12/7/2016
EU and Monaco sign deal on
automatic exchange of tax data
On 12 July 2016, the
European Union and Monaco signed an agreement aimed at improving tax compliance
by private savers.
The agreement will
contribute to efforts to clamp down on tax evasion, by requiring the EU member
states and Monaco to exchange information automatically. This will allow their
tax administrations improved cross-border access to information on the financial
accounts of each other's residents.
The agreement upgrades a
2004 agreement that ensured that Monaco applied measures equivalent to those in
an EU directive on the taxation of savings income. The aim is to extend the
automatic exchange of information on financial accounts in order to prevent
taxpayers from hiding capital representing income or assets for which tax has
not been paid.
12/7/2016
Council conclusions on
finalizing the post crisis Basel reforms
The Council adopted
conclusions on the completion of work on post-crisis banking reform. The reform
has been undertaken by the Basel committee, a forum of supervisory authorities
aimed at enhancing cooperation and improving bank supervision worldwide.
"THE COUNCIL OF THE
EUROPEAN UNION:
REITERATES its support for
the work by the Basel Committee to refine elements of the Basel III framework
by the end of 2016 to ensure regulatory certainty, its coherence and
effectiveness, while preserving the risk sensitivity of banking regulation.
STRESSES the importance
that the Basel Committee carefully assesses the design and calibration of this
reform package, on the basis of a comprehensive and transparent quantitative
impact analysis, taking into account in its global calibration also the
distribution of its impact on the different banking models and across
jurisdictions.
NOTES that the reform
package would not be expected to result in a significant increase in the
overall capital requirements for the banking sector, therefore, not resulting
in significant differences for specific regions of the world."
12/7/2016
Economic, employment and
fiscal policies: Council issues country-specific recommendations
On 12 July 2016, the Council issued
recommendations on economic, employment and fiscal policies planned by the
member states. The Council thereby concluded the 2016 "European
Semester", an annual policy monitoring process. The European Council
endorsed the recommendations at its meeting in June. "We look forward to the effective
implementation of these country-specific recommendations in the coming months“,
said Peter Kažimír, minister for finance of Slovakia and president of the
Council. In March 2016, the European Council endorsed the following priorities:
relaunching investment;pursuing structural reforms to modernise European
economies;conducting responsible fiscal policies.
12/7/2016
Corporate tax avoidance:
New rules adopted
On 12 July 2016, the
Council adopted new rules addressing some of the practices most commonly used
by large companies to reduce their tax liability.
The directive is part of a
January 2016 package of Commission proposals to strengthen rules against
corporate tax avoidance. The package builds on 2015 OECD recommendations to
address tax base erosion and profit shifting (BEPS), endorsed by G20 leaders in
November 2015.
"This new directive
aims to protect our domestic corporate tax bases against aggressive tax
planning practices that directly affect the functioning of the internal
market", said Peter Kažimír, minister for finance of Slovakia and
president of the Council. "It is therefore an important step, which also
demonstrates that we see the fight against such practices not only as our
common priority but also our common commitment.“
The directive addresses
situations where corporates, mostly multinational groups, take advantage of
disparities between national tax systems in order to reduce their tax bills. It
responds to the perception of many taxpayers and SMEs that some multinationals
do not pay their fair share of tax, thereby distorting tax competition within
the EU's single market.
12/7/2016
Remarks by President Donald
Tusk at the EU-China summit in Beijing
Thank you very much,
especially for your hospitality. Premier Li, I am very pleased to meet with you
again for the 18th EU-China Summit! It is not the first time we meet but it is
our first meeting here in Beijing.
Today's meeting gives us
the opportunity to demonstrate the strength of our Strategic Partnership.
Especially in these testing times, as EU and China have both a stake in each
other's success.
The European Union welcomes
China's Presidency of the G20 this year. You can count on the EU to play a constructive
role towards achieving a successful summit in Hangzhou. As two of the largest
economies in the world, the EU and China have an important stake, as well as
responsibility, in ensuring the growth and stability of the global economy.
The European Union looks
forward to closely work with China to resolve international conflicts and
address foreign policy priorities. We have to employ all existing channels in
both the bilateral and in multilateral contexts, such as the United Nations and
the G20. Building on the positive experience of the Iran nuclear talks, we are
confident there is much we can contribute to peace and prosperity around the
world, especially in Syria, Iraq, Afghanistan or Africa.
The same goes for global
issues, like migration, international development assistance, the environment
and fighting climate change. These are challenges that can only be resolved
through a global response. For this reason, a collaborative EU-China
relationship is crucial.
We came here to discuss common
challenges, and to do so in a friendly manner. One of those is the protection
of the rule-based international order. This may be the biggest challenge ahead
of us. It is both in the Chinese and European interest to protect international
cooperation based on common rules.
Let me just name one
example: Globalisation. It brings so many benefits to our nations.
Unfortunately, more and more people feel that it is happening without rules.
And if we let these feelings grow, if many start believing that globalisation
and international trade are happening without or against common rules, then the
first victims will be the Chinese and European economies, not to mention
people. That is why we are so openly raising these issues, because we believe a
frank discussion is in our mutual interest.
As in every mature
partnership we may sometimes have differences of opinion. And being able to
discuss these differences openly is part of the strength of our relationship.
This is the case, for example, with our discussion on human rights and the rule
of law. I stress the importance for the European Union of the freedom of the
press, the freedom of expression, association and assembly, including for
minorities. I hope that the next session of the human rights dialogue will take
place in November in Brussels.
Finally, on the South China
Sea we will see an important ruling today. Therefore let me repeat this: The
rule-based international order is in our common interest and both China and the
EU have to protect it, as this is in our people's best interest.
I am pleased, Mr Premier,
that we have this timely opportunity to address our substantial common agenda.
Today's summit should send a message to our people and to the rest of the world
of our joint commitment to our Strategic Partnership. Thank you.
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