Agreement on Savings Taxation is the target at ECOFIN meeting

Irish Finance Minister Michael Noonan will chair the meeting of EU Finance Ministers (ECOFIN) in Brussels tomorrow (May 14). The agenda includes discussion on savings taxation and banking recovery and resolution.

irisch_ecofin_informalThe meeting will discuss a mandate to allow the Commission to negotiate amendments to the savings taxation agreements with third countries. A recommendation will be discussed for a Council decision authorising the Commission to negotiate on behalf of the European Union to the agreements signed in 2004 with Switzerland, Liechtenstein, Monaco, Andorra and San Marino.

Minister Noonan stated: “My expectation is that there will be agreement on the negotiating mandate to allow the Commission to negotiate amendments to the savings taxation agreement with third countries. It is intended that a package of anti-fraud measures will be agreed and that this will then be discussed by the European Council at their next meeting later this month.”

These discussions follow on from a joint letter issued on 24 April by Minister Michael Noonan, as ECOFIN President, and EU Commissioner for Taxation Algirdas Šemeta to all EU finance ministers about the fight against fraud and tax evasion.

The Council meeting will also discuss current legislative proposals in particular the draft Banking recovery and Resolution Directive. The adoption of this Directive is a priority of the Irish Presidency.

Speaking on this agenda item, Minister Noonan stated: “We plan to continue our efforts to advance Council discussions on the Banking Resolution and Recovery file and hope that we can advance matters on Banking Resolution”.

Minister Noonan – “Our priorities are clear and have been shaped by the need to bring stability to a fragile and somewhat volatile economic and financial situation as well as to pursue policies that will underpin growth and jobs”.

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