The Brussels Tax Forum Le Forum Fiscal de Bruxelles Das Brüsseler Steuerforum

Taxation of the Financial Sector

Brussels, Charlemagne building

March 28th and 29th, 2011

List of speakers and panellists

Liste des intervenants et panélistes

Liste der Redner und Podiumsteilnehmer

2

Algirdas Šemeta

EU Commissioner for Taxation and Customs Union, Audit and Anti-Fraud

Algirdas Gediminas Šemeta was born on 23 April 1962 in Vilnius, Lithuania.

In 1985 graduated from the Faculty of Economic Cybernetics and Finance of Vilnius University and acquired the qualification of economist-mathematician. As of February 2010: Member of the European Commissioner responsible for Taxation and Customs Union, Audit and Anti-Fraud July 2009 – January 2010: Member of the European Commission responsible for Financial Programming and Budget December 2008 - June 2009: Minister of Finance of the Republic of Lithuania September 2001 – December 2008: Director General of the Department of Statistics under the Government of the Republic of Lithuania December 1999 – September 2001: Government Secretary of the Office of the Government of the Republic of Lithuania June 1999 – November 1999: Vice-president of Public Limited Company “Nalšia” February 1997 – June 1999: Minister of Finance of the Republic of Lithuania June 1996 – February 1997: Chairman of the Securities Commission of the Republic of Lithuania December 1992 – June 1996: Chairman of the Securities Commission under the Ministry of Finance of the Republic of Lithuania 1991-1992: Adviser, Deputy Chief of the Privatization Unit of the Office of the Government of the Republic of Lithuania 1990-1991: Head of the Subdivision of the Economy Development Strategy Division of the Ministry of Economics of the Republic of Lithuania 1985–1990: Economist, Younger Fellowship at the Lithuanian Economy Institute

3

Sharon Bowles

Chairwoman of the European Parliament's Committee on Economic and Monetary Affairs

Sharon Bowles is Chairwoman of the Committee on Economic and Monetary Affairs.

Sharon has also been a substitute member of the Legal Affairs committee since January 2007. In February 2006 she was central in the formation of the Committee of Inquiry into the crisis of the Equitable Life Assurance Society. She is now a member of the Financial and Economic Crisis committee.

B.Sc. (Hons.), Chemical Physics with Mathematics (1974). Research into semiconductor materials and devices, Oxford University (1974-1977). Trained as a patent agent (1978-1981). UK and European Patent and Trademark Attorney, Partner in Bowles Horton (1981-2005). In the Liberal Democrat Party: Secretary, Chilterns Region (1990-1995); Member of the Federal Executive and Federal Finance Committee (2000-2003); Co-Chair, International Relations Committee (2002-2005). Vice-President, ELDR aisbl (2004-2010). Vice-President, Liberal International (2005-2007).

4

Ádám Balog Hungarian Deputy State Secretary for Tax Affairs,

Ministry of National Economy

Date and place of birth: 1978 , Jászberény, Hungary. Education: Ádám Balog earned his Master’s Degree in Economics (Major: Investment analyses and risk management, Minor: Environmental management) in 2003 at the Budapest University of Economic Sciences and Public Administration. In 2005 he also got a Master’s in International Management from CEMS (Community of European Management Schools), followed by a Doctorate of Law and Political Sciences from Pázmány Péter Catholic University in 2007. Experience: He started his professional career in GE Tungsram Lighting Zrt. as a Controller in 2002. From 2003 he was Tax manager at PricewaterhouseCoopers Auditing and Business Consulting Ltd. for seven years. He also provides tax courses in the Scientific Collegiums named after Farkas Heller and published papers on taxation issues. He speaks English and German. He is married with two children.

5

Vieri Ceriani Head of the Tax Department at Banca d'Italia

Born in Rome in 1950. He graduated in Economics in 1974 before attending a post-

graduate programme in Economics at the University of Michigan. He joined Bank of

Italy in 1976, where he was assigned to the Public Finance Division of the Economic

Research Department. From 1993 to 2001 he was Economic Advisor to a succession

of Finance Ministers. He has represented the Bank in several committees and groups

at the ECB, Ministry for the Economy, and private and public organizations in Italy

and abroad. He is the author of numerous articles on public finance, in particular tax

policy, fiscal federalism, and budget policy. In September 2004 he was appointed

head of the Tax Department.

6

Patrice Delacroix

Financial Services Partner, PricewaterhouseCoopers

Professional experience

• July 2010-present Partner, PricewaterhouseCoopers Belgium, Financial Services Tax • 2000 – June 2010 Manager / Senior Manager / Director, PricewaterhouseCoopers Belgium, Financial Services Tax • 1997 – 2000 Tax Lawyer in the Brussels office of Mc Kenna & Cuneo LLP • 1995 – 1997 Lawyer at Delacroix & Partners

Recent client experience Since 2000, Patrice is working in the Financial Services department within PwC Tax Legal. Patrice has more than 10 years of experience in the Financial Services Sector and is mainly focussing on:

• Assisting international clients on Belgian domestic tax law, international tax law, EU Law and Case law;

• Tax and regulatory aspects of banking and investment funds industries; • Specializing in tax analysis of specific financial products, including derivatives, structural

products and hybrid instruments; • Specializing in structured finance transactions and structuring of private equity deals;

Qualifications • Law Degree, Catholic University of Louvain-la-Neuve • Tax Law Degree (VUB) • Certified Tax Consultant (IAB-IEC)

Publications

• Patrice is giving courses at the Solvay Business School (Université Libre de Bruxelles) “International Tax Planning of companies”.

• Patrice is frequently writing in “Echo”, “Revue Générale de la fiscalité”, “le Fiscologue”, le “Fiscologue international”, “Tax Planning International – European Tax Services”, “Journal of Corporate Treasury Management“, etc,…

7

Harry Huizinga Professor, University of Tilburg

Harry Huizinga is Professor of Economics in the Department of Economics at

Tilburg University. His main fields of research are financial economics and public

economics.

At Tilburg, he is a board member of the European Banking Centre. Previously, he

taught at Stanford University and was Economic Advisor in the Directorate-General

for Economic and Financial Affairs of the European Commission.

Harry Huizinga has been a visiting scholar to the ECB and the IMF and a consultant

to the World Bank.

8

Walter DEFFAA Director General for Taxation and Customs Union,

European Commission

Walter Deffaa studied Economics at the Universities of Tübingen and TU Berlin.

PhD in economics (University of Stuttgart-Hohenheim), he has been working since

1983 at the European Commission in Brussels where he is since June 2009 Director

General for Taxation and Customs Union. He has previously served as Director

General of the Internal Audit Service (2004-2009), as Finance Director in the

Regional Policy DG (2003-2004), as Director in the Secretariat General (2001-

2003), as Director in DG BUDGET (1999-2001) and as chef de cabinet for

Commissioner Wulf-Mathies (1997-1999). He was a visiting Professor at the

College of Europe in Brugge, Belgium (1999-2009) and has published many articles

on the EC budget and audit.

9

Karel Lannoo CEO of Centre for European Policy Studies

Karel Lannoo (°1961) has been chief executive of the Centre for European Policy Studies (CEPS) since 2000 and senior research fellow since 1997. CEPS is one of the leading independent European think tanks, with a strong reputation in economic and foreign policy research. It has total revenues of about € 6 million (2010) and employs about 50 persons. He has published some books and numerous articles in specialised magazines and journals on general European policy, and specifically financial regulation and supervision matters. He spoke at hearings and participated in studies for national and international bodies. He is a regular speaker at international gatherings and in executive programmes. Karel Lannoo holds an MA in history (1985) from the University of Leuven, Belgium and obtained a postgraduate in European studies (CEE) from the University of Nancy, France (1986). Karel Lannoo is an independent director of BME (Bolsas Y Mercados Espanoles), the company which runs the Madrid stock exchange. He also directs the European Capital Markets Institute (ECMI) and the European Credit Research Institute (ECRI), both separate legal entities which are managed by CEPS.

10

Stephan Schulmeister

Economist at the Austrian Institute of Economic Research

Senior Fellow at the Austrian Institute of Economic Research (WIFO) in Vienna since 1972. Studies at the University of Vienna (1965-1972), Institute for Advanced Studies, Vienna (1972/74), Johns Hopkins University, Bologna (1975/76). Visiting scholar at New York University (1983), Wissenschaftszentrum Berlin (1987/88), University of New Hampshire (1998 and 2005), International Monetary Fund (2010). Key area of research: Instability of financial markets and its impact on the real economy

Recent publications:

• Globalization without global money: the double role of the dollar as national currency and as world currency, Journal of Post Keynesian Economics, 2000, 22(3), 365-395.

• The Interaction between Technical Currency Trading and Exchange Rate Fluctuations, Finance Research Letters 3, 2006, 212-233.

• Components of the profitability of technical currency trading', Applied Financial Economics, 2008, 1 – 14.

• Aggregate trading behaviour of technical models and the yen/dollar exchange rate 1976-2007, Japan and the World Economy, 21 (3), 2009, pp. 270-279.

• Profitability of technical stock trading: Has it moved from daily to intraday data?, Review of Financial Economics, Volume 18, Issue 4, pp. 163-210, October 2009.

• A General Financial Transaction Tax – Motives, Revenues, Feasibility and Effects, Study of the Austrian Institute of Economic Research (WIFO) Vienna, April 2008 (together with Margit Schratzenstaller and Oliver Picek).

Homepage: http://stephan.schulmeister.wifo.at

11

Seán Yoder

Professor at University of Maine

While being educated in the United States and Ireland, Seán worked through his first career in Telecommunications Engineering. Upon completing of his advanced degrees in economics, Seán transitioned into Economic Research and Policy. Seán spends his time evaluating aid projects and consulting with governmental and non-governmental organisations in areas of Economic Policy and Development. Seán’s research focuses on Economic Policies relating to financial markets, taxation, and poverty reduction. Seán also researches issues related to Political Economy. Seán currently lectures as an adjunct at the University of Maine in the United States. Seán currently resides in Bangor, Maine in the United States and calls Co. Antrim in the north of Ireland home.

12

Roger Kaiser

Senior Adviser

European Banking Federation

Roger Kaiser joined the European Banking Federation (EBF) in 1999. From the start, he has been entrusted with tax matters and, since 2007, with financial reporting issues as well. He is a member of various EU institutions’ expert groups and international industry representative bodies, including: European Commission’s Expert Group on the Savings Tax, European Commission’s Tax Barriers’ Business Advisory Group, Expert to the European Economic & Social Committee (EESC) and Accounting Group of the International Banking Federation. Besides, Roger is cofounder of World Hotel Rating (WHR), which aims to help level the playing field in the global hotel industry in terms of information to travelers, quality of service and equitable & responsible tourism. Roger is a regular speaker at meetings and conferences in Europe, in the US and in Asia, and is the author of a number of publications on: Taxation of financial services and income from financial assets (incl. “The Belgian tax treatment of interest-bearing financial instruments”, Ed. Bruylant, in French), Accounting for financial instruments under IFRS and the global approach to valuation methodologies, reporting standards and tax procedures. Prior to joining the EBF, Roger held a number of positions within the Belgian Finance Ministry, where he was appointed Head of the Taxation Unit for Brussels’ Financial Intermediaries (from 1994 to 1996) and worked at the Directorate General for Corporate Tax and Withholding Taxes (from 1996 to 1999). Roger has a Master’s Degree in Business Engineering, a Master’s Degree in Taxation and a Post-Graduate Degree in European Tax Law. He is a member of the Belgian Institute of Chartered Accountants & Tax Advisers.

13

Max Lawson Head of Development Finance and Public Services at OXFAM

Max Lawson is the main Robin Hood Tax Campaign spokesman. The campaign

aims to help eliminate poverty and deal with climate change by taxing financial

transactions. Other notable campaigners include Nobel Prize winner Joseph Stiglitz,

Earth Institute Director Jeffrey Sachs and FSA Chairman Lord Turner. The initiative

has generated vast media coverage since its establishment in the UK in February

2010 and has over 55000 supporters on their website and more than 230,000

followers on Facebook. The campaign is fronted by actor Bill Nighy, but the man

coordinating its activities is Max Lawson.

Max Lawson is Head of Development Finance and Public Services and a senior

policy adviser at Oxfam. His work experience has concentrated on issues like aid,

debt cancellation and public services. Much of his interest lies with the plight of

Africa and he has lived and worked in both Malawi and South Africa, supporting

Oxfam programme work on governance across the world. Max is also a regular

blogger and has written articles for The Independent and The Guardian.

14

Jeffrey Owens Director of the Centre for Tax Policy and Administration at OECD

Jeffrey Owens, a public finance expert, completed his doctoral work at Cambridge University in the United Kingdom in 1973. In addition to his economic degrees, he is trained as an accountant.

He has taught at Cambridge, the American University of Paris and was a visiting fellow at Bocconi University in Italy and Queen Mary’s College in London. He is an international civil servant at the Organisation of Economic Co-operation and Development in Paris, where he has focused his activities on the tax implications of the globalisation of national economies, the broader policy issues that arise in the areas of cross-border direct and portfolio investment and tax administration, including the impact on developing countries. His earlier work dealt with the development of international currency markets and the implications for monetary policies and the organisation of financial institutions.

He has made numerous contributions to professional journals, has published a number of books (e.g. "The Growth of the Euro-Dollar market", “Local Government Finance: an international perspective”: “A Comparison of Tax Systems in North Africa and Europe") and has been the author of many OECD publications on taxation. A full list of publications can be provided on request.

Dr. Owens' position as Director of the Centre for Tax Policy and Administration at the OECD, his frequent participation in international conferences and business seminars and his high level contacts with representatives from governments and the business community have provided him with a unique international perspective on economic and tax policy issues.

Dr. Owens has maintained close links with the business and academic communities in which he worked at the beginning of his career, and takes an active interest in engaging NGOs and others in the policy dialogue carried out by the OECD.

He is married with four children and is a keen sailor, cook and gardener.

15

Victoria Perry Division Chief of the Revenue Administration Division at the Fiscal

Affairs Department at the International Monetary fund

Victoria Perry is Division Chief of the Tax Policy Division of the Fiscal Affairs Department (FAD) at the International Monetary Fund. Since joining the IMF in 1993, she has provided technical assistance in tax policy and revenue administration to a wide variety of countries in East Africa, the former Soviet Union, Europe, and Asia. From 2002 to 2008 she served as Division Chief for Revenue Administration in FAD. She is a co-author of the book “The Modern VAT,” published by the IMF in 2001. Prior to joining the IMF, Ms. Perry was the Deputy Director of the Harvard University International Tax Program, teaching comparative income taxation and value added taxation in the Harvard Law School and providing technical assistance in revenue policy through the Harvard Institute for International Development. Ms. Perry previously practiced tax law with the Boston law firm of Hale and Dorr (now WilmerHale). She has served as the Chair of the Value Added Tax Committee of the American Bar Association Section of Taxation, and is currently President of the Board of Trustees of the American Tax Policy Institute. She received her J.D. from the Harvard Law School, and her B.A. from Yale University in economics and philosophy.

16

Marcel Gérard

Professor at the University of Louvain-la-Neuve

Marcel Gérard studied economics at the University of Namur, the University of

Manchester and Harvard University, as a CRB Graduate Fellow of the Belgian American

Educational Foundation. He obtained a PhD in Economics and Social Sciences with a

dissertation on Investment and Taxation.

He is currently Professor of Economics and Taxation at the Université catholique de

Louvain and the FUCaM (the Catholic University of Mons) where he teaches and conducts

researches at the Louvain School of Management and the Institut d’Etudes Européennes.

He is also affiliated with the Facultés Universitaires Saint-Louis in Brussels, the College of

Europe in Bruges, and the CESifo and Idep networks. He is a research professor at the Ifo

Institute for Economic Research in Munich. At FUCaM he is the assistant rector for

research.

Marcel Gérard is doing research on Corporate and Capital Income Taxation, on Tax

Competition, and on the economics of Higher Education - especially the interjurisdictional

mobility of students and researchers and the financing of univeristies, of Fiscal Federalism

and more genrally of issues related to the building and operation of the European Union.

17

Clemens Fuest

Professor at Oxford University

Clemens Fuest is Professor of Business Taxation and Research Director of the Oxford University Centre for Business Taxation. He is a research fellow of CESifo and IZA, member of the European Academy of Sciences and Arts, a member of the Editorial Board of Fiscal Studies and Associate Editor of Finanzarchiv/Public Finance Analysis. He is a member of the Academic Advisory Board of the German Federal Ministry of Finance and member of the Academic Advisory Board of Ernst and Young AG, Germany. Clemens Fuest has a PhD in economics from the University of Cologne. Prior to Oxford, he was a lecturer at the University of Munich and a professor of economics at the University of Cologne. His current research focuses on the implications of globalisation and European integration for tax policy and the impact of taxes on firm behaviour. He has published widely in international academic journals and elsewhere. Recent publications include:

• Taxing Banks: The IMF Proposals, Oxford University Centre for Business Taxation Briefing Note, 21 April 2010 (with M. Devereux and G. Maffini).

• Public Sector Finances and the Crisis, The Tax Journal, 25 January 2010, pp. 8-10. (with M. Devereux and G. Maffini).

• A Euro Rescue Plan, CESifo Forum 11, Summer 2010, pp. 101-104 (with W. Franz, M. Hellwig and H.-W. Sinn).

• Company Taxation in the Asia-Pacific Region, India and Russia (ed.), Springer, Heidelberg, 2010 (with D. Endres and C. Spengel).

• Taxing foreign profits with international mergers and acquisitions, International Economic Review 51 (2010), 171-186 (with J. Becker).

• EU Regional Policy and Tax Competition, European Economic Review 54 (2010), pp. 150-161 (with J. Becker).

• Internationalization and Business Tax Revenue - Evidence from Germany, International Tax and Public Finance 17 (2010), pp. 174-192 (with J. Becker).

18

Peter Birch Sørensen Assistant Governor at the National Bank of Denmark

Peter Birch Sørensen is Assistant Governor and Chief Economist of the Danish central bank (Danmarks Nationalbank). He is a member of the Royal Danish Society of Sciences and Letters; a former Professor of Economics at the University of Copenhagen; a former Director of the Economic Policy Research Unit at the University of Copenhagen and a former co-editor of the journals International Tax and Public Finance and FinanzArchiv. He was a member of the Mirrlees Review group preparing a report on "Reforming the Tax System for the 21st Century" for the Institute for Fiscal Studies, London. Peter Birch Sørensen has served on several international and Danish public policy committees and has acted as a consultant on tax policy to the OECD, the International Monetary Fund, the European Commission and several national governments. From 2004 until 2010 he served as chairman of the Danish Economic Council, an advisory body to the Danish government and parliament. Professor Sørensen’s research has focused on the economics of taxation and tax policy, including issues of capital income taxation, company taxation and international tax competition and tax coordination. He has also studied the effects of tax policy on labour market performance. He is the author of numerous scientific articles in international journals and the author of an international textbook on macroeconomics.