[ParlTrack]

Proposal for a directive – amending act
Recital 9 a (new)

(9a) In accordance with the ECOFIN Council conclusions of May 1999 and November 2000, the original choice to exclude all innovative financial products from the scope of the Directive was accompanied by an express statement that this issue should be re-examined on the occasion of the first review of the Directive, with the aim to find a definition covering all securities that are equivalent to debt claims so as to ensure the effectiveness of the Directive in a changing environment and to preventing market distortions. It is therefore appropriate to include all innovative financial products within the scope of the Directive. Accordingly the definition of interest payment should cover any revenue arising from the investment of capital where the return is fixed ex ante and the substance of the return arising from a transaction is similar to any interest income; in order to ensure a consistent interpretation of this provision throughout the Member States, this provision should be complemented with a positive list of the financial products concerned. The Commission should adopt this list in accordance with the regulatory procedure laid down in Council Decision 1999/468/EC of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission.

2009/02/19
Committee: ECON

Heide RÜHLE, Alain LIPIETZ

Proposal for a directive – amending act
Recital 10 a (new)

(10a) Recalls that European Community should promote global tax governance, in line with the ECOFIN conclusions of October 2006, in which the Council has officially authorised the Commission to explore the possibility of negotiating specific agreements with Hong Kong, Macao and Singapore on savings tax with a view to concluding an international agreement on the application of applying equivalent measures to those applied by EU Member States under directive 2003/48/EC.

2009/02/19
Committee: ECON

Heide RÜHLE, Alain LIPIETZ

Proposal for a directive – amending act
Article 1 – point 4

Directive 2003/48/EC
Article 6 – paragraph -1 (new)

-1. Without prejudice to the provisions laid down in the following paragraphs, the general principle under this Directive is that "interest payment" means any revenue arising from the investment of capital where the return is fixed ex ante and the substance of the return arising from a transaction is similar to any interest income. In order to ensure a consistent interpretation of this provision throughout the Member States, it should be complemented with a positive list of the financial products concerned. The Commission shall adopt this list before the end of the period specified in article 2(1) of this Directive, in accordance with the regulatory procedure laid down in Council Decision 1999/468/EC of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission.

2009/02/19
Committee: ECON

Heide RÜHLE, Alain LIPIETZ

Proposal for a directive – amending act
Article 1 – point 5 a (new)

Directive 2003/48/EC
Article 10 – paragraph 2

(5a) Article 10, paragraph 2 is amended as follows: 2. The transitional period shall end no later than 31 December 2012. Meanwhile, the European Community shall endeavour : - to conclude an agreement with the Swiss Confederation, the Principality of Liechtenstein, the Republic of San Marino, the Principality of Monaco and the Principality of Andorra, providing for the exchange of information upon request as defined in the OECD Model Agreement on Exchange of Information on Tax Matters released on 18 April 2002 (hereinafter the ‘OECD Model Agreement’) with respect to interest payments, as defined in this Directive, made by paying agents established within their respective territories to beneficial owners resident in the territory to which the Directive applies, in addition to the simultaneous application by those same countries of a withholding tax on such payments at the rate defined for the corresponding periods referred to in Article 11(1), — The European Community seeks to ensure that the United States of America is committed to exchange of information upon request as defined in the OECD Model Agreement with respect to interest payments, as defined in this directive, made by paying agents established within its territory to beneficial owners resident in the territory to which the Directive applies.

2009/02/19
Committee: ECON

4 Amendments of Heide RÜHLE related to 2008/0215(CNS)

ParlTrack - 2011-2024