BETA


2015/0175(NLE) EC/Liechtenstein Agreement: taxation of savings income in the form of interest payments. Protocol

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead ECON LOONES Sander (icon: ECR ECR) SCHWAB Andreas (icon: PPE PPE), KOFOD Jeppe (icon: S&D S&D)
Committee Opinion IMCO
Committee Opinion JURI
Committee Opinion LIBE
Lead committee dossier:
Legal Basis:
TFEU 115, TFEU 218-p6b-ab, TFEU 218-p8-a2

Events

2015/12/24
   Final act published in Official Journal
Details

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 That directive (2003/48/EC) has since been repealed to eliminate an overlap with Directive 2014/107/EU , which includes strengthened provisions to prevent tax evasion.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.

2015/12/08
   EP/CSL - Act adopted by Council after consultation of Parliament
2015/12/08
   EP - End of procedure in Parliament
2015/12/08
   CSL - Council Meeting
2015/12/02
   EP - Results of vote in Parliament
2015/12/02
   EP - Decision by Parliament
Details

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.

Documents
2015/11/18
   EP - Committee report tabled for plenary, 1st reading/single reading
Details

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
2015/11/13
   EP - Vote in committee
2015/11/11
   EP - Committee referral announced in Parliament
2015/10/20
   CSL - Document attached to the procedure
Documents
2015/10/20
   EP - Committee draft report
Documents
2015/09/10
   EP - LOONES Sander (ECR) appointed as rapporteur in ECON
2015/08/07
   EC - Document attached to the procedure
2015/08/07
   EC - Legislative proposal published
Details

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 EU’s 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 :

a full set of provisions on exchange of information upon request that follows the latest text of the OECD Model Tax Convention; a more detailed set of provisions on data protection; provisions on amendments to the Agreement, including a quick mechanism for provisional application by one of the Contracting Parties of amendments to the Global Standard, on the condition of consent by the other Party.

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.

Documents

Activities

Votes

A8-0334/2015 - Sander Loones - Vote unique #

2015/12/02 Outcome: +: 562, 0: 49, -: 30
DE FR IT PL ES GB RO HU BE BG PT AT EL CZ SE FI SK LT NL HR DK SI LV MT LU EE IE CY
Total
82
53
62
48
46
58
26
18
18
16
19
16
19
18
18
13
12
11
25
11
7
7
7
6
5
5
9
5
icon: PPE PPE
192
2

Luxembourg PPE

2

Estonia PPE

For (1)

1

Cyprus PPE

1
icon: S&D S&D
167

Belgium S&D

3

Czechia S&D

3
3

Netherlands S&D

3

Croatia S&D

2

Latvia S&D

1

Malta S&D

3

Luxembourg S&D

For (1)

1

Estonia S&D

For (1)

1

Ireland S&D

For (1)

1

Cyprus S&D

2
icon: ECR ECR
64

Italy ECR

1

Romania ECR

For (1)

1

Bulgaria ECR

1

Greece ECR

Abstain (1)

1

Czechia ECR

2
2

Lithuania ECR

1

Netherlands ECR

2

Croatia ECR

For (1)

1

Latvia ECR

For (1)

1
icon: ALDE ALDE
61

United Kingdom ALDE

1

Romania ALDE

3

Austria ALDE

For (1)

1

Croatia ALDE

2

Denmark ALDE

For (1)

1

Slovenia ALDE

For (1)

1

Luxembourg ALDE

For (1)

1

Estonia ALDE

2

Ireland ALDE

For (1)

1
icon: Verts/ALE Verts/ALE
41

France Verts/ALE

3

Hungary Verts/ALE

For (1)

1

Belgium Verts/ALE

2

Austria Verts/ALE

2

Sweden Verts/ALE

3

Finland Verts/ALE

For (1)

1

Lithuania Verts/ALE

For (1)

1

Netherlands Verts/ALE

2

Croatia Verts/ALE

For (1)

1

Slovenia Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Luxembourg Verts/ALE

For (1)

1

Estonia Verts/ALE

For (1)

1
icon: ENF ENF
29

Poland ENF

Against (1)

1

United Kingdom ENF

Against (1)

1

Romania ENF

1

Belgium ENF

Abstain (1)

1

Netherlands ENF

4
icon: NI NI
9

Germany NI

For (1)

1

France NI

Abstain (1)

2

Poland NI

Against (1)

1

United Kingdom NI

For (1)

1

Hungary NI

For (1)

1
icon: GUE/NGL GUE/NGL
43

Germany GUE/NGL

Against (1)

5

Italy GUE/NGL

2

United Kingdom GUE/NGL

Against (1)

1

Portugal GUE/NGL

3

Czechia GUE/NGL

2

Sweden GUE/NGL

Abstain (1)

1

Finland GUE/NGL

Abstain (1)

1

Netherlands GUE/NGL

3

Ireland GUE/NGL

Against (2)

Abstain (1)

3

Cyprus GUE/NGL

2
icon: EFDD EFDD
34

France EFDD

1

Poland EFDD

1

Czechia EFDD

Against (1)

1

Sweden EFDD

2

Lithuania EFDD

For (1)

1

History

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

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  • date: 2015-08-07T00:00:00 type: Legislative proposal published body: EC docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0395/COM_COM(2015)0395(ANN)_EN.pdf title: COM(2015)0395 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2015&nu_doc=0395 title: EUR-Lex summary: 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 EU’s 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 : a full set of provisions on exchange of information upon request that follows the latest text of the OECD Model Tax Convention; a more detailed set of provisions on data protection; provisions on amendments to the Agreement, including a quick mechanism for provisional application by one of the Contracting Parties of amendments to the Global Standard, on the condition of consent by the other Party. 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.
  • date: 2015-11-11T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2015-11-13T00:00:00 type: Vote in committee, 1st reading/single reading body: EP
  • date: 2015-11-18T00:00:00 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=A8-2015-0334&language=EN title: A8-0334/2015 summary: 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.
  • date: 2015-12-02T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=26392&l=en title: Results of vote in Parliament
  • date: 2015-12-02T00:00:00 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-2015-0421 title: T8-0421/2015 summary: 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.
  • date: 2015-12-08T00:00:00 type: Act adopted by Council after consultation of Parliament body: EP/CSL
  • date: 2015-12-08T00:00:00 type: End of procedure in Parliament body: EP
  • date: 2015-12-24T00:00:00 type: Final act published in Official Journal summary: 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. docs: title: Decision 2015/2453 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32015D2453 title: OJ L 339 24.12.2015, p. 0001 url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2015:339:TOC
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  • body: EC dg: url: http://ec.europa.eu/taxation_customs/index_en.htm title: Taxation and Customs Union commissioner: MOSCOVICI Pierre
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Old
Rules of Procedure of the European Parliament EP 150
New
Rules of Procedure EP 159
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ECON/8/04380
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  • ECON/8/04380
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http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32015D2453
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https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32015D2453
procedure/subject
Old
  • 2.50.02 Savings
  • 2.70.01 Direct taxation
  • 2.80 Cooperation between administrations
  • 7.30.30.06 Action to combat economic fraud
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  • See also Directive 2003/48/EC 2001/0164(CNS) See also Decision 2005/353/EC 2004/0191(CNS)
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  • See also Decision 2005/353/EC
  • See also Directive 2003/48/EC
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2015-12-24T00:00:00
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Decision 2015/2453
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  • 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.

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2015-12-08T00:00:00
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  • 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.

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  • url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2015-0334&language=EN type: Committee report tabled for plenary, 1st reading/single reading title: A8-0334/2015
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CELEX:52015PC0395:EN
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Old

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 EU’s 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:

  • a full set of provisions on exchange of information upon request that follows the latest text of the OECD Model Tax Convention;
  • a more detailed set of provisions on data protection;
  • provisions on amendments to the Agreement, including a quick mechanism for provisional application by one of the Contracting Parties of amendments to the Global Standard, on the condition of consent by the other Party.

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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11798/2015
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COM(2015)0395
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http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=11798%2F15&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC
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  • DG: url: http://ec.europa.eu/taxation_customs/index_en.htm title: Taxation and Customs Union Commissioner: MOSCOVICI Pierre
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  • body: EP responsible: True committee: ECON date: 2015-09-10T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: ECR name: LOONES Sander
  • 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
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Old
2015-08-07T00:00:00
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  • url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0395/COM_COM(2015)0395(ANN)_EN.pdf celexid: CELEX:52015PC0395:EN type: Initial legislative proposal published title: COM(2015)0395
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activities/1/docs/0/text
  • 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.

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  • date: 2015-08-07T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0395/COM_COM(2015)0395(ANN)_EN.pdf type: Initial legislative proposal published title: COM(2015)0395 body: EC type: Initial legislative proposal published commission: DG: url: http://ec.europa.eu/taxation_customs/index_en.htm title: Taxation and Customs Union Commissioner: MOSCOVICI Pierre
  • date: 2015-10-20T00:00:00 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=11798%2F15&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC type: Legislative proposal published title: 11798/2015 body: EC type: Legislative proposal published commission: DG: url: http://ec.europa.eu/taxation_customs/index_en.htm title: Taxation and Customs Union Commissioner: MOSCOVICI Pierre
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  • body: EP responsible: True committee: ECON date: 2015-09-10T00:00:00 committee_full: Economic and Monetary Affairs rapporteur: group: ECR name: LOONES Sander
  • 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
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  • body: EC dg: url: http://ec.europa.eu/taxation_customs/index_en.htm title: Taxation and Customs Union commissioner: MOSCOVICI Pierre
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2015/0175(NLE)
title
EC/Liechtenstein Agreement: taxation of savings income in the form of interest payments. Protocol
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Liechtenstein
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