Brussels, 08/07/2014 (Agence Europe) - Negotiations with European tax havens, Switzerland, Liechtenstein, Monaco, Andorra and San Marino, are progressing well, EU Taxation Commissioner Algirdas Semeta told the EU28 finance ministers at the Ecofin Council on Tuesday 8 July. The aim of the talks is to get foreign tax offices to levy savings tax on cash deposited in those countries by EU28 taxpayers on similar terms as apply in the EU under the savings tax directive and the directive on administrative cooperation.
The commissioner said: “We have made it clear that the savings agreements will not be linked to other EU-level agreements. Market access is not part of our negotiating mandate - which I believe the third countries now acknowledge. All in all, the negotiations are progressing well, in a constructive spirit and at an effective pace”. The Swiss Finance Ministry says, however, that exchange of information only makes sense if there is sufficient access to the EU market. Semeta said he hoped agreement would be forthcoming later this year.
During the behind-closed-doors debate, Luxembourg noted the Commissioner's comments but said there must not be more than one set of global standards and the OECD has developed global rules on the exchange of bank information that the G20 has signed up for. The commissioner said that it was important to avoid creating extra red tape for banks. He reminded ministers that the European summit wanted the revised directive on administrative cooperation to be completed by the end of year in order to bring the EU's rules into line with global standards. Semeta added that EU member states had promised to lead the way and introduce the global standards early. France said that it was important to keep up the pace and achieve the desired objectives. (EL)