BETA


2015/0065(CNS) Taxation of savings income in the form of interest payments: repealing the Savings Directive
Next event: Commission response to text adopted in plenary 2015/12/10 more...

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), MATIAS Marisa (icon: GUE/NGL GUE/NGL)
Committee Opinion JURI
Committee Opinion IMCO
Committee Opinion LIBE
Lead committee dossier:
Legal Basis:
TFEU 115

Events

2015/12/10
   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Directive 2003/48/EC will be repealed with effect from 1 January 2016 .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, 1st reading/single reading
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, 1st reading/single reading
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 - Responsible Committee
2015/04/15
   EP - Committee referral announced in Parliament, 1st reading/single reading
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

History

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

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
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  • body: EC dg: Taxation and Customs Union commissioner: MOSCOVICI Pierre
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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
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  • 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.

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Directive 2015/2060
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  • 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.

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  • 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
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  • 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.
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MATIAS Marisa
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MATIAS Marisa
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name
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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).

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  • group: Verts/ALE name: SCOTT CATO Molly
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  • 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.

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  • 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
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  • body: EP responsible: False committee_full: Budgetary Control committee: CONT
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  • 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
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    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