{"change_dates":[],"dossier":{"amendments":[],"changes":{"2016-04-19T01:48:07":[{"data":[{"body":"EC","commission":[],"date":"2016-04-13T00:00:00","docs":[{"celexid":"CELEX:52016PC0201:EN","title":"COM(2016)0201","type":"Legislative proposal published","url":"http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2016/0201/COM_COM(2016)0201_EN.pdf"}],"type":"Legislative proposal published"}],"path":["activities"],"type":"added"},{"data":[],"path":["other"],"type":"added"},{"data":[{"body":"EP","committee":"ECON","committee_full":"Economic and Monetary Affairs","responsible":true},{"body":"EP","committee":"IMCO","committee_full":"Internal Market and Consumer Protection","responsible":false},{"body":"EP","committee":"JURI","committee_full":"Legal Affairs","responsible":false},{"body":"EP","committee":"LIBE","committee_full":"Civil Liberties, Justice and Home Affairs","responsible":false}],"path":["committees"],"type":"added"},{"data":{},"path":["links"],"type":"added"},{"data":{"geographical_area":["Monaco"],"legal_basis":["Treaty on the Functioning of the EU TFEU 115","Treaty on the Functioning of the EU TFEU 218-p6b-ab","Treaty on the Functioning of the EU TFEU 218-p8-a2"],"reference":"2016/0109(NLE)","stage_reached":"Preparatory phase in Parliament","subject":["2.50.02 Savings","2.70.01 Direct taxation"],"subtype":"Legislation","summary":["See also"],"title":"EC/Monaco Agreement:\u00a0taxation of savings income in the form of interest payments. Protocol","type":"NLE - Non-legislative enactments"},"path":["procedure"],"type":"added"}],"2016-04-27T02:08:32":[{"data":{"Commissioner":"MOSCOVICI Pierre","DG":{"title":"Taxation and Customs Union","url":"http://ec.europa.eu/taxation_customs/index_en.htm"}},"path":["activities",0,"commission",0],"type":"added"},{"data":{"body":"EC","commissioner":"MOSCOVICI Pierre","dg":{"title":"Taxation and Customs Union","url":"http://ec.europa.eu/taxation_customs/index_en.htm"}},"path":["other",0],"type":"added"}],"2016-04-28T03:20:32":[{"data":["Legislation","Consultation of Parliament"],"path":["procedure","subtype"],"type":"changed"}],"2016-05-03T02:42:06":[{"data":{"body":"EP","committees":[{"body":"EP","committee":"ECON","committee_full":"Economic and Monetary Affairs","responsible":true},{"body":"EP","committee":"IMCO","committee_full":"Internal Market and Consumer Protection","responsible":false},{"body":"EP","committee":"JURI","committee_full":"Legal Affairs","responsible":false},{"body":"EP","committee":"LIBE","committee_full":"Civil Liberties, Justice and Home Affairs","responsible":false}],"date":"2016-04-28T00:00:00","type":"Committee referral announced in Parliament, 1st reading/single reading"},"path":["activities",1],"type":"added"},{"data":["Preparatory phase in Parliament","Awaiting committee decision"],"path":["procedure","stage_reached"],"type":"changed"},{"data":"ECON/8/06246","path":["procedure","dossier_of_the_committee"],"type":"added"}],"2016-05-05T02:28:29":[{"data":["
PURPOSE: to conclude, on behalf of the European Union,\nthe Amending Protocol to the Agreement between the European\nCommunity and the Principality of Monaco providing for measures\nequivalent to those laid down in Council Directive\n2003/48/EC.
\nPROPOSED ACT: Council Decision.
\nROLE OF THE EUROPEAN PARLIAMENT: Council may adopt the\nact only if Parliament has given its consent to the\nact.
\nBACKGROUND: following the adoption of Council\nDirective 2003/48/EC, the Savings Directive, and in order to\npreserve a level playing field for economic operators, the EU\nsigned Agreements with Switzerland, Andorra, Liechtenstein, Monaco\nand San Marino providing for measures equivalent to those laid\ndown in the Directive. The Member States also signed agreements\nwith the dependent territories of the United Kingdom and the\nNetherlands.
\nThe importance of automatic exchange of information as\na means of combating cross-border tax fraud and tax evasion has\nalso been recognised at the international level.
\nIn this regard, the Organisation for Economic\nCooperation and Development (OECD) was mandated by the G20 to\ndevelop a single global standard for automatic exchange of\nfinancial account information (Global Standard).\nThe Global Standard was published by the OECD Council in July\n2014.
\nFollowing the adoption of a proposal to update the\nSavings Directive, on 17 June 2011 the Commission adopted a\nrecommendation for a mandate to initiate negotiations with\nSwitzerland, Liechtenstein, Andorra, Monaco and San Marino, in\norder to upgrade the EUs agreements with those countries\nin line with international developments and to ensure that those\ncountries continue to apply measures equivalent to those in the EU.\nOn 14 May 2013, the Council reached an agreement on the negotiating\nmandate.
\nOn the basis of a proposal presented by the Commission\nin June 2013, on 9 December 2014 the Council adopted Directive\n2014/107/EU amending Directive 2011/16/EU and extending the\nmandatory automatic exchange of information between EU tax\nauthorities to a full range of financial items in accordance with\nthe Global Standard.
\nAs Directive 2014/107/EU is generally broader in scope\nthan Directive 2003/48/EC and provides that in cases of overlap of\nscope, the Council, on the basis of a Commission proposal adopted\nDirective\n(EU) 2015/2060 repealing Directive 2003/48/EC.
\nThe Commission considers it crucial to ensure that the\namendment of the existing Savings Agreement with Monaco is in line\nwith EU and international developments. This will increase tax\ntransparency in Europe and will be the legal basis for implementing\nthe OECD Global Standard on automatic exchange of information\nbetween Monaco and the EU.
\nCONTENT: the Commission proposes that the Council\nshould adopt a decision approving, on behalf of the European Union,\nthe Amending Protocol to the Agreement between the European\nCommunity and Monaco providing for measures equivalent to those\nlaid down in Council Directive 2003/48/EC on taxation of savings\nincome in the form of interest payments.
\nThe Amending Protocol implements the Global\nStandard between EU Member States and Monaco. It replaces the\nexisting articles and annexes of the existing Agreement with a new\nset of provisions comprising 10 articles, an Annex I that reflects\nthe OECD Common Reporting Standard which is part of the Global\nStandard, an Annex II that reflects important parts of the OECD\nCommentaries on the Global Standard, an Annex III that reflects the\nadditional data protection safeguards to be put in place as regards\ndata collection and exchanges under the Agreement, and an Annex IV\nthat lists the competent authorities of Monaco and of each Member\nState.
\nThe new articles reflect the articles of the OECD\nModel Competent Authority agreement for the implementation of the\nGlobal Standard. They\ninclude:
\nMoreover, the Amending Protocol:
\nThe revised Agreement is supplemented by four Joint\nDeclarations of the contracting parties.
\nThe Committee on Economic and Monetary Affairs adopted\nthe report by Andreas SCHWAB (EPP, DE) on the proposal for a\nCouncil decision on the conclusion, on behalf of the European\nUnion, of the Amending Protocol to the Agreement between the\nEuropean Community and the Principality of Monaco providing for\nmeasures equivalent to those laid down in Council Directive\n2003/48/EC.
\nThe committee approved the conclusion of the Amending\nProtocol to the Agreement.
\nTo recall, the Amending Protocol represents an\nimportant step in ongoing efforts to clamp down on tax fraud and\ntax evasion and upgrades the 2004 agreement that ensured that\nMonaco applied measures equivalent to those in an EU\ndirective on the taxation of savings income.
\nUnder the new agreement, the EU Member States and\nMonaco will automatically exchange information on the\nfinancial accounts held on their territories by each other's\nresidents, starting in 2018 for information collected since 1\nJanuary 2017. The aim is to address situations where a taxpayer\nseeks to hide capital representing income or assets for which taxes\nhave not been paid.
\nThe agreement aims at ensuring that Monaco applies\nstrengthened measures that are equivalent to the EU legal\nframework, as upgraded in December 2014 (amending the Directive on\nAdministrative Cooperation, \"DAC2\")\nand that comply with the procedures for automatic exchange of\nfinancial account information promoted by the 2014 OECD Global\nstandard.
\nIn line with that OECD standard, the new Agreement\nprovides for further provisions which aim at securing that\nexchanged information concerns not only income such as interest and\ndividends, but also account balances and proceeds from the sale of\nfinancial assets. Unconditional exchange of information upon\nrequest must also be provided under the new agreement.
\nIn the explanatory memorandum in the report, the\nrapporteur welcomes the Agreement and strongly urges for it to be\nconcluded and ratified as soon as possible in order to ensure its\ncomplete entry into force.
\nThe European Parliament adopted by 549 votes to 16,\nwith 23 abstentions, a legislative resolution on the proposal for a\nCouncil decision on the conclusion, on behalf of the European\nUnion, of the Amending Protocol to the Agreement between the\nEuropean Community and the Principality of Monaco providing for\nmeasures equivalent to those laid down in Council Directive\n2003/48/EC.
\nIn line with the Committee on Economic and Monetary\nAffairs, Parliament approved the conclusion of the Amending\nProtocol to the Agreement.
\nThe agreement aims at ensuring that Monaco applies\nstrengthened measures that are equivalent to the EU legal\nframework, as upgraded in December 2014 (amending the Directive on\nAdministrative Cooperation, \"DAC2\")\nand that comply with the procedures for automatic exchange of\nfinancial account information.
\nPURPOSE: to approve the conclusion of an Agreement\nbetween the EU and Monaco on the automatic exchange of financial\naccount information, aimed at improving international tax\ncooperation and compliance
\nPROPOSED ACT: Council Decision.
\nNON-LEGISLATIVE ACT: Council Decision (EU) 2016/1830\non the conclusion, on behalf of the European Union, of the Amending\nProtocol to the Agreement between the European Community and the\nPrincipality of Monaco providing for measures equivalent to those\nlaid down in Council Directive 2003/48/EC.
\nCONTENT: the Council approved, on behalf of the\nEuropean Union, the Amending Protocol to the Agreement between the\nEuropean Community and the Principality of Monaco providing for\nmeasures equivalent to those laid down in Council\nDirective 2003/48/EC on taxation of savings income in the form\nof interest payments.
\nThe Amending Protocol to the Agreement between the\nEuropean Community and Monaco was signed on 12 July 2016. It\naligns the Agreement between the European Community and Monaco with\nthe latest developments at international level concerning automatic\nexchange of information, namely, with the Global Standard for\nautomatic exchange of financial account information in tax\nmatters developed by the Organisation for Economic Cooperation\nand Development (OECD).
\nThe text of the Agreement, as amended by the Amending\nProtocol, is the legal basis for implementing the Global Standard\nin the relations between the Union and Monaco. It will contribute\nto efforts to clamp down on tax evasion, by requiring the EU\nMember States and Monaco to exchange information automatically.\nThis will allow their tax administrations improved cross-border\naccess to information on the financial accounts of each\nother's residents.
\nInformation to be exchanged concerns not only income\nsuch as interest and dividends, but also account balances and\nproceeds from the sale of financial assets.
\nENTRY INTO FORCE: 11.10.2016.
\nPURPOSE: to conclude, on behalf of the European Union,\nthe Amending Protocol to the Agreement between the European\nCommunity and the Principality of Monaco providing for measures\nequivalent to those laid down in Council Directive\n2003/48/EC.
\nPROPOSED ACT: Council Decision.
\nROLE OF THE EUROPEAN PARLIAMENT: Council may adopt the\nact only if Parliament has given its consent to the\nact.
\nBACKGROUND: following the adoption of Council\nDirective 2003/48/EC, the Savings Directive, and in order to\npreserve a level playing field for economic operators, the EU\nsigned Agreements with Switzerland, Andorra, Liechtenstein, Monaco\nand San Marino providing for measures equivalent to those laid\ndown in the Directive. The Member States also signed agreements\nwith the dependent territories of the United Kingdom and the\nNetherlands.
\nThe importance of automatic exchange of information as\na means of combating cross-border tax fraud and tax evasion has\nalso been recognised at the international level.
\nIn this regard, the Organisation for Economic\nCooperation and Development (OECD) was mandated by the G20 to\ndevelop a single global standard for automatic exchange of\nfinancial account information (Global Standard).\nThe Global Standard was published by the OECD Council in July\n2014.
\nFollowing the adoption of a proposal to update the\nSavings Directive, on 17 June 2011 the Commission adopted a\nrecommendation for a mandate to initiate negotiations with\nSwitzerland, Liechtenstein, Andorra, Monaco and San Marino, in\norder to upgrade the EUs agreements with those countries\nin line with international developments and to ensure that those\ncountries continue to apply measures equivalent to those in the EU.\nOn 14 May 2013, the Council reached an agreement on the negotiating\nmandate.
\nOn the basis of a proposal presented by the Commission\nin June 2013, on 9 December 2014 the Council adopted Directive\n2014/107/EU amending Directive 2011/16/EU and extending the\nmandatory automatic exchange of information between EU tax\nauthorities to a full range of financial items in accordance with\nthe Global Standard.
\nAs Directive 2014/107/EU is generally broader in scope\nthan Directive 2003/48/EC and provides that in cases of overlap of\nscope, the Council, on the basis of a Commission proposal adopted\nDirective\n(EU) 2015/2060 repealing Directive 2003/48/EC.
\nThe Commission considers it crucial to ensure that the\namendment of the existing Savings Agreement with Monaco is in line\nwith EU and international developments. This will increase tax\ntransparency in Europe and will be the legal basis for implementing\nthe OECD Global Standard on automatic exchange of information\nbetween Monaco and the EU.
\nCONTENT: the Commission proposes that the Council\nshould adopt a decision approving, on behalf of the European Union,\nthe Amending Protocol to the Agreement between the European\nCommunity and Monaco providing for measures equivalent to those\nlaid down in Council Directive 2003/48/EC on taxation of savings\nincome in the form of interest payments.
\nThe Amending Protocol implements the Global\nStandard between EU Member States and Monaco. It replaces the\nexisting articles and annexes of the existing Agreement with a new\nset of provisions comprising 10 articles, an Annex I that reflects\nthe OECD Common Reporting Standard which is part of the Global\nStandard, an Annex II that reflects important parts of the OECD\nCommentaries on the Global Standard, an Annex III that reflects the\nadditional data protection safeguards to be put in place as regards\ndata collection and exchanges under the Agreement, and an Annex IV\nthat lists the competent authorities of Monaco and of each Member\nState.
\nThe new articles reflect the articles of the OECD\nModel Competent Authority agreement for the implementation of the\nGlobal Standard. They\ninclude:
\nMoreover, the Amending Protocol:
\nThe revised Agreement is supplemented by four Joint\nDeclarations of the contracting parties.
\nThe Committee on Economic and Monetary Affairs adopted\nthe report by Andreas SCHWAB (EPP, DE) on the proposal for a\nCouncil decision on the conclusion, on behalf of the European\nUnion, of the Amending Protocol to the Agreement between the\nEuropean Community and the Principality of Monaco providing for\nmeasures equivalent to those laid down in Council Directive\n2003/48/EC.
\nThe committee approved the conclusion of the Amending\nProtocol to the Agreement.
\nTo recall, the Amending Protocol represents an\nimportant step in ongoing efforts to clamp down on tax fraud and\ntax evasion and upgrades the 2004 agreement that ensured that\nMonaco applied measures equivalent to those in an EU\ndirective on the taxation of savings income.
\nUnder the new agreement, the EU Member States and\nMonaco will automatically exchange information on the\nfinancial accounts held on their territories by each other's\nresidents, starting in 2018 for information collected since 1\nJanuary 2017. The aim is to address situations where a taxpayer\nseeks to hide capital representing income or assets for which taxes\nhave not been paid.
\nThe agreement aims at ensuring that Monaco applies\nstrengthened measures that are equivalent to the EU legal\nframework, as upgraded in December 2014 (amending the Directive on\nAdministrative Cooperation, \"DAC2\")\nand that comply with the procedures for automatic exchange of\nfinancial account information promoted by the 2014 OECD Global\nstandard.
\nIn line with that OECD standard, the new Agreement\nprovides for further provisions which aim at securing that\nexchanged information concerns not only income such as interest and\ndividends, but also account balances and proceeds from the sale of\nfinancial assets. Unconditional exchange of information upon\nrequest must also be provided under the new agreement.
\nIn the explanatory memorandum in the report, the\nrapporteur welcomes the Agreement and strongly urges for it to be\nconcluded and ratified as soon as possible in order to ensure its\ncomplete entry into force.
\nThe European Parliament adopted by 549 votes to 16,\nwith 23 abstentions, a legislative resolution on the proposal for a\nCouncil decision on the conclusion, on behalf of the European\nUnion, of the Amending Protocol to the Agreement between the\nEuropean Community and the Principality of Monaco providing for\nmeasures equivalent to those laid down in Council Directive\n2003/48/EC.
\nIn line with the Committee on Economic and Monetary\nAffairs, Parliament approved the conclusion of the Amending\nProtocol to the Agreement.
\nThe agreement aims at ensuring that Monaco applies\nstrengthened measures that are equivalent to the EU legal\nframework, as upgraded in December 2014 (amending the Directive on\nAdministrative Cooperation, \"DAC2\")\nand that comply with the procedures for automatic exchange of\nfinancial account information.
\nPURPOSE: to approve the conclusion of an Agreement\nbetween the EU and Monaco on the automatic exchange of financial\naccount information, aimed at improving international tax\ncooperation and compliance
\nPROPOSED ACT: Council Decision.
\nNON-LEGISLATIVE ACT: Council Decision (EU) 2016/1830\non the conclusion, on behalf of the European Union, of the Amending\nProtocol to the Agreement between the European Community and the\nPrincipality of Monaco providing for measures equivalent to those\nlaid down in Council Directive 2003/48/EC.
\nCONTENT: the Council approved, on behalf of the\nEuropean Union, the Amending Protocol to the Agreement between the\nEuropean Community and the Principality of Monaco providing for\nmeasures equivalent to those laid down in Council\nDirective 2003/48/EC on taxation of savings income in the form\nof interest payments.
\nThe Amending Protocol to the Agreement between the\nEuropean Community and Monaco was signed on 12 July 2016. It\naligns the Agreement between the European Community and Monaco with\nthe latest developments at international level concerning automatic\nexchange of information, namely, with the Global Standard for\nautomatic exchange of financial account information in tax\nmatters developed by the Organisation for Economic Cooperation\nand Development (OECD).
\nThe text of the Agreement, as amended by the Amending\nProtocol, is the legal basis for implementing the Global Standard\nin the relations between the Union and Monaco. It will contribute\nto efforts to clamp down on tax evasion, by requiring the EU\nMember States and Monaco to exchange information automatically.\nThis will allow their tax administrations improved cross-border\naccess to information on the financial accounts of each\nother's residents.
\nInformation to be exchanged concerns not only income\nsuch as interest and dividends, but also account balances and\nproceeds from the sale of financial assets.
\nENTRY INTO FORCE: 11.10.2016.
\n