BETA


2015/0244(NLE) EC/San Marino Agreement: taxation of savings income in the form of interest payments. Protocol

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead ECON VAN NIEUWENHUIZEN Cora (icon: ALDE ALDE) SCHWAB Andreas (icon: PPE PPE), KOFOD Jeppe (icon: S&D S&D), LOONES Sander (icon: ECR ECR), VIEGAS Miguel (icon: GUE/NGL GUE/NGL), KAPPEL Barbara (icon: ENF ENF)
Committee Opinion JURI
Committee Opinion LIBE
Lead committee dossier:

Events

2016/05/27
   Final act published in Official Journal
Details

PURPOSE: to conclude, on behalf of the European Union, the Amending Protocol to the Agreement between the European Community and San Marino 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.

NON-LEGISLATIVE ACT: Council Decision (EU) 2016/828 on the conclusion, on behalf of the Union, of the Amending Protocol to the Agreement between the European Community and the Republic of San Marino 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 approved, on behalf of the European Union, the Amending Protocol to the Agreement between the European Community and San Marino 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.

The Amending Protocol to the Agreement between the European Community and San Marino was signed on 8 December 2015, subject to its conclusion at a later date.

The text of the Protocol enables the Agreement to be adapted to the latest developments at international level concerning 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 text of the Agreement, as amended by this Amending Protocol, is to be the legal basis for implementing the Global Standard in the relations between the Union and San Marino.

ENTRY INTO FORCE: 21.4.2016.

2016/04/21
   EP/CSL - Act adopted by Council after consultation of Parliament
2016/04/21
   EP - End of procedure in Parliament
2016/04/21
   CSL - Council Meeting
2016/02/25
   EP - Decision by Parliament, 1st reading/single reading
Details

The European Parliament adopted by 602 votes to 22, with 18 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 Republic of San Marino 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.

To recall, the European Union and San Marino signed an agreement on 8 December 2015 on the automatic exchange of financial account information, aimed at improving international tax cooperation and compliance.

Under the new agreement, the EU and San Marino will automatically exchange information on the financial accounts of each other's residents, starting in 2017. The agreement aims to ensure that San Marino applies strengthened measures that are equivalent to the EU legal framework and that comply with the procedures for automatic exchange of financial account information promoted by the 2014 OECD Global standard.

Documents
2016/02/09
   EP - Committee report tabled for plenary, 1st reading/single reading
Details

The Committee on Economic and Monetary Affairs adopted the report by Cora van NIEUWENHUIZEN (ADLE, NL) 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 Republic of San Marino 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 .

To recall, the European Union and San Marino signed an agreement on 8 December 2015 on the automatic exchange of financial account information, aimed at improving international tax cooperation and compliance.

Under the new agreement, the EU and San Marino will automatically exchange information on the financial accounts of each other's residents, starting in 2017. The aim is to address situations where a taxpayer seeks to hide capital representing income or assets for which taxes have not been paid.

The agreement aims at ensuring that San Marino applies strengthened measures that are equivalent to the EU legal framework and that comply with the procedures for automatic exchange of financial account information promoted by the 2014 OECD Global standard. It shall have a provisional entry into application on 1 January 2016, pending the completion of their respective internal procedures for its formal entry into force. The rapporteur strongly urged that the agreement is concluded and ratified as soon as possible thereafter in order to keep the transitional phase as short as possible.

Documents
2016/02/03
   EP - Vote in committee, 1st reading/single reading
2016/01/11
   EP - Committee draft report
Documents
2015/12/08
   CSL - Council Meeting
2015/12/02
   EP - Committee referral announced in Parliament, 1st reading/single reading
2015/10/21
   EC - Document attached to the procedure
2015/10/21
   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 San Marino 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.

ROLEOF 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 an Agreement with San Marino 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 has also been recognised at the international level. 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 (Global Standard). The OECD Council released the Global Standard 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 several countries, including San Marino, 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 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 considers it crucial to ensure that the amendment of the existing

Savings Agreement with San Marino is in line with EU and international developments. This will be the legal basis for implementing the OCDE Global Standard on automatic exchange of information between San Marino and the EU.

CONTENT: with this proposal, the Council is called upon to approve, on behalf of the EU, the Protocol amending the Agreement between the European Community and San Marino 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 OECD Global Standard between EU Member States and San Marino . It contains 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, an Annex III that reflects the additional data protection safeguards to be put in place as regards data collection and exchanges under the Agreement, and an Annex IV that lists the Competent Authorities of San Marino 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 . It includes, 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. First exchanges in 2017 for information collected in 2016 (with the exception of Austria, which will undertake such exchanges one year later).

The Amending Protocol also 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 San Marino to Member States and final exchanges of information under the voluntary disclosure mechanism.

2015/09/10
   EP - VAN NIEUWENHUIZEN Cora (ALDE) appointed as rapporteur in ECON

Documents

Votes

A8-0025/2016 - Cora van Nieuwenhuizen - Vote unique #

2016/02/25 Outcome: +: 607, -: 22, 0: 18
DE FR IT ES PL RO GB PT NL CZ HU SE AT BG BE EL DK FI HR SK LT IE LV SI LU EE MT CY
Total
82
64
66
45
44
30
51
20
26
20
18
17
17
16
16
18
13
12
11
10
9
9
7
7
5
5
5
4
icon: PPE PPE
188

Denmark PPE

For (1)

1

Lithuania PPE

1
3

Luxembourg PPE

3

Estonia PPE

For (1)

1

Cyprus PPE

1
icon: S&D S&D
162

Netherlands S&D

3

Croatia S&D

2

Slovakia S&D

2

Ireland S&D

For (1)

1

Latvia S&D

1

Luxembourg S&D

For (1)

1

Estonia S&D

For (1)

1

Malta S&D

2

Cyprus S&D

1
icon: ALDE ALDE
65

Germany ALDE

2

Romania ALDE

3

United Kingdom ALDE

1

Austria ALDE

For (1)

1

Denmark ALDE

3
3

Croatia ALDE

2

Ireland ALDE

For (1)

1

Latvia ALDE

1

Slovenia ALDE

For (1)

1

Luxembourg ALDE

For (1)

1

Estonia ALDE

3
icon: ECR ECR
63

Italy ECR

2

Romania ECR

For (1)

1

Netherlands ECR

2

Czechia ECR

1

Bulgaria ECR

2

Greece ECR

Abstain (1)

1
2

Croatia ECR

For (1)

1

Lithuania ECR

1

Latvia ECR

For (1)

1
icon: GUE/NGL GUE/NGL
48

Netherlands GUE/NGL

3

Sweden GUE/NGL

For (1)

1

Denmark GUE/NGL

For (1)

1

Finland GUE/NGL

For (1)

1

Cyprus GUE/NGL

2
icon: Verts/ALE Verts/ALE
44

Netherlands Verts/ALE

2

Hungary Verts/ALE

2

Sweden Verts/ALE

3

Austria Verts/ALE

3

Belgium Verts/ALE

1

Denmark Verts/ALE

For (1)

1

Finland Verts/ALE

For (1)

1

Croatia Verts/ALE

For (1)

1

Lithuania Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Slovenia Verts/ALE

For (1)

1
icon: ENF ENF
32

Romania ENF

1

United Kingdom ENF

Against (1)

1

Netherlands ENF

4
3
icon: NI NI
13

Germany NI

For (1)

Against (1)

2

Poland NI

Against (1)

1

United Kingdom NI

For (1)

1

Hungary NI

2
icon: EFDD EFDD
32

Poland EFDD

1

Czechia EFDD

Against (1)

1

Sweden EFDD

2

History

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

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  • date: 2016-01-11T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE572.848 title: PE572.848 type: Committee draft report body: EP
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  • date: 2015-10-21T00:00:00 type: Legislative proposal published body: EC docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0518/COM_COM(2015)0518(ANN)_EN.pdf title: COM(2015)0518 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2015&nu_doc=0518 title: EUR-Lex summary: PURPOSE: to conclude, on behalf of the European Union, the Amending Protocol to the Agreement between the European Community and San Marino 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. ROLEOF 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 an Agreement with San Marino 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 has also been recognised at the international level. 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 (Global Standard). The OECD Council released the Global Standard 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 several countries, including San Marino, 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 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 considers it crucial to ensure that the amendment of the existing Savings Agreement with San Marino is in line with EU and international developments. This will be the legal basis for implementing the OCDE Global Standard on automatic exchange of information between San Marino and the EU. CONTENT: with this proposal, the Council is called upon to approve, on behalf of the EU, the Protocol amending the Agreement between the European Community and San Marino 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 OECD Global Standard between EU Member States and San Marino . It contains 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, an Annex III that reflects the additional data protection safeguards to be put in place as regards data collection and exchanges under the Agreement, and an Annex IV that lists the Competent Authorities of San Marino 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 . It includes, 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. First exchanges in 2017 for information collected in 2016 (with the exception of Austria, which will undertake such exchanges one year later). The Amending Protocol also 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 San Marino to Member States and final exchanges of information under the voluntary disclosure mechanism.
  • date: 2015-12-02T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2016-02-03T00:00:00 type: Vote in committee, 1st reading/single reading body: EP
  • date: 2016-02-09T00:00:00 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=A8-2016-0025&language=EN title: A8-0025/2016 summary: The Committee on Economic and Monetary Affairs adopted the report by Cora van NIEUWENHUIZEN (ADLE, NL) 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 Republic of San Marino 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 . To recall, the European Union and San Marino signed an agreement on 8 December 2015 on the automatic exchange of financial account information, aimed at improving international tax cooperation and compliance. Under the new agreement, the EU and San Marino will automatically exchange information on the financial accounts of each other's residents, starting in 2017. The aim is to address situations where a taxpayer seeks to hide capital representing income or assets for which taxes have not been paid. The agreement aims at ensuring that San Marino applies strengthened measures that are equivalent to the EU legal framework and that comply with the procedures for automatic exchange of financial account information promoted by the 2014 OECD Global standard. It shall have a provisional entry into application on 1 January 2016, pending the completion of their respective internal procedures for its formal entry into force. The rapporteur strongly urged that the agreement is concluded and ratified as soon as possible thereafter in order to keep the transitional phase as short as possible.
  • date: 2016-02-25T00:00:00 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-2016-0053 title: T8-0053/2016 summary: The European Parliament adopted by 602 votes to 22, with 18 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 Republic of San Marino 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. To recall, the European Union and San Marino signed an agreement on 8 December 2015 on the automatic exchange of financial account information, aimed at improving international tax cooperation and compliance. Under the new agreement, the EU and San Marino will automatically exchange information on the financial accounts of each other's residents, starting in 2017. The agreement aims to ensure that San Marino applies strengthened measures that are equivalent to the EU legal framework and that comply with the procedures for automatic exchange of financial account information promoted by the 2014 OECD Global standard.
  • date: 2016-04-21T00:00:00 type: Act adopted by Council after consultation of Parliament body: EP/CSL
  • date: 2016-04-21T00:00:00 type: End of procedure in Parliament body: EP
  • date: 2016-05-27T00:00:00 type: Final act published in Official Journal summary: PURPOSE: to conclude, on behalf of the European Union, the Amending Protocol to the Agreement between the European Community and San Marino 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. NON-LEGISLATIVE ACT: Council Decision (EU) 2016/828 on the conclusion, on behalf of the Union, of the Amending Protocol to the Agreement between the European Community and the Republic of San Marino 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 approved, on behalf of the European Union, the Amending Protocol to the Agreement between the European Community and San Marino 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. The Amending Protocol to the Agreement between the European Community and San Marino was signed on 8 December 2015, subject to its conclusion at a later date. The text of the Protocol enables the Agreement to be adapted to the latest developments at international level concerning 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 text of the Agreement, as amended by this Amending Protocol, is to be the legal basis for implementing the Global Standard in the relations between the Union and San Marino. ENTRY INTO FORCE: 21.4.2016. docs: title: Decision 2016/828 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32016D0828 title: OJ L 140 27.05.2016, p. 0001 url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2016:140:TOC
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  • body: CSL type: Council Meeting council: Former Council configuration
  • 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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  • 2.50.02 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
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Decision 2016/828
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  • The European Parliament adopted by 602 votes to 22, with 18 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 Republic of San Marino 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.

    To recall, the European Union and San Marino signed an agreement on 8 December 2015 on the automatic exchange of financial account information, aimed at improving international tax cooperation and compliance.

    Under the new agreement, the EU and San Marino will automatically exchange information on the financial accounts of each other's residents, starting in 2017. The agreement aims to ensure that San Marino applies strengthened measures that are equivalent to the EU legal framework and that comply with the procedures for automatic exchange of financial account information promoted by the 2014 OECD Global standard.

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  • url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0053 type: Decision by Parliament, 1st reading/single reading title: T8-0053/2016
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  • The Committee on Economic and Monetary Affairs adopted the report by Cora van NIEUWENHUIZEN (ADLE, NL) 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 Republic of San Marino 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.

    To recall, the European Union and San Marino signed an agreement on 8 December 2015 on the automatic exchange of financial account information, aimed at improving international tax cooperation and compliance.

    Under the new agreement, the EU and San Marino will automatically exchange information on the financial accounts of each other's residents, starting in 2017. The aim is to address situations where a taxpayer seeks to hide capital representing income or assets for which taxes have not been paid.

    The agreement aims at ensuring that San Marino applies strengthened measures that are equivalent to the EU legal framework and that comply with the procedures for automatic exchange of financial account information promoted by the 2014 OECD Global standard. It shall have a provisional entry into application on 1 January 2016, pending the completion of their respective internal procedures for its formal entry into force. The rapporteur strongly urged that the agreement is concluded and ratified as soon as possible thereafter in order to keep the transitional phase as short as possible.

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KAPPEL Barbara
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  • group: ALDE name: VAN NIEUWENHUIZEN Cora
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  • group: EPP name: SCHWAB Andreas
  • group: S&D name: KOFOD Jeppe
  • group: ECR name: LOONES Sander
  • group: GUE/NGL name: VIEGAS Miguel
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  • group: EPP name: SCHWAB Andreas
  • group: S&D name: KOFOD Jeppe
  • group: ECR name: LOONES Sander
  • group: GUE/NGL name: VIEGAS Miguel
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  • PURPOSE: to conclude, on behalf of the European Union, the Amending Protocol to the Agreement between the European Community and San Marino 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.

    ROLEOF 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 an Agreement with San Marino 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 has also been recognised at the international level. 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 (Global Standard). The OECD Council released the Global Standard 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 several countries, including San Marino, 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 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 considers it crucial to ensure that the amendment of the existing

    Savings Agreement with San Marino is in line with EU and international developments. This will be the legal basis for implementing the OCDE Global Standard on automatic exchange of information between San Marino and the EU.

    CONTENT: with this proposal, the Council is called upon to approve, on behalf of the EU, the Protocol amending the Agreement between the European Community and San Marino 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 OECD Global Standard between EU Member States and San Marino. It contains 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, an Annex III that reflects the additional data protection safeguards to be put in place as regards data collection and exchanges under the Agreement, and an Annex IV that lists the Competent Authorities of San Marino 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. It includes, 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. First exchanges in 2017 for information collected in 2016 (with the exception of Austria, which will undertake such exchanges one year later).

    The Amending Protocol also 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 San Marino to Member States and final exchanges of information under the voluntary disclosure mechanism.

activities/0/docs/0/celexid
CELEX:52015PC0518:EN
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  • date: 2015-10-21T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2015/0518/COM_COM(2015)0518(ANN)_EN.pdf type: Legislative proposal published title: COM(2015)0518 type: Legislative proposal published body: EC 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_full: Economic and Monetary Affairs committee: ECON
  • 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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2015/0244(NLE)
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EC/San Marino Agreement: taxation of savings income in the form of interest payments. Protocol
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Preparatory phase in Parliament
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Consultation of Parliament
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NLE - Non-legislative enactments
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