Brussels, 20/03/2014 (Agence Europe) - European Liberals examined the savings tax issue on Wednesday 19 March as they prepared for the European summit.
Luxembourg's prime minister, Xavier Bettel, arrived in Brussels with the plan to lift his country's veto on the new savings tax rules (which are also being vetoed by Austria), but was not going to sign a blank cheque. The two countries want assurances to be put in writing in the conclusions document for the European summit about the current talks on the revision of savings tax rules between the European Commission and five European tax havens, Switzerland, Liechtenstein, Andorra, San Marino and Monaco).
An initial draft conclusions document dated 17 March stays that, if sufficient progress is not made, then “the Commission's report should explore possible measures that might be applied in respect of third countries not complying with the new global standard”. In a 19 March updated version, the conclusions document simply states (referring to the OECD's new rules on the automatic exchange of information): “If sufficient progress is not made, the Commission's report should explore possible options to promote compliance with the new global standard”.
Sir Graham Watson, President of the ALDE party, explained at a press conference that he was confident that with a “small change of wording”, Luxembourg should be able to rally to the savings tax rules, of this he was sure. On his arrival at the summit, Bettel told reporters to wait and see what was agreed upon for the conclusions document, adding that it would be difficult to accept any changes to the version drawn up at the start of the week. On behalf of the European Commission, José Manuel Barroso promised that the Commission would “do its utmost to convince third countries in Europe to sign up to the (OECD's) global standard by the end of the year”. (EL and LC)