Brussels, 10/07/2001 (Agence Europe) - On Tuesday, the Ecofin Council adopted its working timetable that should lead to the three chapters of the "tax package" before end 2002, according to the deadlines defined at the European Summits of Feira, Nice and Stockholm. "The aim is to progress in parallel on the three elements of the package: savings taxation, the taxation of business interests and fees and the code of conduct on corporate tax", recalled Council President, Didier Reynders. The timetable fixes the following deadlines: July 2001. Savings tax: Beginning of technical examination of the amended proposal of directive, in order to reach a political agreement at the Ecofin Council before December. (We recall that this directive provides for an exchange of information between the Member States on savings income of their residents in order to guarantee minimum taxation on the interests perceived by European nationals on savings in a Member State other than the State of residence).
September 2001. Savings tax: Work continues on implementation of a normalised procedure for the exchange of information. October 2001. Savings tax: Ecofin Council decision concerning a negotiating brief for agreements with third countries (Switzerland, United States, Monaco, Andorra, Liechtenstein, Saint Marin). We recall that the majority of Member States hope to entrust the Commission with this mandate, while the United Kingdom, Luxembourg, Ireland and Austria hope the Presidency will be associated with the Commission. December 2001. 1) Savings tax: The timetable provides for the Ecofin Council to reach a political agreement on the text of the future directive on savings tax and notes interim reports on negotiations with third countries, as well as with the dependent or associate territories of the United Kingdom and of the Netherlands; 2) Code of Conduct: Report on work (we recall that the Code of Conduct provides, before January 2003, for dismantling of 66 potentially harmful systems.
March 2002. 1) Savings tax: Discussions continue in the context of negotiations with third countries and associated territories; 2) Code of Conduct: Report on work. April 2002. Savings tax: Report on progress in negotiations with third countries. June 2002. 1) Savings tax: Political discussions conclude in the context of negotiations with third countries, and discussions end between Member States concerned and their dependent or associated territories; 2) Code of Conduct: Work is completed in relation to the freeze or dismantling of harmful measures and to the extension of advantages beyond 2005 for certain measures (extension requested by some Member States). Second semester 2002. 1) Savings tax: Assessment of a report on insurance concerning measures obtained in dependent and associated territories and third countries; 2) Code of conduct: assessment of results obtained in the dismantling of harmful measures and on the extension beyond end 2005 for some of them.
Once these evaluations have obtained a favourable result, and subject to the opinion of the European Parliament and of the Economic and Social Committee, there will be: 1) adoption of the directive on imposition of savings income; 2) conclusion of agreements with third countries; 3) adoption of the directive on the payment of interests and of fees paid between associate companies of different Member States, for which there was already an agreement in November 2000. Greece, Portugal and Spain had already obtained different transition periods for application of this directive.