - 3:00 Session 3: Levies, capital surcharges and resolution funds: Perspectives from international organizations and industry

Chair: Christopher Towe, Monetary and Capital Markets Department, IMF


John Berrigan, European Commission

Robert Priester, European Banking Federation

Open discussion

3:00-3:45 Session 4: Reforming existing tax instruments: Interest deductibility, the VAT

Chair: Michael Keen, IMF


Michael Devereux, University of Oxford

Philip Kermode, European Commission

Open discussion

3:45-4:10 Coffee Break
4:10-5:20 Closing Panel

Chair: Stijn Claessens, IMF


Geoff Lloyd, OECD

Stephany Griffith-Jones, Columbia University

Bernhard Speyer, Deutsche Bank

Christian Thomann, Ministry of Finance, Sweden

Open discussion

Briefing Session
5:20-5:30 Closing

Carlo Cottarelli, Fiscal Affairs Department, IMF