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2015/0175(NLE) EC/Liechtenstein Agreement: taxation of savings income in the form of interest payments. Protocol
Next event: Final act published in Official Journal 2015/12/24 more...

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead ECON LOONES Sander (icon: ECR ECR) SCHWAB Andreas (icon: EPP EPP), KOFOD Jeppe (icon: S&D S&D), VIEGAS Miguel (icon: GUE/NGL GUE/NGL)
Committee Opinion JURI
Committee Opinion IMCO
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 That directive (2003/48/EC) has since been repealed to eliminate an overlap with Directive 2014/107/EU , which includes strengthened provisions to prevent tax evasion.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.

Documents
Decision 2015/2453
OJ L 339 24.12.2015, p. 0001
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
Documents
Results of vote in Parliament
2015/12/02
   EP - Decision by Parliament, 1st reading/single reading
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
T8-0421/2015
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
A8-0334/2015
2015/11/13
   EP - Vote in committee, 1st reading/single reading
2015/11/11
   EP - Committee referral announced in Parliament, 1st reading/single reading
2015/10/20
   CSL - Document attached to the procedure
Documents
11798/2015
2015/10/20
   EP - Committee draft report
Documents
PE569.772
2015/09/10
   EP - Responsible Committee
2015/08/07
   EC - Document attached to the procedure
Documents
COM(2015)0394
EUR-Lex
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
COM(2015)0395
EUR-Lex

Documents

Activities

History

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

2019-07-06Show (21) Changes | Timetravel
activities
  • 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 title: COM(2015)0395 type: Legislative proposal published celexid: CELEX:52015PC0395: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: 2015-11-11T00:00:00 body: EP type: Committee referral announced in Parliament, 1st reading/single reading committees: 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
  • date: 2015-11-13T00:00:00 body: EP type: Vote in committee, 1st reading/single reading committees: 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
  • body: EP docs: 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 type: Committee report tabled for plenary, 1st reading/single reading committees: 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 date: 2015-11-18T00:00:00
  • date: 2015-12-02T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2015-0421 type: Decision by Parliament, 1st reading/single reading title: T8-0421/2015 body: EP type: Decision by Parliament, 1st reading/single reading
  • date: 2015-12-08T00:00:00 body: CSL type: Council Meeting council: Economic and Financial Affairs ECOFIN meeting_id: 3435
  • date: 2015-12-08T00:00:00 body: EP type: End of procedure in Parliament
  • date: 2015-12-08T00:00:00 body: EP/CSL type: Act adopted by Council after consultation of Parliament
  • date: 2015-12-24T00:00:00 docs: url: http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32015D2453 title: Decision 2015/2453 url: http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2015:339:TOC title: OJ L 339 24.12.2015, p. 0001 type: Final act published in Official Journal
commission
  • body: EC dg: Taxation and Customs Union commissioner: MOSCOVICI Pierre
committees/0
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Economic and Monetary Affairs
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ECON
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Economic and Monetary Affairs
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Legal Affairs
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council
  • body: CSL type: Council Meeting council: Economic and Financial Affairs ECOFIN meeting_id: 3435 url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=SMPL&ROWSPP=25&RESULTSET=1&NRROWS=500&DOC_LANCD=EN&ORDERBY=DOC_DATE+DESC&CONTENTS=3435*&MEET_DATE=08/12/2015 date: 2015-12-08T00:00:00
docs
  • date: 2015-08-07T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0394/COM_COM(2015)0394(ANN)_EN.pdf title: COM(2015)0394 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2015&nu_doc=0394 title: EUR-Lex type: Document attached to the procedure body: EC
  • 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 title: 11798/2015 type: Document attached to the procedure body: CSL
  • date: 2015-10-20T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE569.772 title: PE569.772 type: Committee draft report body: EP
events
  • 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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  • 2.70.01 Direct taxation
  • 2.80 Cooperation between administrations
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  • See also Directive 2003/48/EC
2016-01-07Show (3) Changes | Timetravel
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2015-12-12Show (1) Changes | Timetravel
activities/4/docs/0/text

  • 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.
2015-12-11Show (4) Changes | Timetravel
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2015-12-08Show (2) Changes | Timetravel
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2015-12-05Show (1) Changes | Timetravel
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2015-12-04Show (1) Changes | Timetravel
activities/4/type
Old
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New
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2015-11-28Show (1) Changes | Timetravel
activities/3/docs/0/text

  • 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.
2015-11-21Show (2) Changes | Timetravel
activities/3/docs
  • 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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Indicative plenary sitting date, 1st reading/single reading
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Vote in plenary scheduled
2015-11-20Show (12) Changes | Timetravel
activities/0/date
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2015-10-20T00:00:00
New
2015-08-07T00:00:00
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CELEX:52015PC0395:EN
activities/0/docs/0/text/0
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.

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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.

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.
activities/0/docs/0/title
Old
11798/2015
New
COM(2015)0395
activities/0/docs/0/url
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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
New
http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0395/COM_COM(2015)0395(ANN)_EN.pdf
activities/3/body
Old
EC
New
EP
activities/3/commission
  • DG: url: http://ec.europa.eu/taxation_customs/index_en.htm title: Taxation and Customs Union Commissioner: MOSCOVICI Pierre
activities/3/committees
  • 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
activities/3/date
Old
2015-08-07T00:00:00
New
2015-11-18T00:00:00
activities/3/docs
  • 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
activities/3/type
Old
Initial legislative proposal published
New
Committee report tabled for plenary, 1st reading/single reading
procedure/stage_reached
Old
Awaiting committee decision
New
Awaiting Parliament 1st reading / single reading / budget 1st stage
2015-11-18Show (1) Changes | Timetravel
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.
2015-11-17Show (2) Changes | Timetravel
activities/3
date
2015-11-13T00:00:00
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EP
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Vote in committee, 1st reading/single reading
committees
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Rules of Procedure of the European Parliament EP 150
2015-11-14Show (3) Changes | Timetravel
activities/2
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2015-11-11T00:00:00
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EP
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ECON/8/04380
procedure/stage_reached
Old
Preparatory phase in Parliament
New
Awaiting committee decision
2015-11-13Show (1) Changes | Timetravel
activities/2
date
2015-12-02T00:00:00
body
EP
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Indicative plenary sitting date, 1st reading/single reading
2015-11-04Show (1) Changes | Timetravel
activities/0/docs/0/celexid
CELEX:52015PC0395:EN
2015-11-04Show (5) Changes
activities
  • 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
committees
  • 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
links
other
  • body: EC dg: url: http://ec.europa.eu/taxation_customs/index_en.htm title: Taxation and Customs Union commissioner: MOSCOVICI Pierre
procedure
legal_basis
reference
2015/0175(NLE)
title
EC/Liechtenstein Agreement: taxation of savings income in the form of interest payments. Protocol
geographical_area
Liechtenstein
stage_reached
Preparatory phase in Parliament
summary
subtype
Consultation of Parliament
type
NLE - Non-legislative enactments
subject
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