Procedure lapsed or withdrawn
Role | Committee | Rapporteur | Shadows |
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Lead | ECON | PÉREZ ROYO Fernando (PSE) |
Legal Basis EC Treaty (after Amsterdam) EC 094
Activites
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2001/07/20
End of procedure in Parliament
- #2297
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2000/10/17
Council Meeting
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2297
summary
The Council reviewed the progress made on the three strands of the tax package: savings taxation, interest and royalties and the code of conduct (business taxation). With regard to savings taxation, further to the conclusions of the Feira European Council, the Working Party on Tax Questions was to deal with all of the questions relating to the basic substances of the Directive, on which agreement should be reached by the end of the year. The Working Party has studied all of these questions, with the exception of the rate of withholding tax. On most of the subjects discussed a majority agreement was emerging, in particular as regards the scope of the Directive (definition of interest), revenue sharing and the paying agent mechanism. Further technical work still needed to be done on these three matters: the nature of information to be transmitted on the basis for assessment of the withholding tax as regards coupon washing, zero-rate coupons and capitalisation funds; - the treatment of bodies such as partnerships, trusts, etc; - the procedure for identifying the beneficial owner and the type of information to be provided on that owner. The Council has instructed the Working Party on on Tax Questions to pursue its work with determination in order to be able to submit the terms of an overall compromise in time for the Council meeting on 27 November. With regard to the Directive on interest and royalties, the Working Party on Tax Questions should endeavour to resolve the outstanding issues, in particular on non-application of the Directive in certian specific cases and on the transitional period for Greece, Spain and Portugal, at the same time as the other two strands of the tax package. Lastly, the Council has confirmed the code of conduct Group's mandate to continue its proceedings with determination on a framework for freezing and dismantling national measures held to be damaging to competition, and to report to the Council on the progress achieved at its meeting on 27 November.�
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2297
summary
- #2268
- 2000/06/05 Council Meeting
- #2225
- 1999/11/29 Council Meeting
- #2212
- 1999/11/08 Council Meeting
- #2181
- 1999/05/25 Council Meeting
- #2167
- 1999/03/15 Council Meeting
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1999/02/10
Decision by Parliament, 1st reading/single reading
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T4-0095/1999
summary
The proposal for a Council Directive to ensure a minimum of effective taxation of savings income in the form of interest payments within the Community was approved by the European Parliament, subject to amendments in the following areas: - stressing that a regulation of this kind must include third countries; - presenting the proposed directive as part of a more general package of measures aimed at fighting harmful tax competition in the internal market; - providing that the minimum tax rate on savings must apply to interest received by physical persons either directly or indirectly through undertakings for collective investment in transferable securities (Ucits); - pointing out that under international tax agreements, only in exceptional circumstances will the withholding tax applied by the source State to interest paid to a non-resident exceed 15%; - giving priority in reaching agreement with third countries to those neighbouring countries which grant non-residents a particularly favourable tax treatment, liable to undermine the effectiveness of the proposed directive, before extending it to at least all other OECD member countries; - indicating the need to take additional steps to harmonise taxation of capital gains; - providing that, in the event of repurchase before maturity by a person not subject to the proposed directive, the repurchase price shall replace value at redemption. The rapporteur was Fernando Pérez Royo (PSE,ES).�
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T4-0095/1999
summary
- 1999/02/09 Debate in Parliament
- 1999/01/26 Vote in committee, 1st reading/single reading
- #2143
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1998/12/01
Council Meeting
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1998/07/13
Committee referral announced in Parliament, 1st reading/single reading
- #2103
- 1998/06/05 Council Meeting
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1998/05/20
Legislative proposal published
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COM(1998)0295
summary
OBJECTIVE: the proposal for a Directive seeks to ensure a minimum of effective taxation of savings income in the form of interest payments made in each Member State to natural persons resident for tax purposes in another Member State. SUBSTANCE: in the absence of any coordination of national systems, it is currently possible for natural persons who are resident in the Member States to evade all forms of taxation of interest received in a Member State other than that where they reside. This causes distortions in the operation of the internal market and losses of tax revenue by the Member States. While respecting the principles of subsidiarity and proportionality, the proposal is based on the 'coexistence' model, whereby each Member State may choose between two systems: it may either provide information on income from savings to other Member States where the recipients reside or it may withhold tax at source at a rate of 20%. Each Member State must choose one of these two options and apply it alone to all interest payments made within its territory to residents of other Member States. It is, however, possible for a beneficial owner who receives a payment in a Member State which has opted for the withholding-tax system to receive different treatment by applying for a certificate: the beneficial owner may agree to be taxed solely in the Member State where he is resident for tax purposes, in the same way as a beneficial owner receiving a payment in a Member State which has opted for the information system. �
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COM(1998)0295
summary
Documents
- Legislative proposal published: COM(1998)0295
- Debate in Council: 2103
- Committee report tabled for plenary, 1st reading/single reading: A4-0040/1999
- Debate in Parliament: Debate in Parliament
- Decision by Parliament, 1st reading/single reading: T4-0095/1999
- Debate in Council: 2167
- Debate in Council: 2181
- Debate in Council: 2212
- Debate in Council: 2225
- Debate in Council: 2268
- Debate in Council: 2297
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