Activites

• 2004/12/29 Final act published in Official Journal
  • Decision 2004/911
  • OJ L 385 29.12.2004, p. 0028-0029
• #2587
• 2004/06/02 Council Meeting
• 2004/06/02 End of procedure in Parliament
• 2004/06/02 Act adopted by Council after consultation of Parliament
• 2004/03/30 Decision by Parliament, 1st reading/single reading
  • T5-0201/2004 summary

    The European Parliament adopted a resolution drafted by JosΘ Manuel GARCIA-MARGALLO Y MARFIL (EPP-ED, E) on the agreement with Switzerland on taxation of savings. (Please see the document of 16/03/04.) Parliament stated that consideration needs tobe given to the needs of the banking sectors of some Member States and their structural differences by allowing them to have a transitional period during which they will levy a withholding tax, at a rate increasing progressively to 35%. Until full information exchange is achieved this will ensure a minimum level of effective taxation. The greater part of this revenue should be transferred to the Member State of residence of the beneficial owner of the interest. In order to prevent the flight of capital from the European Union, the application of tes agreement should be conditional upon the adoption and implementation by the dependent or associated territories of the Member States mentioned in the Feira European Council Decision of 19 and 20 June 2000, as well as the United States of America, Andorra, Liechtenstein, Monaco and San Marino, respectively, of measures which conform with those contained in Directive 2003/48/EC or in the present agreement on the taxation of savings income in the form of interest payments. Negotiations with these third countries should be concluded in a timely manner and no further counter-requests from these countries should be accepted. Agreements with these countries should include the same fundamental elements as those in the agreement with Switzerland.�

• 2004/03/16 Vote in committee, 1st reading/single reading
  • A5-0169/2004
• 2004/03/08 Committee referral announced in Parliament, 1st reading/single reading
• 2004/02/10 Legislative proposal published
  • COM(2004)0075 summary

    PURPOSE : to conclude the Agreement between the EC and the Swiss Confederation providing for measures equivalent to those laid down in Council Directive 2003/48/EC on the taxation of savings income in the form of interest payments and the Memorandum of Understanding PROPOSED ACT : Council Decision. CONTENT : By its Decision of 16 October 2001, the Council authorised the Commission to negotiate with Switzerland and five other third countries (United States of America, Andorra, Liechtenstein, Monaco and San Marino) appropriate agreements for securing the adoption by these countries of measures equivalent to those to be applied within the Community to ensure effective taxation of savings income in the form of interest payments. In the course of negotiations, the Swiss side requested the extension to Switzerland of the regimes provided for in Council Directive 90/435/EEC on the common system of taxation applicable in the case of parent companies and subsidiaries of different Member States and in Council Directive 2003/49/EC on a common system of taxation applicable to interest and royalty payments made between associated companies of different Member States. The draft approved by Council includes the Swiss request However, in respect of Spain, the draft provides that the provision will only apply from the entry into force of a bilateral agreement between Spain and Switzerland on the exchange of information on request in cases of tax fraud or the like with respect to items of income not subject to this Agreement but covered by a bilateral convention or agreement between the two countries. In approving the draft Agreement, the Council took the view that the Community does not have exclusive competence to conclude an agreement with Switzerland on the tax treatment of dividends and of interest and royalty payments as mentioned in article 15 of the draft Agreement. Delegations agreed nevertheless, by way of exception and without creating a precedent, that Member States will not exercise their competence in this particular case. Member States maintain their competence to conclude bilateral agreements with other third countries on the tax treatment of dividends and of interest and royalty payments between companies. The Agreement is now being presented to the Council to be concluded. The accompanying Memorandum of Understanding: -commits Switzerland and Member States to enter into bilateral negotiations with a view to including in their respective double taxation conventions provisions on exchange of information on request for cases falling within the concept of "tax fraud or the like" with respect to items of income not subject to the Agreement but covered by their respective conventions, and with a view to defining individual categories of cases falling under "the like" in accordance with the procedure of taxation applied by those countries; -confirms that, during the transitional period provided for in Council Directive 2003/48/EC, the EC will enter into discussions with other important financial centres with a view to promoting the adoption by those jurisdictions of measures equivalent to those to be applied by the Community; - provides that the agreed measures will be implemented in good faith and that parties will not act unilaterally to undermine this arrangement without due cause. Should any significantdifference between the coverage of Council Directive 2003/48/EC and that of the Agreement be discovered, the Contracting Parties will immediately enter into consultations with a view to ensuring that the equivalent nature of the measures provided for in the Agreement is maintained.�

  • DG [{'url': 'http://ec.europa.eu/taxation_customs/index_en.htm', 'title': 'Taxation and Customs Union'}],

Documents

• Legislative proposal published: COM(2004)0075
• Committee report tabled for plenary, 1st reading/single reading: A5-0169/2004
• Decision by Parliament, 1st reading/single reading: T5-0201/2004
• : Decision 2004/911
• : OJ L 385 29.12.2004, p. 0028-0029

History

(these mark the time of scraping, not the official date of the change)