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European Union taxation commissioner, Frits Bolkestein, gave a report to the Council of Economics and Finance ministers on the progress to date of negotiations with other countries on the taxation of savings.
The Commission is seeking assurances from Switzerland, the United States, Monaco, Liechtenstein, San Marino and Andorra, that they will adopt measures equivalent to those adopted within the European Union in order to prevent a significant flow of capital away from European Union Member States to those countries.
European Union taxation commissioner, Frits Bolkestein, gave a report to the Council of Economics and Finance ministers on the progress to date of negotiations with other countries on the taxation of savings.
The Commission is seeking assurances from Switzerland, the United States, Monaco, Liechtenstein, San Marino and Andorra, that they will adopt measures equivalent to those adopted within the European Union in order to prevent a significant flow of capital away from European Union Member States to those countries.
The Council reached agreement on the proposed Prospectuses Directive. The main difficulty had related to the right for issuers to choose as their home Member State either the one where they are registered or the one where they wish to sell the securities. It was agreed that issuers of non-equity securities with a denomination per unit of at least 5,000 and third-country issuers would have the freedom to choose the home Member State. For an issuer in the Community of non-equity securities other than bonds with a denomination per unit below 5,000, the home Member State would be defined as the one where its registered office was situated.
(Source: European Commission press release dated 6 November 2002.)
