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The payment systems also play a large role
in the proper operation of the economy. It is
of crucial importance that the financial sec-
tor can offer innovative and secure payment
transactions at any time. At no time, not even
after the crisis broke out, has the sector failed
to do so.
In a strong economy, employment has a cen-
tral place. At present, the financial sector em-
ploys about 100,000 jobs people and indirectly
also creates about 120,000 jobs, especially for
highly qualified people. This does not alter
the fact that the employment climate is under
pressure: the financial sector has trouble at-
tracting new employees and keeping on peo-
ple within a sector with a heavy workload and
an image of rigidity.
Contributions
In the last few years the financial sector has
contributed even more than before to the
Treasury. In 2011, the sector paid corporate
tax, withholding tax, VAT, etc. amounting to
€2.3 billion.
On top of these customary taxes imposed on
all companies, specific contributions are re-
quested from the financial sector. The non-
deductible VAT for financial institutions is
an example, but also the bank tax. This tax is
made up of four components: the contribu-
tion for a deposit guarantee scheme (DGS) to
the special Deposit Guarantee Fund, the con-
tribution for the Financial Stability Commit-
tee (FSC), the subscription tax on regulated
saving deposits and the annual tax on lending
institutions. In 2012, the total bank tax is cost-
ing the financial institutions €1.3 billion.
“
Recognising one’s share of the
responsibility and participating
in change while reaffirming the
honour of the profession.”
Etienne De Callataÿ, Bank Degroof, September 2012
3.
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GOOD GOVERNANCE