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Savings Directive Review)
FACT 04/06/2008 SHEET Taxation of savings Current status: The aim to avoid distortions to the movement of capital and allow effective taxation of interest payments received by individuals in Member States other than the Member State of residence has led to the adoption of the Savings Directive (Council Directive 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments). The scope of the Savings Directive is limited to individuals, to the exclusion of companies. Member States are ultimately expected to automatically exchange information on interest payments by paying agents established in their territories to individual taxpayers resident in other Member States. For a transitional period, Austria, Belgium and Luxembourg may – instead of providing information – levy withholding tax on interest payments, unless the taxpayer presents a certificate from the tax authorities of his Member State of residence that confirms that they are aware of the investment made abroad. The withholding tax – if any – is creditable or refundable in the taxpayer’s state of tax residence. The provisions of the Savings Directive started to be applied by all Member States on 1 July 2005. Through the implementation of bilateral agreements signed by each of the Member States, equivalent measures have been applied from the same date in ten dependent or associated territories of EU Member States, in particular Jersey and Guernsey as well as in several other European countries, in particular Liechtenstein and Switzerland. Furthermore, the European Commission in 2008 started negotiations with Hong Kong, Macao and Singapore. FEE has closely monitored the development of the Savings Directive and contributed its views to the European Commission since 1999. -
Influence of EU Law on Taxation in the EU Member States' Overseas Territories and Crown Dependencies
DIRECTORATE GENERAL FOR INTERNAL POLICIES POLICY DEPARTMENT A: ECONOMIC AND SCIENTIFIC POLICY Influence of EU Law on Taxation in the EU Member States' Overseas Territories and Crown Dependencies IN-DEPTH ANALYSIS Abstract This legal study researches the influence on tax law and practice in the overseas areas of the Member States by state aid rules, secondary EU tax law and the Overseas Association Decision. The state aid rules and secondary EU tax law apply to the outermost Regions, Gibraltar and the Åland Islands and not to the Overseas Countries and Territories and the Crown Dependencies, although the Savings Directive applies atypically. An amendment of the Overseas Association Decision might provide a solution. This document was prepared by Policy Department A at the request of the TAXE2 Committee. IP/A/TAXE2/2016-05 June 2016 PE 578.989 EN This document was requested by the European Parliament's Committee on TAXE2. AUTHORS Wessel GEURSEN Self-employed legal researcher / lawyer and affiliated PhD-Fellow Vrije Universiteit. Coordinated and supervised: René REPASI European Research Centre for Economic and Financial Governance (EURO-CEFG) Erasmus University Rotterdam Burgemeester Oudlaan 50 3000 DR Rotterdam [email protected] RESPONSIBLE ADMINISTRATOR Dirk VERBEKEN EDITORIAL ASSISTANT Karine GAUFILLET LINGUISTIC VERSIONS Original: EN ABOUT THE EDITOR Policy departments provide in-house and external expertise to support EP committees and other parliamentary bodies in shaping legislation and exercising democratic scrutiny over EU internal -
Implementation of the EU Requirements for Tax Information Exchange
Implementation of the EU requirements for tax information exchange European Implementation Assessment STUDY EPRS | European Parliamentary Research Service Editor: Eckhard Binder Ex-Post Evaluation Unit PE 662.603 – February 2021 EN Implementation of the EU requirements for tax information exchange European implementation assessment In February 2020, the European Parliament's Committee on Economic and Monetary Affairs (ECON) requested to draw up an implementation report on the implementation of the EU requirements for tax information exchange: progress, lessons learnt and obstacles to overcome. Sven Giegold (Greens/EFA, Germany) has been appointed rapporteur. This European implementation assessment (EIA) has been prepared by the Ex-Post Evaluation Unit (EVAL) within the European Parliamentary Research Service (EPRS) to accompany the scrutiny work of the Committee on Economic and Monetary Affairs. EPRS | European Parliamentary Research Service AUTHORS 1. The in-house opening analysis was written by Eckhard Binder from the Ex-Post Evaluation Unit, EPRS. 2. The research paper on the implementation of the EU requirements for tax information exchange: progress, lessons learnt and obstacles to overcome, was written by Patrice Muller, Nicholas Robin and James Forrester of LE Europe Limited and Amal Larhlid, Vanessa Vazquez-Felpeto, Vasilis Douzenis and Khush Patel of PricewaterhouseCoopers LLP. The research paper was written at the request of the Ex-Post Evaluation Unit of the Directorate for Impact Assessment and European Added Value, within the Directorate-General for Parliamentary Research Services (EPRS) of the Secretariat of the European Parliament. To contact the authors, please email: [email protected] ADMINISTRATOR RESPONSIBLE Eckhard Binder, Ex-Post Evaluation Unit, EPRS. -
Explanatory Note on the Taxation (Agreements with European Member
Explanatory Note on the Taxation (Agreements with European Member States) (Suspension of Regulations) (Jersey) Order 2016 1. In 2004 Jersey voluntarily entered into agreements with Member States of the EU on the taxation of savings income. The agreements mirrored the EU Directive on the taxation of savings income in the form of interest payments (Directive 2003/48/EC). The agreements were brought into effect through the Taxation (Agreements with European Member States) (Jersey) Regulations 2005 2. On 9 December 2014, the European Council adopted Directive 2014/107/EU that extended automatic exchange of information to a full range of income in accordance with the Global Standard released by the OECD Council in July 2014 and ensured a coherent, consistent and comprehensive Union wide approach to the automatic exchange of financial account information in the Internal Market. 3. When adopting Directive 2014/107/EU the European Council invited the European Commission to present a proposal to repeal Directive 2003/48/EC and to coordinate the repealing of that Directive with the date of application set forth in Article 2 of Directive 2014/107/EU with due regard to the derogation provided therein for Austria.. Thereby, Directive 2003/48/EC would continue to apply to Austria during an additional one year period. 4. Directive 2003/48/EC has been repealed with effect from 1 January 2016. The repealing Directive 2015/2060/EU is attached as an appendix to this report. 5. Article 17(3) of the Agreements between Jersey and the Member States provides that the application of the Agreement or parts thereof may be suspended by either contracting party with immediate effect through notification to the other specifying the circumstances leading to such notification should the Directive cease to be applicable either temporarily or permanently in accordance with European Community law. -
129 Final 2015/0065 (CNS) Proposal for a COUNCIL DIRECTIVE
EUROPEAN COMMISSION Brussels, 18.3.2015 COM(2015) 129 final 2015/0065 (CNS) Proposal for a COUNCIL DIRECTIVE repealing Council Directive 2003/48/EC EN EN EXPLANATORY MEMORANDUM 1. CONTEXT OF THE PROPOSAL In 2003, the Council adopted a Directive on the taxation of savings income received in the form of interest payments (the Savings Directive). This Directive served two main purposes: avoiding distortions to the movement of capital and allowing effective taxation of interest payments made from paying agents established in one Member State to individuals resident in another Member State. The Savings Directive facilitates the taxation of this type of interest payment in accordance with the laws of the Member State of residence of the individual receiving the savings income, by way of requesting automatic exchange of information on the interest payments being made to those individuals. The provisions of the Directive became applicable on 1 July 2005, were extended to Bulgaria and Romania as an effect of the accession of these countries on 1 January 2007, and to Croatia as an effect of the accession of this country on 1 July 2013. The Directive was the result of the Presidency Conclusions of the European Council of 19-20 June 2000, when Member States agreed that, in order to implement the principle that all citizens should pay tax due on all their savings income, exchange of information, “on as wide a basis as possible”, shall be the ultimate objective of the EU in line with international developments. The Directive, as adopted in 2003, covered individuals’ savings income resulting from debt claims (either classical interest income or capital gains on debt securities) received either directly or through investment funds, or through some other intermediary untaxed entities. -
EUROPEAN COMMISSION Brussels, 18.3.2015 COM(2015) 129 Final
EUROPEAN COMMISSION Brussels, 18.3.2015 COM(2015) 129 final 2015/0065 (CNS) Proposal for a COUNCIL DIRECTIVE repealing Council Directive 2003/48/EC EN EN EXPLANATORY MEMORANDUM 1. CONTEXT OF THE PROPOSAL In 2003, the Council adopted a Directive on the taxation of savings income received in the form of interest payments (the Savings Directive). This Directive served two main purposes: avoiding distortions to the movement of capital and allowing effective taxation of interest payments made from paying agents established in one Member State to individuals resident in another Member State. The Savings Directive facilitates the taxation of this type of interest payment in accordance with the laws of the Member State of residence of the individual receiving the savings income, by way of requesting automatic exchange of information on the interest payments being made to those individuals. The provisions of the Directive became applicable on 1 July 2005, were extended to Bulgaria and Romania as an effect of the accession of these countries on 1 January 2007, and to Croatia as an effect of the accession of this country on 1 July 2013. The Directive was the result of the Presidency Conclusions of the European Council of 19-20 June 2000, when Member States agreed that, in order to implement the principle that all citizens should pay tax due on all their savings income, exchange of information, “on as wide a basis as possible”, shall be the ultimate objective of the EU in line with international developments. The Directive, as adopted in 2003, covered individuals’ savings income resulting from debt claims (either classical interest income or capital gains on debt securities) received either directly or through investment funds, or through some other intermediary untaxed entities.