Brussels, 13/05/2013 (Agence Europe) - Obtaining a political agreement in principle on the directive revising the European rules on tax on savings and a formal agreement on the mandate to be conferred on the European Commission to negotiate a revision to the bilateral agreements between the EU and five third countries (Switzerland, Monaco, Lichtenstein, Andorra and San Marino) to bring them into line with the requirements of the directive currently being revised (particularly the automatic exchange of information between tax administrations). These are the objectives of the Irish Presidency of the Council of Ministers and of the European Commission ahead of the Ecofin Council to be held in Brussels this Tuesday 14 May.
Dublin and the Commission wish to take advantage of the political impetus created at European level and in international bodies (G-8, G-20, OECD) on fighting tax fraud and tax havens and which may be brought about by rolling out automatic exchange of data. At EU level, this approach would come about by the lifting of banking secrecy by two countries (Austria and Luxembourg), which are still opposed to the finalisation of the two above-mentioned dossiers (see EUROPE 10842).
This promising climate was observed by the French finance minister, Pierre Moscovici, who, at Saturday's G7 Finance meeting in the UK, spoke of the “giant steps” made at international level on these issues. The EU must also do its bit by reaching an agreement in principle on the savings directive at Tuesday's meeting of the Ecofin Council, he stressed upon arriving in Brussels on Monday 13 May.
On the same day, Prime Minister of Lichtenstein Adrian Hasler,opened the door to talks with the EU on an extended exchange of information, calling, in exchange, for the EU to recognise in its foundation work “an important and legal instrument for planning wills and the security of income”, in an interview published on Sunday 12 May on the website of the Handelsblatt. (FG/transl.fl)