{"change_dates":[],"dossier":{"amendments":[],"changes":{"2015-03-26T02:04:46":[{"data":[{"body":"EC","commission":[],"date":"2015-03-18T00:00:00","docs":[{"celexid":"CELEX:52015PC0129:EN","title":"COM(2015)0129","type":"Legislative proposal published","url":"http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf"}],"type":"Legislative proposal published"}],"path":["activities"],"type":"added"},{"data":[],"path":["other"],"type":"added"},{"data":[{"body":"EP","committee":"CONT","committee_full":"Budgetary Control","responsible":false},{"body":"EP","committee":"ECON","committee_full":"Economic and Monetary Affairs","responsible":true},{"body":"EP","committee":"IMCO","committee_full":"Internal Market and Consumer Protection","responsible":false},{"body":"EP","committee":"JURI","committee_full":"Legal Affairs","responsible":false},{"body":"EP","committee":"LIBE","committee_full":"Civil Liberties, Justice and Home Affairs","responsible":false}],"path":["committees"],"type":"added"},{"data":{},"path":["links"],"type":"added"},{"data":{"instrument":"Directive","legal_basis":["Treaty on the Functioning of the EU TFEU 115"],"reference":"2015/0065(CNS)","stage_reached":"Preparatory phase in Parliament","subject":["2.50.02 Savings","2.70.01 Direct taxation"],"subtype":"Legislation","summary":["Repealing Directive 2003/48/EC"],"title":"Taxation of savings income in the form of interest payments: repealing the Savings Directive","type":"CNS - 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PURPOSE: repeal Council Directive 2003/48/EC on the\ntaxation of savings income.
\nPROPOSED ACT: Regulation of the European Parliament\nand of the Council.
\nROLE OF THE EUROPEAN PARLIAMENT: the Council adopts\nthe act after consulting the European Parliament but without being\nobliged to follow its opinion.
\nBACKGROUND: in 2003, the Council adopted Directive\n2003/48/EC on the taxation of savings income received in the\nform of interest payments (the Savings Directive). This Directive\nserved two main purposes: (i) avoiding distortions to the movement\nof capital and (ii) allowing effective taxation of interest\npayments made from paying agents established in one Member State to\nindividuals resident in another Member State.
\nThe Commission proposed a number of amendments in\nNovember 2008, with a view to closing existing loopholes and more\neffectively preventing tax evasion. The amendments were\nadopted by the Council under Directive 2014/48/EU.
\nThe amendments made by the 2014 Directive extended\nautomatic exchange of information to a full range of income in\naccordance with the Global Standard released by the\nOrganisation for Economic Co-operation and\nDevelopment (OECD) Council in July 2014 and ensured a\ncoherent, consistent and comprehensive Union-wide approach to the\nautomatic exchange of financial account information in the\ninternal market. EU law is fully aligned with the new global\nstandard.
\nIn order to make sure that there is only one\napplicable standard for automatic exchange of information\nwithin the EU, and to avoid situations where two standards are\napplied in parallel, the 2003 Directive should be\nrepealed.
\nCONTENT: the proposal provides for the repeal of\nCouncil Directive 2003/48/EC on the taxation of savings income. In\norder not to leave any gaps in the reporting, the repeal of the\nSavings Directive needs to be well coordinated with the timing of\nthe application of the 2014 Amending Directive on Administrative\nCooperation.
\nSpecifically, the repeal of Directive 2003/48/EC also\ninvolves the temporary exceptions necessary to protect acquired\nrights and to take account of the derogation allowed\nto Austria under Directive 2014/107/EU.
\nDirective 2003/48/EC will be repealed with effect from\n1 January 2016. However, certain obligations shall continue\nto apply.
\nDirective 2003/48/EC shall continue to apply in its\nentirety with regard to Austria until 31 December 2016.
\nPURPOSE: repeal Council Directive 2003/48/EC on the\ntaxation of savings income.
\nPROPOSED ACT: Regulation of the European Parliament\nand of the Council.
\nROLE OF THE EUROPEAN PARLIAMENT: the Council adopts\nthe act after consulting the European Parliament but without being\nobliged to follow its opinion.
\nBACKGROUND: in 2003, the Council adopted Directive\n2003/48/EC on the taxation of savings income received in the\nform of interest payments (the Savings Directive). This Directive\nserved two main purposes: (i) avoiding distortions to the movement\nof capital and (ii) allowing effective taxation of interest\npayments made from paying agents established in one Member State to\nindividuals resident in another Member State.
\nThe Commission proposed a number of amendments in\nNovember 2008, with a view to closing existing loopholes and more\neffectively preventing tax evasion. The amendments were\nadopted by the Council under Directive 2014/48/EU.
\nThe amendments made by the 2014 Directive extended\nautomatic exchange of information to a full range of income in\naccordance with the Global Standard released by the\nOrganisation for Economic Co-operation and\nDevelopment (OECD) Council in July 2014 and ensured a\ncoherent, consistent and comprehensive Union-wide approach to the\nautomatic exchange of financial account information in the\ninternal market. EU law is fully aligned with the new global\nstandard.
\nIn order to make sure that there is only one\napplicable standard for automatic exchange of information\nwithin the EU, and to avoid situations where two standards are\napplied in parallel, the 2003 Directive should be\nrepealed.
\nCONTENT: the proposal provides for the repeal of\nCouncil Directive 2003/48/EC on the taxation of savings income. In\norder not to leave any gaps in the reporting, the repeal of the\nSavings Directive needs to be well coordinated with the timing of\nthe application of the 2014 Amending Directive on Administrative\nCooperation.
\nSpecifically, the repeal of Directive 2003/48/EC also\ninvolves the temporary exceptions necessary to protect acquired\nrights and to take account of the derogation allowed\nto Austria under Directive 2014/107/EU.
\nDirective 2003/48/EC will be repealed with effect from\n1 January 2016. However, certain obligations shall continue\nto apply.
\nDirective 2003/48/EC shall continue to apply in its\nentirety with regard to Austria until 31 December 2016.
\nPURPOSE: to repeal Council Directive 2003/48/EC on the\ntaxation of savings income.
\nPROPOSED ACT: Regulation of the European Parliament\nand of the Council.
\nROLE OF THE EUROPEAN PARLIAMENT: the Council adopts\nthe act after consulting the European Parliament but without being\nobliged to follow its opinion.
\nBACKGROUND: in 2003, the Council adopted Directive\n2003/48/EC on the taxation of savings income received in the\nform of interest payments (the Savings Directive). This Directive\nserved two main purposes: (i) avoiding distortions to the movement\nof capital and (ii) allowing effective taxation of interest\npayments made from paying agents established in one Member State to\nindividuals resident in another Member State.
\nThe amendments made to Council\nDirective 2011/16/EU on Administrative Cooperation in the Field\nof Taxation by Council\nDirective 2014/107/EU of December 2014 extended the\nautomatic exchange of information to a full range of income in\naccordance with the Global Standard released by the OECD\nCouncil in July 2014 and ensured a coherent, consistent and\ncomprehensive Union-wide approach to the automatic exchange of\nfinancial account information in the Internal Market. EU law is now\nfully aligned with the new global standard.
\nIn order to make sure that there is only one\napplicable standard for automatic exchange of information\nwithin the EU, and to avoid situations where two standards are\napplied in parallel, the 2003 Directive should be\nrepealed.
\nCONTENT: the proposal provides for the repeal of\nCouncil Directive 2003/48/EC on the taxation of savings income. In\norder not to leave any gaps in the reporting, the repeal of the\nSavings Directive needs to be well coordinated with the timing of\nthe application of the 2014 Amending Directive on Administrative\nCooperation.
\nSpecifically, the proposal to repeal Directive\n2003/48/EC also involves the temporary exceptions necessary to\nprotect acquired rights and to take account of the\nderogation allowed to Austria under Directive\n2014/107/EU.
\nDirective 2003/48/EC will be repealed with effect from\n1 January 2016. However, certain obligations shall continue\nto apply.
\nDirective 2003/48/EC shall continue to apply in its\nentirety with regard to Austria for an additional one year (until\n31 December 2016).
\nThe Committee on Economic and Monetary Affairs\nadopted, in the framework of a special legislative procedure\n(Parliaments consultation), the report by Molly SCOTT CATO\n(Greens/ALE, UK) on the proposal for a Council directive repealing\nCouncil Directive 2003/48/EC on taxation of savings income in the\nform of interest payments.
\nThe committee approved the Commission proposal subject\nto amendment introduced in the form of recitals.
\nWhilst supporting the proposal to repeal the\nDirective, Members expressed their concern about the potential for\nthe creation of loopholes if the separate bilateral agreements\nbetween the Union and five European countries that are not\nMember States of the Union (Switzerland, Liechtenstein, San\nMarino, Monaco and Andorra) are not rapidly concluded. They also\nregretted that the Commission does not have a mandate to negotiate\nwith the 12 dependent or associated territories (the Channel\nIslands, the Isle of Man and the dependent or associated\nterritories in the Caribbean).
\nMembers consider it important that the Commission\ncontinues to monitor that the repeal does not create\nloopholes. The report proposed that the Commission\nshall:
\nThe European Parliament adopted by 629 votes to 30,\nwith 29 abstentions, in the framework of a special legislative\nprocedure (Parliaments consultation), a legislative\nresolution on the proposal for a Council directive repealing\nCouncil Directive 2003/48/EC on taxation of savings income in the\nform of interest payments.
\nParliament approved the Commission proposal subject to\namendment introduced in the form of recitals.
\nGiven that all of the bilateral agreements are adapted\nto the new OECD Global Standard and to Directive\n2014/107/EU, Parliament expressed its concern about the\npotential for the creation of loopholes if the separate bilateral\nagreements between the Union and five European countries that\nare not Member States of the Union (Switzerland, Liechtenstein,\nSan Marino, Monaco and Andorra) are not rapidly concluded. It also\nregretted that the Commission does not have a mandate to negotiate\nwith the 12 dependent or associated territories (the Channel\nIslands, the Isle of Man and the dependent or associated\nterritories in the Caribbean).
\nMembers considered it important that the Commission\nshould continue to monitor that the repeal does not create\nloopholes. They proposed that the Commission shall:
\nLastly, Parliament stressed that although no specific cost-benefit analysis has been made\nof a dual reporting system, not even for a temporary transition\nperiod between the two standards, it is reasonable to assume that\nthe minor benefits of retaining such dual reporting would be\noutweighed by the costs.
\nPURPOSE: to repeal Council Directive 2003/48/EC on the\ntaxation of savings income in the form of interest payments,\ninvolving the temporary exceptions necessary to protect\nacquired rights and to take account of the derogation\nallowed to Austria under Directive\n2014/107/EU.
\nLEGISLATIVE ACT: Council Directive (EU) 2015/2060\nrepealing Directive 2003/48/EC on taxation of savings income in the\nform of interest payments.
\nCONTENT: the Directive provides for the repeal\nof Directive 2003/48/EC on taxation of savings income in the form of interest\npayments in order to ensure that\nthere is only one applicable standard for automatic exchange\nof information within the EU (the OECDs Global Standard)\nand to avoid situations where two standards are applied in\nparallel.
\nTo ensure the seamless continuation of automatic\nreporting of financial account information, the repeal of Directive\n2003/48/EC will apply on the same day as the date of application\nof Directive 2014/107/EU amending Directive\n2011/16/EU as regards mandatory automatic exchange of\ninformation in the field of taxation.
\nAccordingly, the repeal of the Directive also involves\nthe temporary exceptions necessary to protect acquired\nrights and to take account of the derogation\nallowed to Austria under Directive\n2014/107/EU.
\nDirective 2003/48/EC will be repealed with effect\nfrom 1 January 2016. However, certain obligations shall\ncontinue to apply.
\nDirective 2003/48/EC shall continue to apply in its\nentirety with regard to Austria for an additional one year\n(until 31 December 2016).
\nENTRY INTO FORCE:\n8.12.2015.
\nPURPOSE: to repeal Council Directive 2003/48/EC on the\ntaxation of savings income.
\nPROPOSED ACT: Regulation of the European Parliament\nand of the Council.
\nROLE OF THE EUROPEAN PARLIAMENT: the Council adopts\nthe act after consulting the European Parliament but without being\nobliged to follow its opinion.
\nBACKGROUND: in 2003, the Council adopted Directive\n2003/48/EC on the taxation of savings income received in the\nform of interest payments (the Savings Directive). This Directive\nserved two main purposes: (i) avoiding distortions to the movement\nof capital and (ii) allowing effective taxation of interest\npayments made from paying agents established in one Member State to\nindividuals resident in another Member State.
\nThe amendments made to Council\nDirective 2011/16/EU on Administrative Cooperation in the Field\nof Taxation by Council\nDirective 2014/107/EU of December 2014 extended the\nautomatic exchange of information to a full range of income in\naccordance with the Global Standard released by the OECD\nCouncil in July 2014 and ensured a coherent, consistent and\ncomprehensive Union-wide approach to the automatic exchange of\nfinancial account information in the Internal Market. EU law is now\nfully aligned with the new global standard.
\nIn order to make sure that there is only one\napplicable standard for automatic exchange of information\nwithin the EU, and to avoid situations where two standards are\napplied in parallel, the 2003 Directive should be\nrepealed.
\nCONTENT: the proposal provides for the repeal of\nCouncil Directive 2003/48/EC on the taxation of savings income. In\norder not to leave any gaps in the reporting, the repeal of the\nSavings Directive needs to be well coordinated with the timing of\nthe application of the 2014 Amending Directive on Administrative\nCooperation.
\nSpecifically, the proposal to repeal Directive\n2003/48/EC also involves the temporary exceptions necessary to\nprotect acquired rights and to take account of the\nderogation allowed to Austria under Directive\n2014/107/EU.
\nDirective 2003/48/EC will be repealed with effect from\n1 January 2016. However, certain obligations shall continue\nto apply.
\nDirective 2003/48/EC shall continue to apply in its\nentirety with regard to Austria for an additional one year (until\n31 December 2016).
\nThe Committee on Economic and Monetary Affairs\nadopted, in the framework of a special legislative procedure\n(Parliaments consultation), the report by Molly SCOTT CATO\n(Greens/ALE, UK) on the proposal for a Council directive repealing\nCouncil Directive 2003/48/EC on taxation of savings income in the\nform of interest payments.
\nThe committee approved the Commission proposal subject\nto amendment introduced in the form of recitals.
\nWhilst supporting the proposal to repeal the\nDirective, Members expressed their concern about the potential for\nthe creation of loopholes if the separate bilateral agreements\nbetween the Union and five European countries that are not\nMember States of the Union (Switzerland, Liechtenstein, San\nMarino, Monaco and Andorra) are not rapidly concluded. They also\nregretted that the Commission does not have a mandate to negotiate\nwith the 12 dependent or associated territories (the Channel\nIslands, the Isle of Man and the dependent or associated\nterritories in the Caribbean).
\nMembers consider it important that the Commission\ncontinues to monitor that the repeal does not create\nloopholes. The report proposed that the Commission\nshall:
\nThe European Parliament adopted by 629 votes to 30,\nwith 29 abstentions, in the framework of a special legislative\nprocedure (Parliaments consultation), a legislative\nresolution on the proposal for a Council directive repealing\nCouncil Directive 2003/48/EC on taxation of savings income in the\nform of interest payments.
\nParliament approved the Commission proposal subject to\namendment introduced in the form of recitals.
\nGiven that all of the bilateral agreements are adapted\nto the new OECD Global Standard and to Directive\n2014/107/EU, Parliament expressed its concern about the\npotential for the creation of loopholes if the separate bilateral\nagreements between the Union and five European countries that\nare not Member States of the Union (Switzerland, Liechtenstein,\nSan Marino, Monaco and Andorra) are not rapidly concluded. It also\nregretted that the Commission does not have a mandate to negotiate\nwith the 12 dependent or associated territories (the Channel\nIslands, the Isle of Man and the dependent or associated\nterritories in the Caribbean).
\nMembers considered it important that the Commission\nshould continue to monitor that the repeal does not create\nloopholes. They proposed that the Commission shall:
\nLastly, Parliament stressed that although no specific cost-benefit analysis has been made\nof a dual reporting system, not even for a temporary transition\nperiod between the two standards, it is reasonable to assume that\nthe minor benefits of retaining such dual reporting would be\noutweighed by the costs.
\nPURPOSE: to repeal Council Directive 2003/48/EC on the\ntaxation of savings income in the form of interest payments,\ninvolving the temporary exceptions necessary to protect\nacquired rights and to take account of the derogation\nallowed to Austria under Directive\n2014/107/EU.
\nLEGISLATIVE ACT: Council Directive (EU) 2015/2060\nrepealing Directive 2003/48/EC on taxation of savings income in the\nform of interest payments.
\nCONTENT: the Directive provides for the repeal\nof Directive 2003/48/EC on taxation of savings income in the form of interest\npayments in order to ensure that\nthere is only one applicable standard for automatic exchange\nof information within the EU (the OECDs Global Standard)\nand to avoid situations where two standards are applied in\nparallel.
\nTo ensure the seamless continuation of automatic\nreporting of financial account information, the repeal of Directive\n2003/48/EC will apply on the same day as the date of application\nof Directive 2014/107/EU amending Directive\n2011/16/EU as regards mandatory automatic exchange of\ninformation in the field of taxation.
\nAccordingly, the repeal of the Directive also involves\nthe temporary exceptions necessary to protect acquired\nrights and to take account of the derogation\nallowed to Austria under Directive\n2014/107/EU.
\nDirective 2003/48/EC will be repealed with effect\nfrom 1 January 2016. However, certain obligations shall\ncontinue to apply.
\nDirective 2003/48/EC shall continue to apply in its\nentirety with regard to Austria for an additional one year\n(until 31 December 2016).
\nENTRY INTO FORCE:\n8.12.2015.
\n