BETA


2015/0065(CNS) Taxation of savings income in the form of interest payments: repealing the Savings Directive

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead ECON SCOTT CATO Molly (icon: Verts/ALE Verts/ALE) MALETIĆ Ivana (icon: PPE PPE), LUDVIGSSON Olle (icon: S&D S&D), LOONES Sander (icon: ECR ECR), VAN NIEUWENHUIZEN Cora (icon: ALDE ALDE)
Committee Opinion IMCO
Committee Opinion JURI
Committee Opinion LIBE
Lead committee dossier:
Legal Basis:
TFEU 115

Events

2015/12/10
   EC - Commission response to text adopted in plenary
Documents
2015/11/18
   Final act published in Official Journal
Details

PURPOSE: to repeal Council Directive 2003/48/EC on the taxation of savings income in the form of interest payments, involving the temporary exceptions necessary to protect acquired rights and to take account of the derogation allowed to Austria under Directive 2014/107/EU.

LEGISLATIVE ACT: Council Directive (EU) 2015/2060 repealing Directive 2003/48/EC on taxation of savings income in the form of interest payments.

CONTENT: the Directive provides for the repeal of Directive 2003/48/EC on taxation of savings income in the form of interest payments in order to ensure that there is only one applicable standard for automatic exchange of information within the EU (the OECD’s Global Standard) and to avoid situations where two standards are applied in parallel.

To ensure the seamless continuation of automatic reporting of financial account information, the repeal of Directive 2003/48/EC will apply on the same day as the date of application of Directive 2014/107/EU amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation.

Accordingly, the repeal of the Directive also involves the temporary exceptions necessary to protect acquired rights and to take account of the derogation allowed to Austria under Directive 2014/107/EU.

Directive 2003/48/EC will be repealed with effect from 1 January 2016 . However, certain obligations shall continue to apply.

Directive 2003/48/EC shall continue to apply in its entirety with regard to Austria for an additional one year ( until 31 December 2016 ).

ENTRY INTO FORCE: 8.12.2015.

2015/11/10
   EP/CSL - Act adopted by Council after consultation of Parliament
2015/11/10
   EP - End of procedure in Parliament
2015/10/27
   EP - Results of vote in Parliament
2015/10/27
   EP - Decision by Parliament
Details

The European Parliament adopted by 629 votes to 30, with 29 abstentions, in the framework of a special legislative procedure (Parliament’s consultation), a legislative resolution on the proposal for a Council directive repealing Council Directive 2003/48/EC on taxation of savings income in the form of interest payments.

Parliament approved the Commission proposal subject to amendment introduced in the form of recitals.

Given that all of the bilateral agreements are adapted to the new OECD Global Standard and to Directive 2014/107/EU , Parliament expressed its concern about the potential for the creation of loopholes if the separate bilateral agreements between the Union and five European countries that are not Member States of the Union (Switzerland, Liechtenstein, San Marino, Monaco and Andorra) are not rapidly concluded. It also regretted that the Commission does not have a mandate to negotiate with the 12 dependent or associated territories (the Channel Islands, the Isle of Man and the dependent or associated territories in the Caribbean).

Members considered it important that the Commission should continue to monitor that the repeal does not create loopholes . They proposed that the Commission shall:

by 1 July 2016, submit a report to the Council and to the European Parliament on the transition of moving from the reporting standard applied under Directive 2003/48/EC to the new reporting standard established by Directive 2014/107/EU; by 1 October 2017, submit a follow-up report in order to closely monitor the situation. The reports shall, where appropriate, be accompanied by legislative proposals.

Lastly, Parliament stressed that although no specific cost-benefit analysis has been made of a dual reporting system, not even for a temporary transition period between the two standards, it is reasonable to assume that the minor benefits of retaining such dual reporting would be outweighed by the costs.

Documents
2015/10/26
   EP - Debate in Parliament
2015/10/16
   EP - Committee report tabled for plenary, 1st reading/single reading
Details

The Committee on Economic and Monetary Affairs adopted, in the framework of a special legislative procedure (Parliament’s consultation), the report by Molly SCOTT CATO (Greens/ALE, UK) on the proposal for a Council directive repealing Council Directive 2003/48/EC on taxation of savings income in the form of interest payments.

The committee approved the Commission proposal subject to amendment introduced in the form of recitals.

Whilst supporting the proposal to repeal the Directive, Members expressed their concern about the potential for the creation of loopholes if the separate bilateral agreements between the Union and five European countries that are not Member States of the Union (Switzerland, Liechtenstein, San Marino, Monaco and Andorra) are not rapidly concluded. They also regretted that the Commission does not have a mandate to negotiate with the 12 dependent or associated territories (the Channel Islands, the Isle of Man and the dependent or associated territories in the Caribbean).

Members consider it important that the Commission continues to monitor that the repeal does not create loopholes . The report proposed that the Commission shall:

by 1 July 2016, submit a report to the Council and to the European Parliament on the transition of moving from the reporting standard applied under Directive 2003/48/EC to the new reporting standard established by Directive 2014/107/EU ; by 1 October 2017, submit a follow-up report in order to closely monitor the situation. The reports shall, where appropriate, be accompanied by legislative proposals.

Documents
2015/10/15
   EP - Vote in committee
2015/10/14
   CofR - Committee of the Regions: opinion
Documents
2015/09/17
   EP - Committee draft report
Documents
2015/07/28
   IT_SENATE - Contribution
Documents
2015/05/27
   ESC - Economic and Social Committee: opinion, report
Documents
2015/04/28
   EP - SCOTT CATO Molly (Verts/ALE) appointed as rapporteur in ECON
2015/04/15
   EP - Committee referral announced in Parliament
2015/03/18
   EC - Legislative proposal published
Details

PURPOSE: to repeal Council Directive 2003/48/EC on the taxation of savings income.

PROPOSED ACT: Regulation of the European Parliament and of the Council.

ROLE OF THE EUROPEAN PARLIAMENT: the Council adopts the act after consulting the European Parliament but without being obliged to follow its opinion.

BACKGROUND: in 2003, the Council adopted Directive 2003/48/EC on the taxation of savings income received in the form of interest payments (the Savings Directive). This Directive served two main purposes: (i) avoiding distortions to the movement of capital and (ii) allowing effective taxation of interest payments made from paying agents established in one Member State to individuals resident in another Member State.

The amendments made to Council Directive 2011/16/EU on Administrative Cooperation in the Field of Taxation by Council Directive 2014/107/EU of December 2014 extended the automatic exchange of information to a full range of income in accordance with the Global Standard released by the OECD Council in July 2014 and ensured a coherent, consistent and comprehensive Union-wide approach to the automatic exchange of financial account information in the Internal Market. EU law is now fully aligned with the new global standard.

In order to make sure that there is only one applicable standard for automatic exchange of information within the EU, and to avoid situations where two standards are applied in parallel, the 2003 Directive should be repealed.

CONTENT: the proposal provides for the repeal of Council Directive 2003/48/EC on the taxation of savings income. In order not to leave any gaps in the reporting, the repeal of the Savings Directive needs to be well coordinated with the timing of the application of the 2014 Amending Directive on Administrative Cooperation.

Specifically, the proposal to repeal Directive 2003/48/EC also involves the temporary exceptions necessary to protect acquired rights and to take account of the derogation allowed to Austria under Directive 2014/107/EU.

Directive 2003/48/EC will be repealed with effect from 1 January 2016 . However, certain obligations shall continue to apply.

Directive 2003/48/EC shall continue to apply in its entirety with regard to Austria for an additional one year (until 31 December 2016).

Documents

Activities

Votes

A8-0299/2015 - Molly Scott Cato - Vote unique #

2015/10/27 Outcome: +: 629, -: 30, 0: 29
DE FR IT ES PL GB RO BE PT AT NL SE HU CZ BG FI DK EL SK LT IE HR LV SI EE MT CY LU ??
Total
89
65
70
44
48
71
29
20
20
18
24
18
19
17
14
12
12
19
13
9
10
9
8
8
6
6
5
4
1
icon: PPE PPE
197

Denmark PPE

For (1)

1

Lithuania PPE

1

Estonia PPE

For (1)

1

Luxembourg PPE

2
icon: S&D S&D
176

Netherlands S&D

2

Ireland S&D

For (1)

1

Croatia S&D

2

Latvia S&D

1

Slovenia S&D

For (1)

1

Estonia S&D

For (1)

1

Malta S&D

3

Cyprus S&D

For (1)

1

Luxembourg S&D

For (1)

1
icon: ALDE ALDE
64

United Kingdom ALDE

1

Romania ALDE

2

Austria ALDE

For (1)

1

Bulgaria ALDE

3

Denmark ALDE

3

Ireland ALDE

For (1)

1

Croatia ALDE

2

Latvia ALDE

1

Slovenia ALDE

For (1)

1

Estonia ALDE

3

Luxembourg ALDE

For (1)

1
icon: ECR ECR
65

Italy ECR

2

Netherlands ECR

2

Czechia ECR

1

Bulgaria ECR

1

Finland ECR

1

Greece ECR

For (1)

1

Slovakia ECR

Abstain (1)

3

Lithuania ECR

1

Latvia ECR

For (1)

1
icon: GUE/NGL GUE/NGL
49

United Kingdom GUE/NGL

1

Netherlands GUE/NGL

3

Sweden GUE/NGL

For (1)

1

Czechia GUE/NGL

1

Finland GUE/NGL

For (1)

1

Denmark GUE/NGL

For (1)

1

Ireland GUE/NGL

Abstain (1)

4

Cyprus GUE/NGL

2

GUE/NGL

For (1)

1
icon: Verts/ALE Verts/ALE
46

Belgium Verts/ALE

2

Austria Verts/ALE

3

Netherlands Verts/ALE

For (1)

1

Hungary Verts/ALE

For (1)

1

Finland Verts/ALE

For (1)

1

Denmark Verts/ALE

For (1)

1

Lithuania Verts/ALE

For (1)

1

Croatia Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Slovenia Verts/ALE

For (1)

1

Estonia Verts/ALE

For (1)

1
icon: ENF ENF
37

Poland ENF

2

United Kingdom ENF

Against (1)

1

Romania ENF

1

Belgium ENF

For (1)

1

Netherlands ENF

4
icon: NI NI
10

Germany NI

For (1)

1

Poland NI

Against (1)

1

United Kingdom NI

For (1)

1
3
icon: EFDD EFDD
44

France EFDD

1

Poland EFDD

1

Sweden EFDD

Against (1)

2

Czechia EFDD

Against (1)

1

Lithuania EFDD

For (1)

1

History

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

committees/0/shadows/4
name
MATIAS Marisa
group
European United Left - Nordic Green Left
abbr
GUE/NGL
docs/0/docs/0/url
Old
https://dm.eesc.europa.eu/EESCDocumentSearch/Pages/redresults.aspx?k=(documenttype:AC)(documentnumber:1828)(documentyear:2015)(documentlanguage:EN)
New
https://dmsearch.eesc.europa.eu/search/public?k=(documenttype:AC)(documentnumber:1828)(documentyear:2015)(documentlanguage:EN)
docs/1/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE554.909
New
https://www.europarl.europa.eu/doceo/document/ECON-PR-554909_EN.html
docs/2/docs/0/url
Old
https://dm.cor.europa.eu/CORDocumentSearch/Pages/redresults.aspx?k=(documenttype:AC)(documentnumber:2697)(documentyear:2015)(documentlanguage:EN)
New
https://dmsearch.cor.europa.eu/search/public?k=(documenttype:AC)(documentnumber:2697)(documentyear:2015)(documentlanguage:EN)
docs/3/docs/0/url
/oeil/spdoc.do?i=26301&j=0&l=en
events/1/type
Old
Committee referral announced in Parliament, 1st reading/single reading
New
Committee referral announced in Parliament
events/2/type
Old
Vote in committee, 1st reading/single reading
New
Vote in committee
events/3/docs/0/url
Old
http://www.europarl.europa.eu/doceo/document/A-8-2015-0299_EN.html
New
https://www.europarl.europa.eu/doceo/document/A-8-2015-0299_EN.html
events/4/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20151026&type=CRE
New
https://www.europarl.europa.eu/doceo/document/CRE-8-2015-10-26-TOC_EN.html
events/6
date
2015-10-27T00:00:00
type
Decision by Parliament
body
EP
docs
url: https://www.europarl.europa.eu/doceo/document/TA-8-2015-0362_EN.html title: T8-0362/2015
summary
events/6
date
2015-10-27T00:00:00
type
Decision by Parliament, 1st reading/single reading
body
EP
docs
url: http://www.europarl.europa.eu/doceo/document/TA-8-2015-0362_EN.html title: T8-0362/2015
summary
procedure/Modified legal basis
Rules of Procedure EP 159
procedure/Other legal basis
Rules of Procedure EP 159
committees/0
type
Responsible Committee
body
EP
associated
False
committee_full
Economic and Monetary Affairs
committee
ECON
rapporteur
name: SCOTT CATO Molly date: 2015-04-28T00:00:00 group: Greens/European Free Alliance abbr: Verts/ALE
shadows
committees/0
type
Responsible Committee
body
EP
associated
False
committee_full
Economic and Monetary Affairs
committee
ECON
date
2015-04-28T00:00:00
rapporteur
name: SCOTT CATO Molly group: Greens/European Free Alliance abbr: Verts/ALE
shadows
docs/3/body
EC
events/3/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2015-0299&language=EN
New
http://www.europarl.europa.eu/doceo/document/A-8-2015-0299_EN.html
events/6/docs/0/url
Old
http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2015-0362
New
http://www.europarl.europa.eu/doceo/document/TA-8-2015-0362_EN.html
activities
  • date: 2015-03-18T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf title: COM(2015)0129 type: Legislative proposal published celexid: CELEX:52015PC0129:EN body: EC commission: DG: url: http://ec.europa.eu/taxation_customs/index_en.htm title: Taxation and Customs Union Commissioner: MOSCOVICI Pierre type: Legislative proposal published
  • date: 2015-04-15T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: body: EP shadows: group: EPP name: MALETIĆ Ivana group: S&D name: LUDVIGSSON Olle group: ECR name: LOONES Sander group: ALDE name: VAN NIEUWENHUIZEN Cora group: GUE/NGL name: MATIAS Marisa responsible: True committee: ECON date: 2015-04-28T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: Verts/ALE name: SCOTT CATO Molly body: EP responsible: False committee_full: Internal Market and Consumer Protection committee: IMCO body: EP responsible: False committee_full: Legal Affairs committee: JURI body: EP responsible: False committee_full: Civil Liberties, Justice and Home Affairs committee: LIBE
  • date: 2015-10-15T00:00:00 body: EP type: Vote in committee, 1st reading/single reading committees: body: EP shadows: group: EPP name: MALETIĆ Ivana group: S&D name: LUDVIGSSON Olle group: ECR name: LOONES Sander group: ALDE name: VAN NIEUWENHUIZEN Cora group: GUE/NGL name: MATIAS Marisa responsible: True committee: ECON date: 2015-04-28T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: Verts/ALE name: SCOTT CATO Molly body: EP responsible: False committee_full: Internal Market and Consumer Protection committee: IMCO body: EP responsible: False committee_full: Legal Affairs committee: JURI body: EP responsible: False committee_full: Civil Liberties, Justice and Home Affairs committee: LIBE
  • body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2015-0299&language=EN type: Committee report tabled for plenary, 1st reading/single reading title: A8-0299/2015 type: Committee report tabled for plenary, 1st reading/single reading committees: body: EP shadows: group: EPP name: MALETIĆ Ivana group: S&D name: LUDVIGSSON Olle group: ECR name: LOONES Sander group: ALDE name: VAN NIEUWENHUIZEN Cora group: GUE/NGL name: MATIAS Marisa responsible: True committee: ECON date: 2015-04-28T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: Verts/ALE name: SCOTT CATO Molly body: EP responsible: False committee_full: Internal Market and Consumer Protection committee: IMCO body: EP responsible: False committee_full: Legal Affairs committee: JURI body: EP responsible: False committee_full: Civil Liberties, Justice and Home Affairs committee: LIBE date: 2015-10-16T00:00:00
  • date: 2015-10-26T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20151026&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
  • date: 2015-10-27T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2015-0362 type: Decision by Parliament, 1st reading/single reading title: T8-0362/2015 body: EP type: Decision by Parliament, 1st reading/single reading
  • date: 2015-11-10T00:00:00 body: EP type: End of procedure in Parliament
  • date: 2015-11-10T00:00:00 body: EP/CSL type: Act adopted by Council after consultation of Parliament
  • date: 2015-11-18T00:00:00 type: Final act published in Official Journal docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32015L2060 title: Directive 2015/2060 url: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2015:301:TOC title: OJ L 301 18.11.2015, p. 0001
commission
  • body: EC dg: Taxation and Customs Union commissioner: MOSCOVICI Pierre
committees/0
type
Responsible Committee
body
EP
associated
False
committee_full
Economic and Monetary Affairs
committee
ECON
date
2015-04-28T00:00:00
rapporteur
name: SCOTT CATO Molly group: Greens/European Free Alliance abbr: Verts/ALE
shadows
committees/0
body
EP
shadows
responsible
True
committee
ECON
date
2015-04-28T00:00:00
committee_full
Economic and Monetary Affairs
rapporteur
group: Verts/ALE name: SCOTT CATO Molly
committees/1
type
Committee Opinion
body
EP
associated
False
committee_full
Internal Market and Consumer Protection
committee
IMCO
opinion
False
committees/1
body
EP
responsible
False
committee_full
Internal Market and Consumer Protection
committee
IMCO
committees/2
type
Committee Opinion
body
EP
associated
False
committee_full
Legal Affairs
committee
JURI
opinion
False
committees/2
body
EP
responsible
False
committee_full
Legal Affairs
committee
JURI
committees/3
type
Committee Opinion
body
EP
associated
False
committee_full
Civil Liberties, Justice and Home Affairs
committee
LIBE
opinion
False
committees/3
body
EP
responsible
False
committee_full
Civil Liberties, Justice and Home Affairs
committee
LIBE
docs
  • date: 2015-05-27T00:00:00 docs: url: https://dm.eesc.europa.eu/EESCDocumentSearch/Pages/redresults.aspx?k=(documenttype:AC)(documentnumber:1828)(documentyear:2015)(documentlanguage:EN) title: CES1828/2015 type: Economic and Social Committee: opinion, report body: ESC
  • date: 2015-09-17T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE554.909 title: PE554.909 type: Committee draft report body: EP
  • date: 2015-10-14T00:00:00 docs: url: https://dm.cor.europa.eu/CORDocumentSearch/Pages/redresults.aspx?k=(documenttype:AC)(documentnumber:2697)(documentyear:2015)(documentlanguage:EN) title: CDR2697/2015 type: Committee of the Regions: opinion body: CofR
  • date: 2015-12-10T00:00:00 docs: url: /oeil/spdoc.do?i=26301&j=0&l=en title: SP(2015)750 type: Commission response to text adopted in plenary
  • date: 2015-07-28T00:00:00 docs: url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2015)0129 title: COM(2015)0129 type: Contribution body: IT_SENATE
events
  • date: 2015-03-18T00:00:00 type: Legislative proposal published body: EC docs: url: http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf title: COM(2015)0129 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2015&nu_doc=0129 title: EUR-Lex summary: PURPOSE: to repeal Council Directive 2003/48/EC on the taxation of savings income. PROPOSED ACT: Regulation of the European Parliament and of the Council. ROLE OF THE EUROPEAN PARLIAMENT: the Council adopts the act after consulting the European Parliament but without being obliged to follow its opinion. BACKGROUND: in 2003, the Council adopted Directive 2003/48/EC on the taxation of savings income received in the form of interest payments (the Savings Directive). This Directive served two main purposes: (i) avoiding distortions to the movement of capital and (ii) allowing effective taxation of interest payments made from paying agents established in one Member State to individuals resident in another Member State. The amendments made to Council Directive 2011/16/EU on Administrative Cooperation in the Field of Taxation by Council Directive 2014/107/EU of December 2014 extended the automatic exchange of information to a full range of income in accordance with the Global Standard released by the OECD Council in July 2014 and ensured a coherent, consistent and comprehensive Union-wide approach to the automatic exchange of financial account information in the Internal Market. EU law is now fully aligned with the new global standard. In order to make sure that there is only one applicable standard for automatic exchange of information within the EU, and to avoid situations where two standards are applied in parallel, the 2003 Directive should be repealed. CONTENT: the proposal provides for the repeal of Council Directive 2003/48/EC on the taxation of savings income. In order not to leave any gaps in the reporting, the repeal of the Savings Directive needs to be well coordinated with the timing of the application of the 2014 Amending Directive on Administrative Cooperation. Specifically, the proposal to repeal Directive 2003/48/EC also involves the temporary exceptions necessary to protect acquired rights and to take account of the derogation allowed to Austria under Directive 2014/107/EU. Directive 2003/48/EC will be repealed with effect from 1 January 2016 . However, certain obligations shall continue to apply. Directive 2003/48/EC shall continue to apply in its entirety with regard to Austria for an additional one year (until 31 December 2016).
  • date: 2015-04-15T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2015-10-15T00:00:00 type: Vote in committee, 1st reading/single reading body: EP
  • date: 2015-10-16T00:00:00 type: Committee report tabled for plenary, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2015-0299&language=EN title: A8-0299/2015 summary: The Committee on Economic and Monetary Affairs adopted, in the framework of a special legislative procedure (Parliament’s consultation), the report by Molly SCOTT CATO (Greens/ALE, UK) on the proposal for a Council directive repealing Council Directive 2003/48/EC on taxation of savings income in the form of interest payments. The committee approved the Commission proposal subject to amendment introduced in the form of recitals. Whilst supporting the proposal to repeal the Directive, Members expressed their concern about the potential for the creation of loopholes if the separate bilateral agreements between the Union and five European countries that are not Member States of the Union (Switzerland, Liechtenstein, San Marino, Monaco and Andorra) are not rapidly concluded. They also regretted that the Commission does not have a mandate to negotiate with the 12 dependent or associated territories (the Channel Islands, the Isle of Man and the dependent or associated territories in the Caribbean). Members consider it important that the Commission continues to monitor that the repeal does not create loopholes . The report proposed that the Commission shall: by 1 July 2016, submit a report to the Council and to the European Parliament on the transition of moving from the reporting standard applied under Directive 2003/48/EC to the new reporting standard established by Directive 2014/107/EU ; by 1 October 2017, submit a follow-up report in order to closely monitor the situation. The reports shall, where appropriate, be accompanied by legislative proposals.
  • date: 2015-10-26T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20151026&type=CRE title: Debate in Parliament
  • date: 2015-10-27T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=26301&l=en title: Results of vote in Parliament
  • date: 2015-10-27T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2015-0362 title: T8-0362/2015 summary: The European Parliament adopted by 629 votes to 30, with 29 abstentions, in the framework of a special legislative procedure (Parliament’s consultation), a legislative resolution on the proposal for a Council directive repealing Council Directive 2003/48/EC on taxation of savings income in the form of interest payments. Parliament approved the Commission proposal subject to amendment introduced in the form of recitals. Given that all of the bilateral agreements are adapted to the new OECD Global Standard and to Directive 2014/107/EU , Parliament expressed its concern about the potential for the creation of loopholes if the separate bilateral agreements between the Union and five European countries that are not Member States of the Union (Switzerland, Liechtenstein, San Marino, Monaco and Andorra) are not rapidly concluded. It also regretted that the Commission does not have a mandate to negotiate with the 12 dependent or associated territories (the Channel Islands, the Isle of Man and the dependent or associated territories in the Caribbean). Members considered it important that the Commission should continue to monitor that the repeal does not create loopholes . They proposed that the Commission shall: by 1 July 2016, submit a report to the Council and to the European Parliament on the transition of moving from the reporting standard applied under Directive 2003/48/EC to the new reporting standard established by Directive 2014/107/EU; by 1 October 2017, submit a follow-up report in order to closely monitor the situation. The reports shall, where appropriate, be accompanied by legislative proposals. Lastly, Parliament stressed that although no specific cost-benefit analysis has been made of a dual reporting system, not even for a temporary transition period between the two standards, it is reasonable to assume that the minor benefits of retaining such dual reporting would be outweighed by the costs.
  • date: 2015-11-10T00:00:00 type: Act adopted by Council after consultation of Parliament body: EP/CSL
  • date: 2015-11-10T00:00:00 type: End of procedure in Parliament body: EP
  • date: 2015-11-18T00:00:00 type: Final act published in Official Journal summary: PURPOSE: to repeal Council Directive 2003/48/EC on the taxation of savings income in the form of interest payments, involving the temporary exceptions necessary to protect acquired rights and to take account of the derogation allowed to Austria under Directive 2014/107/EU. LEGISLATIVE ACT: Council Directive (EU) 2015/2060 repealing Directive 2003/48/EC on taxation of savings income in the form of interest payments. CONTENT: the Directive provides for the repeal of Directive 2003/48/EC on taxation of savings income in the form of interest payments in order to ensure that there is only one applicable standard for automatic exchange of information within the EU (the OECD’s Global Standard) and to avoid situations where two standards are applied in parallel. To ensure the seamless continuation of automatic reporting of financial account information, the repeal of Directive 2003/48/EC will apply on the same day as the date of application of Directive 2014/107/EU amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation. Accordingly, the repeal of the Directive also involves the temporary exceptions necessary to protect acquired rights and to take account of the derogation allowed to Austria under Directive 2014/107/EU. Directive 2003/48/EC will be repealed with effect from 1 January 2016 . However, certain obligations shall continue to apply. Directive 2003/48/EC shall continue to apply in its entirety with regard to Austria for an additional one year ( until 31 December 2016 ). ENTRY INTO FORCE: 8.12.2015. docs: title: Directive 2015/2060 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32015L2060 title: OJ L 301 18.11.2015, p. 0001 url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2015:301:TOC
links
other
  • body: EC dg: url: http://ec.europa.eu/taxation_customs/index_en.htm title: Taxation and Customs Union commissioner: MOSCOVICI Pierre
procedure/Modified legal basis
Old
Rules of Procedure of the European Parliament EP 150
New
Rules of Procedure EP 159
procedure/dossier_of_the_committee
Old
ECON/8/03102
New
  • ECON/8/03102
procedure/final/url
Old
http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32015L2060
New
https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32015L2060
procedure/instrument
Old
Directive
New
  • Directive
  • Repealing Directive 2003/48/EC 2001/0164(CNS)
procedure/subject
Old
  • 2.50.02 Savings
  • 2.70.01 Direct taxation
New
2.50.02
Savings
2.70.01
Direct taxation
procedure/summary
  • Repealing Directive 2003/48/EC
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/6
date
2015-11-10T00:00:00
body
EP
type
End of procedure in Parliament
activities/7
date
2015-11-10T00:00:00
body
EP/CSL
type
Act adopted by Council after consultation of Parliament
procedure/stage_reached
Old
Awaiting final decision
New
Procedure completed
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/6/text
  • PURPOSE: to repeal Council Directive 2003/48/EC on the taxation of savings income in the form of interest payments, involving the temporary exceptions necessary to protect acquired rights and to take account of the derogation allowed to Austria under Directive 2014/107/EU.

    LEGISLATIVE ACT: Council Directive (EU) 2015/2060 repealing Directive 2003/48/EC on taxation of savings income in the form of interest payments.

    CONTENT: the Directive provides for the repeal of Directive 2003/48/EC on taxation of savings income in the form of interest payments in order to ensure that there is only one applicable standard for automatic exchange of information within the EU (the OECD’s Global Standard) and to avoid situations where two standards are applied in parallel.

    To ensure the seamless continuation of automatic reporting of financial account information, the repeal of Directive 2003/48/EC will apply on the same day as the date of application of Directive 2014/107/EU amending Directive 2011/16/EU as regards mandatory automatic exchange of information in the field of taxation.

    Accordingly, the repeal of the Directive also involves the temporary exceptions necessary to protect acquired rights and to take account of the derogation allowed to Austria under Directive 2014/107/EU.

    Directive 2003/48/EC will be repealed with effect from 1 January 2016. However, certain obligations shall continue to apply.

    Directive 2003/48/EC shall continue to apply in its entirety with regard to Austria for an additional one year (until 31 December 2016).

    ENTRY INTO FORCE: 8.12.2015.

activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/6
date
2015-11-18T00:00:00
docs
type
Final act published in Official Journal
procedure/final
url
http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32015L2060
title
Directive 2015/2060
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/5/docs/0/text
  • The European Parliament adopted by 629 votes to 30, with 29 abstentions, in the framework of a special legislative procedure (Parliament’s consultation), a legislative resolution on the proposal for a Council directive repealing Council Directive 2003/48/EC on taxation of savings income in the form of interest payments.

    Parliament approved the Commission proposal subject to amendment introduced in the form of recitals.

    Given that all of the bilateral agreements are adapted to the new OECD Global Standard and to Directive 2014/107/EU, Parliament expressed its concern about the potential for the creation of loopholes if the separate bilateral agreements between the Union and five European countries that are not Member States of the Union (Switzerland, Liechtenstein, San Marino, Monaco and Andorra) are not rapidly concluded. It also regretted that the Commission does not have a mandate to negotiate with the 12 dependent or associated territories (the Channel Islands, the Isle of Man and the dependent or associated territories in the Caribbean).

    Members considered it important that the Commission should continue to monitor that the repeal does not create loopholes. They proposed that the Commission shall:

    • by 1 July 2016, submit a report to the Council and to the European Parliament on the transition of moving from the reporting standard applied under Directive 2003/48/EC to the new reporting standard established by Directive 2014/107/EU;
    • by 1 October 2017, submit a follow-up report in order to closely monitor the situation. The reports shall, where appropriate, be accompanied by legislative proposals.

    Lastly, Parliament stressed that although no specific cost-benefit analysis has been made of a dual reporting system, not even for a temporary transition period between the two standards, it is reasonable to assume that the minor benefits of retaining such dual reporting would be outweighed by the costs.

activities/0/docs/0/celexid
CELEX:52015PC0129:EN
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/4/docs
  • url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20151026&type=CRE type: Debate in Parliament title: Debate in Parliament
activities/5/docs
  • url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2015-0362 type: Decision by Parliament, 1st reading/single reading title: T8-0362/2015
activities/5/type
Old
Vote in plenary scheduled
New
Decision by Parliament, 1st reading/single reading
procedure/stage_reached
Old
Awaiting Parliament 1st reading / single reading / budget 1st stage
New
Awaiting final decision
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/4/type
Old
Debate in plenary scheduled
New
Debate in Parliament
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/3/docs/0/text
  • The Committee on Economic and Monetary Affairs adopted, in the framework of a special legislative procedure (Parliament’s consultation), the report by Molly SCOTT CATO (Greens/ALE, UK) on the proposal for a Council directive repealing Council Directive 2003/48/EC on taxation of savings income in the form of interest payments.

    The committee approved the Commission proposal subject to amendment introduced in the form of recitals.

    Whilst supporting the proposal to repeal the Directive, Members expressed their concern about the potential for the creation of loopholes if the separate bilateral agreements between the Union and five European countries that are not Member States of the Union (Switzerland, Liechtenstein, San Marino, Monaco and Andorra) are not rapidly concluded. They also regretted that the Commission does not have a mandate to negotiate with the 12 dependent or associated territories (the Channel Islands, the Isle of Man and the dependent or associated territories in the Caribbean).

    Members consider it important that the Commission continues to monitor that the repeal does not create loopholes. The report proposed that the Commission shall:

    • by 1 July 2016, submit a report to the Council and to the European Parliament on the transition of moving from the reporting standard applied under Directive 2003/48/EC to the new reporting standard established by Directive 2014/107/EU;
    • by 1 October 2017, submit a follow-up report in order to closely monitor the situation. The reports shall, where appropriate, be accompanied by legislative proposals.
activities/4/date
Old
2015-10-28T00:00:00
New
2015-10-26T00:00:00
activities/5/date
Old
2015-10-29T00:00:00
New
2015-10-27T00:00:00
activities/3
date
2015-10-16T00:00:00
docs
url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2015-0299&language=EN type: Committee report tabled for plenary, 1st reading/single reading title: A8-0299/2015
body
EP
committees
type
Committee report tabled for plenary, 1st reading/single reading
procedure/stage_reached
Old
Awaiting committee decision
New
Awaiting Parliament 1st reading / single reading / budget 1st stage
activities/2
date
2015-10-15T00:00:00
body
EP
type
Vote in committee, 1st reading/single reading
committees
activities/3/date
Old
2015-10-13T00:00:00
New
2015-10-28T00:00:00
activities/3/type
Old
Vote scheduled in committee, 1st reading/single reading
New
Debate in plenary scheduled
activities/4/date
Old
2015-10-26T00:00:00
New
2015-10-29T00:00:00
activities/4/type
Old
Indicative plenary sitting date, 1st reading/single reading
New
Vote in plenary scheduled
procedure/Modified legal basis
Rules of Procedure of the European Parliament EP 150
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/1/committees/0/shadows/3
group
ALDE
name
VAN NIEUWENHUIZEN Cora
activities/1/committees/0/shadows/4
group
GUE/NGL
name
MATIAS Marisa
committees/0/shadows/3
group
ALDE
name
VAN NIEUWENHUIZEN Cora
committees/0/shadows/4
group
GUE/NGL
name
MATIAS Marisa
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/1/committees/0/shadows/2
group
ECR
name
LOONES Sander
committees/0/shadows/2
group
ECR
name
LOONES Sander
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/2/date
Old
2015-09-23T00:00:00
New
2015-10-13T00:00:00
activities/0/docs/0/celexid
CELEX:52015PC0129:EN
activities/1/committees/0/shadows/1
group
S&D
name
LUDVIGSSON Olle
committees/0/shadows/1
group
S&D
name
LUDVIGSSON Olle
activities/0/docs/0/text/0
Old

PURPOSE: repeal Council Directive 2003/48/EC on the taxation of savings income.

PROPOSED ACT: Regulation of the European Parliament and of the Council.

ROLE OF THE EUROPEAN PARLIAMENT: the Council adopts the act after consulting the European Parliament but without being obliged to follow its opinion.

BACKGROUND: in 2003, the Council adopted Directive 2003/48/EC on the taxation of savings income received in the form of interest payments (the Savings Directive). This Directive served two main purposes: (i) avoiding distortions to the movement of capital and (ii) allowing effective taxation of interest payments made from paying agents established in one Member State to individuals resident in another Member State. 

The Commission proposed a number of amendments in November 2008, with a view to closing existing loopholes and more effectively preventing tax evasion. The amendments were adopted by the Council under Directive 2014/48/EU.

The amendments made by the 2014 Directive extended automatic exchange of information to a full range of income in accordance with the Global Standard released by the Organisation for Economic Co-operation and Development (OECD) Council in July 2014 and ensured a coherent, consistent and comprehensive Union-wide approach to the automatic exchange of financial account information in the internal market. EU law is fully aligned with the new global standard.

In order to make sure that there is only one applicable standard for automatic exchange of information within the EU, and to avoid situations where two standards are applied in parallel, the 2003 Directive should be repealed.

CONTENT: the proposal provides for the repeal of Council Directive 2003/48/EC on the taxation of savings income. In order not to leave any gaps in the reporting, the repeal of the Savings Directive needs to be well coordinated with the timing of the application of the 2014 Amending Directive on Administrative Cooperation.

Specifically, the repeal of Directive 2003/48/EC also involves the temporary exceptions necessary to protect acquired rights and to take account of the derogation allowed to Austria under Directive 2014/107/EU.

Directive 2003/48/EC will be repealed with effect from 1 January 2016. However, certain obligations shall continue to apply.

Directive 2003/48/EC shall continue to apply in its entirety with regard to Austria until 31 December 2016.

New

PURPOSE: to repeal Council Directive 2003/48/EC on the taxation of savings income.

PROPOSED ACT: Regulation of the European Parliament and of the Council.

ROLE OF THE EUROPEAN PARLIAMENT: the Council adopts the act after consulting the European Parliament but without being obliged to follow its opinion.

BACKGROUND: in 2003, the Council adopted Directive 2003/48/EC on the taxation of savings income received in the form of interest payments (the Savings Directive). This Directive served two main purposes: (i) avoiding distortions to the movement of capital and (ii) allowing effective taxation of interest payments made from paying agents established in one Member State to individuals resident in another Member State. 

The amendments made to Council Directive 2011/16/EU on Administrative Cooperation in the Field of Taxation by Council Directive 2014/107/EU of December 2014 extended the automatic exchange of information to a full range of income in accordance with the Global Standard released by the OECD Council in July 2014 and ensured a coherent, consistent and comprehensive Union-wide approach to the automatic exchange of financial account information in the Internal Market. EU law is now fully aligned with the new global standard.

In order to make sure that there is only one applicable standard for automatic exchange of information within the EU, and to avoid situations where two standards are applied in parallel, the 2003 Directive should be repealed.

CONTENT: the proposal provides for the repeal of Council Directive 2003/48/EC on the taxation of savings income. In order not to leave any gaps in the reporting, the repeal of the Savings Directive needs to be well coordinated with the timing of the application of the 2014 Amending Directive on Administrative Cooperation.

Specifically, the proposal to repeal Directive 2003/48/EC also involves the temporary exceptions necessary to protect acquired rights and to take account of the derogation allowed to Austria under Directive 2014/107/EU.

Directive 2003/48/EC will be repealed with effect from 1 January 2016. However, certain obligations shall continue to apply.

Directive 2003/48/EC shall continue to apply in its entirety with regard to Austria for an additional one year (until 31 December 2016).

activities/3/date
Old
2015-06-09T00:00:00
New
2015-10-26T00:00:00
activities/0/docs/0/celexid
CELEX:52015PC0129:EN
activities/0/docs/0/celexid
CELEX:52015PC0129:EN
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/1
date
2015-04-15T00:00:00
body
EP
type
Committee referral announced in Parliament, 1st reading/single reading
committees
activities/3/committees
  • body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON
  • body: EP responsible: False committee_full: Internal Market and Consumer Protection committee: IMCO
  • body: EP responsible: False committee_full: Legal Affairs committee: JURI
  • body: EP responsible: False committee_full: Civil Liberties, Justice and Home Affairs committee: LIBE
activities/3/date
Old
2015-04-15T00:00:00
New
2015-09-23T00:00:00
activities/3/type
Old
Committee referral announced in Parliament, 1st reading/single reading
New
Vote scheduled in committee, 1st reading/single reading
committees/0/date
2015-04-28T00:00:00
committees/0/rapporteur
  • group: Verts/ALE name: SCOTT CATO Molly
committees/0/shadows
  • group: EPP name: MALETIĆ Ivana
activities/0/docs/0/text
  • PURPOSE: repeal Council Directive 2003/48/EC on the taxation of savings income.

    PROPOSED ACT: Regulation of the European Parliament and of the Council.

    ROLE OF THE EUROPEAN PARLIAMENT: the Council adopts the act after consulting the European Parliament but without being obliged to follow its opinion.

    BACKGROUND: in 2003, the Council adopted Directive 2003/48/EC on the taxation of savings income received in the form of interest payments (the Savings Directive). This Directive served two main purposes: (i) avoiding distortions to the movement of capital and (ii) allowing effective taxation of interest payments made from paying agents established in one Member State to individuals resident in another Member State. 

    The Commission proposed a number of amendments in November 2008, with a view to closing existing loopholes and more effectively preventing tax evasion. The amendments were adopted by the Council under Directive 2014/48/EU.

    The amendments made by the 2014 Directive extended automatic exchange of information to a full range of income in accordance with the Global Standard released by the Organisation for Economic Co-operation and Development (OECD) Council in July 2014 and ensured a coherent, consistent and comprehensive Union-wide approach to the automatic exchange of financial account information in the internal market. EU law is fully aligned with the new global standard.

    In order to make sure that there is only one applicable standard for automatic exchange of information within the EU, and to avoid situations where two standards are applied in parallel, the 2003 Directive should be repealed.

    CONTENT: the proposal provides for the repeal of Council Directive 2003/48/EC on the taxation of savings income. In order not to leave any gaps in the reporting, the repeal of the Savings Directive needs to be well coordinated with the timing of the application of the 2014 Amending Directive on Administrative Cooperation.

    Specifically, the repeal of Directive 2003/48/EC also involves the temporary exceptions necessary to protect acquired rights and to take account of the derogation allowed to Austria under Directive 2014/107/EU.

    Directive 2003/48/EC will be repealed with effect from 1 January 2016. However, certain obligations shall continue to apply.

    Directive 2003/48/EC shall continue to apply in its entirety with regard to Austria until 31 December 2016.

activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/2
date
2015-06-09T00:00:00
body
EP
type
Indicative plenary sitting date, 1st reading/single reading
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/docs/0/url
Old
http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf
activities/0/commission/0
DG
Commissioner
MOSCOVICI Pierre
other/0
body
EC
dg
commissioner
MOSCOVICI Pierre
activities/1
date
2015-04-15T00:00:00
body
EP
type
Committee referral announced in Parliament, 1st reading/single reading
committees
procedure/dossier_of_the_committee
ECON/8/03102
procedure/stage_reached
Old
Preparatory phase in Parliament
New
Awaiting committee decision
committees/0
body
EP
responsible
False
committee_full
Budgetary Control
committee
CONT
activities
  • date: 2015-03-18T00:00:00 docs: url: http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2015/0129/COM_COM(2015)0129_EN.pdf celexid: CELEX:52015PC0129:EN type: Legislative proposal published title: COM(2015)0129 body: EC commission: type: Legislative proposal published
committees
  • body: EP responsible: False committee_full: Budgetary Control committee: CONT
  • body: EP responsible: True committee_full: Economic and Monetary Affairs committee: ECON
  • body: EP responsible: False committee_full: Internal Market and Consumer Protection committee: IMCO
  • body: EP responsible: False committee_full: Legal Affairs committee: JURI
  • body: EP responsible: False committee_full: Civil Liberties, Justice and Home Affairs committee: LIBE
links
other
    procedure
    reference
    2015/0065(CNS)
    instrument
    Directive
    legal_basis
    Treaty on the Functioning of the EU TFEU 115
    stage_reached
    Preparatory phase in Parliament
    summary
    Repealing Directive 2003/48/EC
    subtype
    Legislation
    title
    Taxation of savings income in the form of interest payments: repealing the Savings Directive
    type
    CNS - Consultation procedure
    subject