Progress: Procedure completed
Role | Committee | Rapporteur | Shadows |
---|---|---|---|
Lead | ECON | LOONES Sander ( ECR) | SCHWAB Andreas ( PPE), KOFOD Jeppe ( S&D) |
Committee Opinion | JURI | ||
Committee Opinion | IMCO | ||
Committee Opinion | LIBE |
Lead committee dossier:
Legal Basis:
TFEU 115, TFEU 218-p6b-ab, TFEU 218-p8-a2
Legal Basis:
TFEU 115, TFEU 218-p6b-ab, TFEU 218-p8-a2Subjects
Events
PURPOSE: to conclude an the Amending Protocol to the Agreement between the European Community and Liechtenstein to allow tax administrations to extend the automatic exchange of information and to improve cross-border access to information on private savers.
NON-LEGISLATIVE ACT: Council Decision (EU) 2015/2453 on the conclusion, on behalf of the European Union, of the Amending Protocol to the Agreement between the European Community and Liechtenstein the providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments.
CONTENT: by this Decision, the Council approves the Amending Protocol to the Agreement between the European Community and Liechtenstein providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments is hereby approved on behalf of the Union. That directive (2003/48/EC) has since been repealed to eliminate an overlap with Directive 2014/107/EU , which includes strengthened provisions to prevent tax evasion.
The Amending Protocol to the Agreement between the EU and Liechtenstein was signed on 28 October 2015. The text of the Protocol aligns the Agreement with the latest developments at international level concerning automatic exchange of information , namely the Global Standard for automatic exchange of financial account information in tax matters developed by the Organisation for Economic Cooperation and Development (OECD).
The text of the Agreement, as amended by the Amending Protocol, will allow the implementation of the Global Standard in relations between the EU and Liechtenstein, and accordingly, prevent tax fraud and tax evasion.
ENTRY INTO FORCE: 08.12.2015.
The European Parliament adopted by 562 votes to 30, with 49 abstentions, a legislative resolution on the proposal for a Council decision on the conclusion, on behalf of the European Union, of the Amending Protocol to the Agreement between the European Community and the Principality of Liechtenstein providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments.
Parliament approved the conclusion of the Amending Protocol to the Agreement which seeks to implement the Global Standard for the automatic exchange of financial account information between EU Member States and Liechtenstein. This Standard was published by the OECD Council in July 2014.
The Committee on Economic and Monetary Affairs adopted the report by Sander LOONES (ECR, BE) on the proposal for a Council decision on the conclusion, on behalf of the European Union, of the Amending Protocol to the Agreement between the European Community and the Principality of Liechtenstein providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments.
The committee recommended the European Parliament to approve the conclusion of the Amending Protocol to the Agreement .
The Amending Protocol seeks to implement the Global Standard between EU Member States and Liechtenstein. It aims at ensuring that Liechtenstein applies strengthened measures that are equivalent to the EU legal framework and that it complies with the automatic exchange of financial account information promoted by the 2014 OECD global standards.
Documents
- Final act published in Official Journal: Decision 2015/2453
- Final act published in Official Journal: OJ L 339 24.12.2015, p. 0001
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament: T8-0421/2015
- Committee report tabled for plenary, 1st reading/single reading: A8-0334/2015
- Document attached to the procedure: 11798/2015
- Committee draft report: PE569.772
- Legislative proposal: COM(2015)0395
- Legislative proposal: EUR-Lex
- Document attached to the procedure: COM(2015)0394
- Document attached to the procedure: EUR-Lex
- Legislative proposal published: COM(2015)0395
- Legislative proposal published: EUR-Lex
- Legislative proposal: COM(2015)0395 EUR-Lex
- Document attached to the procedure: COM(2015)0394 EUR-Lex
- Document attached to the procedure: 11798/2015
- Committee draft report: PE569.772
Activities
- Marina ALBIOL GUZMÁN
Plenary Speeches (1)
- Marie-Christine ARNAUTU
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- Zigmantas BALČYTIS
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- Hugues BAYET
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- Xabier BENITO ZILUAGA
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- José BLANCO LÓPEZ
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- Steeve BRIOIS
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- Gianluca BUONANNO
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- James CARVER
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- Nicola CAPUTO
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- Salvatore CICU
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- David COBURN
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- Alberto CIRIO
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- Birgit COLLIN-LANGEN
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- Jane COLLINS
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- Therese COMODINI CACHIA
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- Daniel DALTON
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- Michel DANTIN
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- William (The Earl of) DARTMOUTH
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- Rachida DATI
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- Mireille D'ORNANO
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- Georgios EPITIDEIOS
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- Edouard FERRAND
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- Doru-Claudian FRUNZULICĂ
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- Ildikó GÁLL-PELCZ
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- Francisco de Paula GAMBUS MILLET
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- Arne GERICKE
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- Beata GOSIEWSKA
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- Tania GONZÁLEZ PEÑAS
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- Antanas GUOGA
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- Brian HAYES
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- Roger HELMER
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- Hans-Olaf HENKEL
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- Mike HOOKEM
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- Cătălin Sorin IVAN
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- Diane JAMES
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- Marc JOULAUD
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- Ivan JAKOVČIĆ
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- Barbara KAPPEL
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- Giovanni LA VIA
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- Paloma LÓPEZ BERMEJO
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- Vladimír MAŇKA
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- Ivana MALETIĆ
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- Dominique MARTIN
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- Notis MARIAS
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- Jean-Luc MÉLENCHON
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- Louis MICHEL
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- Bernard MONOT
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- Marlene MIZZI
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- Alessia Maria MOSCA
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- József NAGY
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- Franz OBERMAYR
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- Rolandas PAKSAS
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- Margot PARKER
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- Marijana PETIR
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- Andrej PLENKOVIĆ
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- Miroslav POCHE
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- Salvatore Domenico POGLIESE
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- Julia REID
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- Robert ROCHEFORT
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- Claude ROLIN
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- Fernando RUAS
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- Lola SÁNCHEZ CALDENTEY
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- Remo SERNAGIOTTO
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- Maria Lidia SENRA RODRÍGUEZ
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- Siôn SIMON
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- Branislav ŠKRIPEK
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- Monika SMOLKOVÁ
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- Igor ŠOLTES
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- Neoklis SYLIKIOTIS
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- Eleftherios SYNADINOS
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- Adam SZEJNFELD
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- Tibor SZANYI
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- Claudia ȚAPARDEL
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- Pavel TELIČKA
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- Mylène TROSZCZYNSKI
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- Marco VALLI
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- Ángela VALLINA
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- Daniele VIOTTI
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- Miguel VIEGAS
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- Jarosław WAŁĘSA
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- Pablo ZALBA BIDEGAIN
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- Inês Cristina ZUBER
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Votes
A8-0334/2015 - Sander Loones - Vote unique #
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PURPOSE: to conclude, on behalf of the European Union, the Amending Protocol to the Agreement between the European Community and the Principality of Liechtenstein providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments. PROPOSED ACT: Council Decision. ROLE OF THE EUROPEAN PARLIAMENT: the Council adopts the act after consulting the European Parliament but without being obliged to follow its opinion. CONTENT: with this proposal, the Council is called to approve, on behalf of the EU, the Amending Protocol to the Agreement between the European Community and Liechtenstein providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments. The text of the Amending Protocol aligns the Agreement between the European Community and the Principality of Liechtenstein providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments with the latest developments at international level concerning the automatic exchange of information, namely, with the Global Standard for automatic exchange of financial account information in tax matters, developed by the Organisation for Economic Cooperation and Development (OECD). The Union, its Member States and the Principality of Liechtenstein have actively participated in the work of the Global Forum of the OECD for supporting the development and implementation of that Standard. The text of the Agreement, as amended by the Amending Protocol, is the legal basis for implementing the Global Standard in relations between the European Union and Liechtenstein. The Amending Protocol introduces a new body of provisions comprising 10 articles, an Annex I which sets out the common standard on reporting and due diligence for financial accounting information established at the OECD, an Annex II setting out complementary reporting rules and Annex III which sets out the list of competent authorities in Liechtenstein and each Member State. For more details on the Amending Protocol, please see the summary of the initial legislative proposal of 7.8.2015. New
PURPOSE: to conclude, on behalf of the European Union, the Amending Protocol to the Agreement between the European Community and the Principality of Liechtenstein providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments. PROPOSED ACT: Council Decision. ROLE OF THE EUROPEAN PARLIAMENT: the Council adopts the act after consulting the European Parliament but without being obliged to follow its opinion. BACKGROUND: following the adoption of Council Directive 2003/48/EC, the Savings Directive, and in order to preserve the level playing field of economic operators, the EU signed Agreements with Liechtenstein providing for measures equivalent to those laid down in the Directive. The importance of automatic exchange of information as a means to combat cross-border tax fraud and tax evasion by ensuring full tax transparency and cooperation between tax administrations worldwide has also been recognised at the international level. In this regard, the Organisation for Economic Cooperation and Development (OECD) was mandated by the G20 to develop a single global standard for automatic exchange of financial account information. The Global Standard was released by the OECD Council in July 2014. Following the adoption of a proposal to update the Savings Directive, the Commission adopted on 17 June 2011 a recommendation for a mandate to initiate negotiations with Liechtenstein in order to upgrade the EUs Agreements with those countries in line with international developments and to ensure that those countries continue to apply measures equivalent to those in the EU. On 14 May 2013, the Council reached an agreement on the Negotiating Mandate. On the basis of a proposal presented by the Commission in June 2013, the Council on 9 December 2014 adopted Directive 2014/107/EU amending Directive 2011/16/EU and extending the mandatory automatic exchange of information between EU tax authorities to a full range of financial items in accordance with the Global Standard. As Directive 2014/107/EU is generally broader in scope than Directive 2003/48/EC and provides that in cases of overlap of scope, Directive 2014/107/EU prevails, the Commission adopted a proposal to repeal Directive 2003/48/EC. The Commission considered it crucial to ensure that the amendment of the existing Savings Agreement with Liechtenstein is in line with EU and international developments. This will increase tax transparency in Europe and will be the legal basis for implementing the OECD Global Standard on automatic exchange of information between Liechtenstein and the EU. CONTENT: under this proposal, the Council is called upon to approve, on behalf of the European Union, the Amending Protocol to the Agreement between the European Community and the Principality of Liechtenstein providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments. The Amending Protocol implements the Global Standard between EU Member States and Liechtenstein. It also replaces the existing articles and Annexes with a new set of provisions comprising 10 Articles, an Annex I that reflects the OECD Common Reporting Standard which is part of the Global Standard, an Annex II that reflects important parts of the OECD Commentaries to the Global Standard and an Annex III that lists the Competent Authorities of Liechtenstein and of each Member State. The new Articles reflect the articles of the OECD Model Competent Authority agreement for the implementation of the Global Standard. They include, inter alia:
The Amending Protocol includes provisions on the entry into force and application. It deals with issues on the transition from the existing Agreement to the amended Agreement, with regard to requests for information, credits available to beneficial owners for withholding tax, final payments of withholding tax by Liechtenstein to Member States and final exchange of information under the voluntary disclosure mechanism. The revised Agreement is supplemented by two Joint Declarations of the contracting parties. |
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