MONSTER OF LOCH NESS"
The scandal of funds invested in Liechtenstein there is nothing: Austria and Luxembourg have defended tooth and nail their banking secrecy, Tuesday, March 4 in Brussels, refusing recasting of a directive on savings claimed by a majority Member States to combat tax evasion. Both countries have conditioned any tightening of legislation equivalent to an agreement with tax havens, such as Switzerland and Liechtenstein, nestled in the heart of Europe.
"The current rules are very clear and, in my view, adequate," said the Austrian Minister of Finance, Wilhelm Molterer: "What the EU countries make changes would be meaningless if no third country follow it. " Or Switzerland, Liechtenstein, San Marino, Andorra and Monaco will, there is general agreement that the greatest difficulty in accepting any hardening. In force since 1 July 2005, the directive on the taxation of savings in theory provides an automatic exchange of information from one member state to another in the accounts opened by non-residents within the Union .
But Luxembourg, Austria and Belgium have managed to protect their banking secrecy, by imposing a simple tax on savings investments by non-residents - or 15% of the interest earned until July, 25% second, and 35% in July 2011. A resumed under pressure from the Europeans by tax havens, but which, according to Berlin, shows its limits with the fraud case to Liechtenstein.
Peer Steinbrück, German Finance Minister, whose country demands the end of banking secrecy, was supported by most of his colleagues. But the opposition of Austria and Luxembourg prevented from issuing any mandate to the commission any mandate to prepare a revision of the directive, because unanimity is required in the tax field. One concession was accepted by the proponents of bank secrecy: the European Commission will present by the end of June, and not in the fall as originally planned, an assessment of the first three years of existence of the legislation.
"I can not say whether the proposals will change the system," said Laszlo Kovacs, the commissioner in charge of taxation, anxious not to focus person. Following the example of Germany, its services have identified tracks may limit the room for manoeuvre of potential fraudsters. It is basically to expand the scope of the text to new types of investments, such as holdings of shares, derivatives or real estate funds, and not only to savings accounts . Brussels also intends to "improve the identification of beneficiaries," including in the directive foundations and other corporations, while the legislation does at this stage that individuals.
"MONSTER OF LOCH NESS"
A sign of the times, some countries in general are anxious to safeguard their financial centre have made discrete Tuesday. Belgium, whose practice since July 2005 withholding tax, has confirmed its intention to move by 2011 to the automatic exchange of information within the framework of the current directive. "We can then consider the integration of insurance products" to the European law, "said Belgian Finance Minister Didier Reynders, adding that the text under discussion was contained in" Loch Ness monster "within the Union. The Belgium any progress would be conditioned on the completion of other tax sites blocked by several capitals, such as the harmonization of the tax on companies. The UK has also supported a revision of the legislation provided that the systematic exchange of information.
Mr. Steinbrück has remained vague on how to overhaul of the legislation. According to diplomats, especially Berlin seeks to take advantage of the debate to "terrorize" the tax evaders and likely to invest their savings. This file is not part of the priorities of the French presidency of the EU in the second half. Prudente, Christine Lagarde has handed over to any proposals from the Commission. "It serves no purpose to set priorities on topics ranging unanimously to ask ten years of negotiations," says a representative french. Ironique, Luxembourg Prime Minister Jean-Claude Juncker was "pleased with the prospect of several years of discussions fascinating and fundamental."
"The current rules are very clear and, in my view, adequate," said the Austrian Minister of Finance, Wilhelm Molterer: "What the EU countries make changes would be meaningless if no third country follow it. " Or Switzerland, Liechtenstein, San Marino, Andorra and Monaco will, there is general agreement that the greatest difficulty in accepting any hardening. In force since 1 July 2005, the directive on the taxation of savings in theory provides an automatic exchange of information from one member state to another in the accounts opened by non-residents within the Union .
But Luxembourg, Austria and Belgium have managed to protect their banking secrecy, by imposing a simple tax on savings investments by non-residents - or 15% of the interest earned until July, 25% second, and 35% in July 2011. A resumed under pressure from the Europeans by tax havens, but which, according to Berlin, shows its limits with the fraud case to Liechtenstein.
Peer Steinbrück, German Finance Minister, whose country demands the end of banking secrecy, was supported by most of his colleagues. But the opposition of Austria and Luxembourg prevented from issuing any mandate to the commission any mandate to prepare a revision of the directive, because unanimity is required in the tax field. One concession was accepted by the proponents of bank secrecy: the European Commission will present by the end of June, and not in the fall as originally planned, an assessment of the first three years of existence of the legislation.
"I can not say whether the proposals will change the system," said Laszlo Kovacs, the commissioner in charge of taxation, anxious not to focus person. Following the example of Germany, its services have identified tracks may limit the room for manoeuvre of potential fraudsters. It is basically to expand the scope of the text to new types of investments, such as holdings of shares, derivatives or real estate funds, and not only to savings accounts . Brussels also intends to "improve the identification of beneficiaries," including in the directive foundations and other corporations, while the legislation does at this stage that individuals.
"MONSTER OF LOCH NESS"
A sign of the times, some countries in general are anxious to safeguard their financial centre have made discrete Tuesday. Belgium, whose practice since July 2005 withholding tax, has confirmed its intention to move by 2011 to the automatic exchange of information within the framework of the current directive. "We can then consider the integration of insurance products" to the European law, "said Belgian Finance Minister Didier Reynders, adding that the text under discussion was contained in" Loch Ness monster "within the Union. The Belgium any progress would be conditioned on the completion of other tax sites blocked by several capitals, such as the harmonization of the tax on companies. The UK has also supported a revision of the legislation provided that the systematic exchange of information.
Mr. Steinbrück has remained vague on how to overhaul of the legislation. According to diplomats, especially Berlin seeks to take advantage of the debate to "terrorize" the tax evaders and likely to invest their savings. This file is not part of the priorities of the French presidency of the EU in the second half. Prudente, Christine Lagarde has handed over to any proposals from the Commission. "It serves no purpose to set priorities on topics ranging unanimously to ask ten years of negotiations," says a representative french. Ironique, Luxembourg Prime Minister Jean-Claude Juncker was "pleased with the prospect of several years of discussions fascinating and fundamental."
posted by news of france at
12:52 PM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home