Considerations on COM(2015)394 - Signing of an amending Protocol with Liechtenstein providing for measures equivalent to those of the directive on taxation of savings income in the form of interest payments

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dossier COM(2015)394 - Signing of an amending Protocol with Liechtenstein providing for measures equivalent to those of the directive on taxation ...
document COM(2015)394 EN
date October 26, 2015
 
table>(1)On 14 May 2013 the Council authorised the Commission to open negotiations with the Principality of Liechtenstein to amend the Agreement between the European Community and the Principality of Liechtenstein providing for measures equivalent to those laid down in Council Directive 2003/48/EC on taxation of savings income in the form of interest payments (1) (the ‘Agreement’), in order to align it with recent developments at global level whereby it was agreed to promote the automatic exchange of information as an international standard.
(2)The text of the Amending Protocol to the Agreement (the ‘Amending Protocol’), which is the result of the negotiations, duly reflects the negotiating directives issued by the Council as it aligns the Agreement with the latest developments at international level concerning the automatic exchange of information, namely, with the Global Standard for automatic exchange of financial account information in tax matters developed by the Organisation for Economic Cooperation and Development (OECD). The Union, the Member States and the Principality of Liechtenstein have actively participated in the work of the Global Forum of the OECD for supporting the development and implementation of that Standard. The text of the Agreement, as amended by the Amending Protocol, is the legal basis for implementing the Global Standard in the relations between the Union and the Principality of Liechtenstein.

(3)The Amending Protocol should be signed,