Brussels, 23/09/2015 (Agence Europe) - The MEPs have been asking questions about the loopholes which would emerge in European law if the 'tax on savings' directive (2003/48) were to be repealed.
In March, the European Commission proposed cancelling this directive so as not to overlap with the revised directive on administrative cooperation, which translates the global OECD standard on the automatic exchange of information on taxation matters into European legislation (see EUROPE 11255).
Having consulted experts on this issue, Molly Scott Cato (Greens/EFA, UK), rapporteur on this dossier, told a debate of the committee on economic and monetary affairs on Wednesday 23 September that this abrogation could lead to gaps in the law, particularly as regards bilateral agreements with third countries. Three amendments have therefore been proposed in order to: - criticise the fact that the Commission has not carried out a cost/benefit analysis; - call for a greater role for the Commission in these bilateral agreements; - request an examination of any loopholes within six months.
Elisa Ferreira (S&D, Portugal) expressed concerns that the cancellation of the directive could reinforce conflicts between various legislative texts, leading to loopholes.
Taking note of the MEPs' amendments, the representative of the Commission noted that in order to play a broader role in the negotiation of agreements with third countries, the European institution would have to be given a mandate to do so by the Council. As regards the third amendment, the representative explained that the institution has already undertaken to submit a formal monitoring report to the EP by 1 July 2017. (Original version in French by Elodie Lamer)